| Posted: April 9, 2010 |
| Community Leaders Welcome MetroAction Lending Programs for Small Businesses |
| The U.S. Small Business Administration, The Commonwealth of Pennsylvania Department of Community and Economic Development and The Greater Scranton Chamber of Commerce introduced new funding programs from MetroAction, a regional, nonprofit community development organization, aimed at providing money to small businesses and entrepreneurs who do not meet bank lending criteria. Funding is available in amounts from $250 to $200,000 depending upon program requirements. “MetroAction's program helped me tremendously and not just being able to secure a loan,” noted Paul Nardone, owner of Outrageous and Anthology. “They helped me with my business plan and were there when I had questions. It's great that the Chamber offers resources like MetroAction’s to their members ‐ I'd encourage all small business to take advantage of their programs.” MetroAction announced today that it is now authorized to help Lackawanna County businesses apply for Small Business First Loans through the Pennsylvania Department of Community and Economic Development. Small Business First provides low‐interest financing for land and building acquisition and construction, machinery and equipment purchases, and working capital. Through Small Business First, MetroAction can provide loans for up to $200,000 and depending on the transaction, rates can be fixed for as many as 15 years.“Access to capital through the Small Business First loan program can help businesses grow and thrive in the commonwealth,” said DCED Deputy Secretary Dee Kaplan. “MetroAction’s certification as an Area Loan Organization will provide Lackawanna County businesses with another point of access to financing that can be make‐or‐break for business growth and job creation and retention.” Step Loans, a new program from MetroAction, is focused on credit‐challenged entrepreneurs looking to open a small or home‐based business. Loans amounts range from $250 to $2,500 and all participants are required to participate in Smart Start counseling which pairs new business owners with mentors to help with the questions and challenges that arise. “We want these businesses to succeed,” said Kristine Augustine of MetroAction, “so the training and mentoring programs are an important part of the process.”Additionally, MetroAction’s Small Business Lending program has been expanded to include loans up to $75,000. |
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