In an effort to reach out to minority entrepreneurs and economically challenged neighborhoods, the Erie County Industrial Development Agency has created a new loan program.
The $250,000 revolving minority loan program will help fuel start-up businesses operated by minorities. The funds come from Erie County Regional Development Corp., an IDA affiliate, and are mostly coming from federal sources.
Suitable applicants could potentially receive a loan of up to $50,000 and a $5,000 grant for professional services such as lawyers and accountants. The applicant would only have to pay interest for the first three years of the loan and then have seven additional years to payback the entire loan. The loans would be capped at 4 percent.
Also See Minority Business Loans
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