More Funding Available to Help NEPA Small Businesses!
We have some exciting news to share with the NEPA small business community!
At a press announcement in Scranton this morning, we introduced several new and expanded components to our existing financing programs:
STEP Loans are available from $250 to $2,500 to provide access to credit for credit challenged individuals who are committed to good credit management. This is especially terrific for those who have decided to become their own boss, starting their own companies, but who need a small “starter” loan to take the next step.
Small Business Loans go from $2,501 to $75,000 help entrepreneurs that do not meet bank criteria start and grow successful businesses. Whether it’s for equipment, renovations or working capital – these loans can help.
Small Business First Loans provide up to $200,000 or 50% of project costs for businesses located in Lackawanna County that meet eligibility criteria.
MetroAction does not just provide loans. They also provide business training and counseling to ensure long?term business success. All businesses involved in the STEP Loan program are required to attend the Smart Start counseling program that pairs business owners up with mentors from SCORE to help entrepreneurs start smart and grow strong.
The Small Business Institute is a comprehensive training program that provides practical, hands?on skills needed to develop, manage and grow a successful business.
$18,000 Average loan size
89% Historic repayment rate
85% Clients still in business after two years
605 Average credit score
Pictured in the photo (from left to right) are: Front Row: John Augustine, vice president, The Greater Wilkes-Barre Chamber of Business and Industry; Christina Hitchcock, business development administrator, MetroAction; Kristine Augustine, vice president, MetroAction. Back Row: Austin Burke, president, The Greater Scranton Chamber of Commerce; Lori Reed, deputy director, City of Scranton Office of Economic and Community Development; Dee Kaplan, deputy secretary, Commonwealth of Pennsylvania Department of Economic and Community Development; Bob Maximowicz, business development specialist, U.S. Small Business Administration; Steve Lawrence, board member, MetroAction.