ECRDA - connecting local businesses with capital, putting brownfields into productive use
Perhaps 2023 can best be described as the year that the Erie County Redevelopment Authority saw its vision, often touted as bold — or crazy — depending on how you look at, as being executed. In many ways we had been preparing for 2023 and 2024 for the last several years, purchasing blighted properties, building partnerships, building staff and stabilizing the organization — a lot of work was done in the background. Not that we didn't have successes these past three years, because we did, many of them, but in many cases those successes were the vision, the foundation for what 2023 delivered and what 2024 will continue to deliver. In 2023 we went from vision to execution. The year 2023 allowed us to showcase our team's unique and special talents to bring a project to fruition and reinvigorate our economy.
After nearly 20 years of stops and starts, we completed the Berry Global warehouse expansion project, on time and under budget. We broke ground on the Grow Erie project at Joyce A. Savocchio Opportunity Park, a neglected former brownfield that no one took interest in until the Minority Community Investment Coalition (MCIC) purchased it. This project and our partnership with MCIC is one we are most excited about. Grow Erie has the ability to transform that east side neighborhood and be the catalyst for future investment. The year 2023 also saw the completion of the demolition at the former Quin-T Tech Paper and Boards and Erie Malleable Iron Co. (EMI) sites, allowing those projects to move forward.
A large part of our community's growth comes from our existing businesses and those existing businesses often need capital. We work closely with businesses of all types and sizes, and we work closely with traditional banks to help these businesses get the capital they need to grow. Since 2019 our lending portfolio has grown from $18 million to nearly $50 million, allowing us to help more businesses every day. As in each previous year, 2023 was another record-breaking year for both borrowers and dollars lent. Fifty-nine businesses were helped with just shy of $14 million lent. Businesses large and small, from all corners of the county were helped with their expansion projects. This list includes manufacturers like Rehrig Pacific and Erie Cotton Products and York-Seaway Industrial Products, among others. New ventures were assisted like the Bean & Bear Cafe and BeBe Design House and many other small and large businesses from across county such as Corry Motorsports, Penn Shore Winery and Gilbert's Gardens. The year 2023 was particularly exciting because 22% of the loans we made were to women-owned businesses and our Diverse Erie Small Business Loan Fund broke the million-dollar mark by lending $1,146,650 since the creation of the diversity loan program.
I think we've shown we're not afraid to take on daunting challenges, challenges that others have turned a blind eye to, challenges that have halted development and often endangered our neighbors. In 2023 we forged a historic partnership with the Erie-Western Pennsylvania Port Authority to investigate the options related to the former Erie Coke site. In the final days of the year, we joined our friends in Union City to assist with the acquisition of the cherished but heavily damaged Union City Chair site. Both sites represent more industrial blight, but they also represent opportunity for their respective communities. ECRDA is committed to improving Union City, just as it is committed to Erie's east side.
Our many partnerships have helped lead to a successful 2023. Our partnerships with the city of Erie and Erie County have allowed us to leverage their grants into millions more in state and federal grant dollars to benefit the region. Our partnerships with Summit, Harborcreek and Millcreek townships, along with the city of Erie have allowed us to focus investment and growth in those communities. And all of this — our various partnerships, our growing loan program, our projects going from vision to execution, and more — means we are securing Erie's long-term economic well-being.
More: What are Perseus House Charter School's plans for vacant Quin-T property in east Erie?
More: Reclaiming rubble: Erie's former EMI site is ready for renovations to begin
The year ahead will be full of challenges and opportunities, and we will seize each of them with the same focus and vigor that we seized the last because our team has one mission — to create a vibrant Erie economy for all.
Tina Mengine is the executive director of the Erie County Redevelopment Authority.
This article originally appeared on Erie Times-News: Erie County Redevelopment Authority strengthens local economy in 2023