Lake Erie Woodworks
Diversity Loan Program Recipient
The Diversity Loan Program offers micro-loans — ranging from $5,000 to $35,000 — to small businesses owned by a minority or a woman. The key to the Diversity Loan Program is offering fair and competitive lending rates, countering the difficulties minority- or woman-owned businesses have in accessing capital.
To date the program has issued 26 loans for $1,261,650 to Erie County small businesses. One of those businesses, Lake Erie Woodworks, has received two loans since 2021. They have received two loans since 2021. The loan program helped them expand their shop area and add employees.
“Working with EDF was such a pleasure. When I realized they had implemented the Diversity Loan Program, it seemed like the perfect fit for my company. The application was easy and they were very responsive when communicating with me. I knew my business was in need of financing in order to grow, but going through a traditional lender always seemed daunting. This program has allowed us to grow and even add employees!”
