Yesterday, President Obama signed the $787 billion Economic Recovery and Reinvestment Act of 2009, his first major initiative developed to combat the nations’s current economic slump. This bill is quite broad in scope and was designed to impact communities around the country in many ways in the months and years ahead.

Essentially, the plan has two main goals: short term job production and long term economic viability.  Through spending and tax cuts, the legislation is expected to be our nation’s road to economic recovery.  

But, if you’re a small business, I’m sure you’re still wondering, “What does this mean for me?”.  The Economic Recovery and Reinvestment Act of 2009 has a few specific programs that can directly benefit northeastern Pennsylvania small businesses.

The new law includes:

• * $51 million in lending authority for the Small Business Administration (SBA) Microloan Program
• * $24 million for SBA Microloan technical assistance
• * $100 million for the Community Development Financial Institutions (CDFI) Fund

This is great news for NEPA small busineses.  MetroAction, which is an federally certified CDFI and an SBA microlender, will be able to access these funds and pass the benefits on to local small businesses. 

Recently, as area banks have tightened their lending requirements, MetroAction has experienced higher demand for MicroLoans and other business development assistance. The programs supported in the Recovery Act will help ensure that small businesses in our community have access to the resources they need.

If your business needs small business financing or assistance, call us at (570) 341-0270.  When banks can’t help…MetroAction can! 

Details about how you can access the new funding and what affect this will have on MetroAction’s funding programs for Fiscal Year 2010 will be available soon. Stay tuned!

Want to share your thoughts about the funding for microenterprise development in the Economic Recovery and Reinvestment Act? Leave a comment for MetroAction’s Small Business Blog – be the first to start a discussion!

The University of Scranton Small Business Development Center (SBDC) will host a Financing Your Business Seminar on Tuesday, February 24, 2009 from 2 to 4 p.m. at The University of Scranton.

At the seminar, representatives from traditional and non-traditional lending institutions will be on hand to discuss funding opportunities for businesses.  Presenters include representatives from The University of Scranton Small Business Development Center, MetroAction, Small Business Administration, Northeastern PA Alliance, and SCORE “Counselors to America’s Small Business.”
Following the seminar, participants will have the opportunity to meet with an SBDC consultant and/or representative from MetroAction on the spot to discuss their small business needs.

In celebration of National Entrepreneurship Week, this seminar is offered free of charge. Seating is limited and pre-registration is required. For more information or to register, call 570-941-7588, e-mail SBDC@scranton.edu, or visit www.scrantonsbdc.com.
The University of Scranton SBDC provides free small business consulting services to residents of Bradford, Lackawanna, Monroe, Pike, Susquehanna, Tioga, Wayne & Wyoming counties. To request free business consulting services, complete the online request at www.scrantonsbdc.com.

Did you know that MetroAction, a local non-profit community development organization, offers loans up to $50,000 for small businesses?  (more…)

At today’s final SBI session, the class had the opportunity to participate in an engaging panel discussion with other small business owners, reps from the SBA, SBDC and SCORE and business lenders. (more…)

On November 13, the U.S. Small Business Administration’s (SBA) Philadelphia District Office commemorated the continued growth of MetroAction’s microloan program.  At the ceremony, SBA Philadelphia District Director David Dickson presented a ceremonial check to MetroAction representatives.

“We are really excited about the continued growth of MetroAction’s SBA-funded microloan program,” said Dickson.  “In this type of an economic climate, small business owners need access to capital to start their businesses and keep them growing.  SBA programs like the microloan program help keep those lifelines open and I am happy that MetroAction is a part of these efforts.” (more…)