Entrepreneurs and small business owners undoubtedly face a unique set of challenges much different than their larger competitors. That’s why MetroAction offers flexible financing ranging from $250 to $200,000!
There is no such thing as a typical MetroAction client. Our clients have encountered similar obstacles in accessing small business financing, from no credit history, damaged credit or needing a loan that does not meet the bank’s criteria. And, in today’s economic climate, MetroAction is helping businesses that never had a problem obtaining bank financing in the past.
MetroAction is the right fit for small business owners who:
• Have a credit score of at least 500
• Have not have declared bankruptcy in the past 12 months
• Have not had any late rent or mortgage payments in the past 24 months
• Are up-to-date on all bills
• Exhibit steady cash flow and the ability to support monthly loan payments
• Can provide a cosigner, if needed
Our Service Area:
MetroAction primarily services nine counties in northeastern Pennsylvania, including Carbon, Lackawanna, Luzerne, Monroe, Pike, Schuylkill, Susquehanna, Wayne and Wyoming. However, some of our programs can fund businesses in any Pennsylvania county.
Our Loan Programs:
STEP Loan Program: Inspired by the work of Nobel Peace Prize recipients Muhammad Yunus and the Grameen Bank, MetroAction’s STEP Loan Program helps low income people improve their lives by providing access to small business loans and counseling.
Amount: $250 – $2,500
Terms: Range from 6-24 months, with no pre-payment penalty
Interest Rates: Range from 11.49% – 12.99% and are fixed for the term of the loan
Loan Use: Funds can be used for working or start-up capital, to purchase or upgrade equipment, increase inventory, renovations and much more! Our funds cannot be used for personal use.
Small Business Loan Program: The Small Business Loan Program was created to provide loans to small businesses that are not able to obtain bank loans. This program helps small business owners become “bankable” as they grow their businesses.
Amount: $2,501 – $75,000
Terms: Range from 12-60 months, with no pre-payment penalty
Interest Rates: Range from 7.49% – 12.99% and are fixed for the term of the loan
Loan Use: Funds can be used for working or start-up capital, to purchase or upgrade equipment, increase inventory, renovations and much more! Our funds cannot be used for personal use.
Small Business First Loan Program: The Small Business First (SBF) loan program is designed to stimulate the expansion and assist in the retention of small businesses for the purpose of creating new jobs and retaining existing jobs in Pennsylvania. SBF provides low-interest loan financing for a portion of the costs of land, building, machinery and equipment, and working capital to businesses unable to fully finance these projects with equity, bank financing, or other private and public sources.
Amount: up to $200,000 or 50% of project costs
Terms: 3-15 years, depending on use
Interest Rates: Based on market conditions and are fixed for the term of the loan
Loan Use: Funds can be used for land and building acquisition, machinery and equipment, research and development and working capital. Funds cannot be used for personal use.
We fund all types of small businesses, from pre-start up to existing. MetroAction’s clients range from child care providers to restaurants and retail businesses to manufacturers and agricultural businesses.
As a non-profit organization,MetroAction relies on community support for our small business loan, assistance and award programs.
Who do you know that may be a good fit for MetroAction financing? Refer them today!
