Merski: $100,000 loan will help longstanding Erie employer power back up

ERIE, May 5 – A $100,000 loan will help a longstanding area employer get back to full-speed operations as Erie’s economy begins reopening, state Rep. Bob Merski announced today.

Merski, D-Erie, said the loan to Hoffman Industrial Co. under the COVID-19 Working Capital Access Program will provide key assistance to the Erie-based rigging and machinery-moving company.

“The pandemic brought so many of our local businesses to a grinding halt,” Merski said. “With construction returning throughout the state, those companies are eagerly resuming operations, but it isn’t as simple as flipping a switch.

“Companies like Hoffman need access to working capital to cover operating expenses and power back up smoothly. This loan is going to help make that happen and provide a boost to an important area employer.”

The loan to Hoffman Industries is part of a package of third-round funding under the CWCA program, which provides loans of up to $100,000 for businesses with 100 or fewer employees that have been impacted by the COVID-19 pandemic.

The latest round of funding includes $14 million in loans to 173 companies in 39 counties. In addition to businesses like Hoffman, the latest round also supports restaurants, wellness centers, wineries and breweries, consulting firms, and salons and spas.

The complete list of funded projects is available here.

Administered by the Pennsylvania Industrial Development Authority, the CWCA program was first announced March 25, when the Commonwealth Financing Authority authorized the transfer of $40 million to the Small Business First Fund for CWCA, and PIDA authorized making $61 million in loans available.

More information on the program is available here.