The Elk County Community Foundation recently completed their Annual Granting Cycle from the Elk County Economic and Community Development Fund. The Foundation’s Board of Directors met, discussed, and approved grants to several local agencies to complete projects demonstrating worthwhile causes for our community. One of the grants given was to the St. Marys Economic Development Corporation (EDC) for their Revolving Loan Program. This grant was for $9000 will they will use as matching dollars for their Revolving Loan program. The Foundation has partnered with the St. Marys EDC for over 10 years funding their efforts to assist industry and businesses through low interest loan programs created to promote economic growth with in our community.
This year the St. Marys EDC celebrates 25 years of providing low interest loans to area businesses. Since its inception, in 1985 , the ECD has funded 69 projects worth over $44 million through thier revolving local program. Currently there are 17active loans funded with 2 more projects in process. The main source of funding for the ECD is the USDA Rural Business Enterprise Grant (RBEG). Over the years, the EDC has received 5 grants worth $444,000 from the RBEG. Matching funds are required for all of the monies from the USDA. Among the sources of matching funds, the St. Marys EDC received grantsd from the Elk County Community Foundation, the City of St. Marys, Local Economic Development Assistance program(LEDA), and Walmart.
Celebrating its 10th Anniversary this year, the Elk County Community Foundation has awarded nearly $160,000 so far this year. With these grants the Foundation has put nearly $1.2 million dollars back in to the Elk County Area, with more granting opportunities anticipated before years end.
Pictured are from Right to Left: From the St. Marys EDC are Gwen Auman, Board Vice President, Leo Ehrensberger Board Treasurer, Valery Weis Executive Director and from the Elk County Community Foundation, Paula Fritz Eddy, Executive Director.