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MetroAction Receives Funding From SIDCo

MetroAction recently received $100,000 in funding from Scranton Industrial Development Company (SIDCo) to support its small business financing program, which serves residents in Carbon, Lackawanna, Luzerne, Monroe, Pike, Susquehanna, Wayne and Wyoming Counties.

This funding will allow MetroAction to continue to provide lending services to under-served small businesses.  “MetroAction is dedicated to supporting small businesses in our region. These businesses are creating jobs, enhancing family incomes and revitalizing our community. The support of organizations, like SIDCo, is invaluable,” states MetroAction’s president, Natalie O’Hara.
 
“Partnering with MetroAction is a welcomed opportunity for SIDCo.” noted Joe Tomko, president of SIDCo.  “Combining the resources of business organizations like SIDCo and MetroAction will provide greater support to our small business community”

MetroAction provides financing, training and counseling to start-up and expanding small businesses in throughout eight counties in northeastern Pennsylvania, including Carbon, Lackawanna, Luzerne, Monroe, Pike, Susquehanna, Wayne and Wyoming counties. These programs were created to meet the needs of businesses that are typically underserved – businesses owned by low-income individuals, women, ethnic minorities and the un-employed.  Many of the entrepreneurs that utilize the loan programs lack start-up capital and cannot save money fast enough to acquire the funding they need to finance their small business.

Since 1997, MetroAction has helped nearly 200 entrepreneurs obtain over $2.7 million in capital and continues to provide ongoing counseling and training to hundreds of individuals.  The continued support of area economic development agencies, such as SIDCo, is essential to the overall success of MetroAction.

SIDCo was established in 1914 to promote the interests of small business.  Today, the organization still works to encourage both the development of small business and the creation of jobs in the community.  SIDCo continues to serve the Lackawanna County region by providing short-term working capital loans to local businesses.

For nearly a century, SIDCo has been contributing to a healthier economy by providing area businesses with approximately $5.4 million in financial assistance.  Loans of up to $75,000 with terms of up to 5 years can be obtained.  Also, special façade improvement loans are available to qualified candidates that wish to improve the exterior of their facility.
 
For more information on MetroAction’s programs and services, please contact MetroAction staff at (570) 342-7711 or visit www.metroaction.org.   For more information on the SIDCo working capital loan program, please contact Jim Coleman at (570) 342-7711 ext. 122.
 
Pictured: Joe Tomko (far left), president of SIDCo and Jim Coleman (far right), secretary/treasurer of SIDCo present a check to Natalie O’Hara (center), president of MetroAction.

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