A Helping Hand
Chamber ’ s financing programs help fuel business growth
Whether you are looking to start or sustain your business , the Chamber and its affiliates , MetroAction and The Scranton Plan , have access to a wide variety of financing programs and loans for businesses of all sizes , from start-up to supersized !
MetroAction , the Chamber ’ s small business affiliate , specializes in providing term loans up to $ 100,000 to start-up and expanding businesses . The loan program offers flexible requirements as it pertains to credit , collateral requirements and credit scores . In addition , MetroAction can partner with a local bank or lending institution to provide a complete loan package .
“ The support we have received from MetroAction over the years has been unlike any other . While applying for financing can be quite intimidating , all of the staff at MetroAction made the entire process easy and they have cheered us on along the way . I like to think of MetroAction as more of a partner than lender and greatly appreciate everything they have done for us ,” Amanda Kuhn , Smart Blonde Creative .
6 • The Greater Scranton Chamber of Commerce
MetroAction is one of the only nonprofit organizations in northeastern Pennsylvania authorized to provide microloans to small businesses through the U . S . Small Business Administration ( SBA ) and through the U . S . Department of Agriculture ( USDA ). It is also certified by the United States Department of Treasury and accredited by the Commonwealth of Pennsylvania as a Community Development Financial Institution ( CDFI ).
“ MetroAction believed in us ,” said Amy Ware of Learn and Grow Early Childhood Center . “ The staff listened to us from the beginning and worked hard to make our dreams a reality .”
SLIBCO , the Chamber ’ s industrial development marketing arm , offers help with applications for PIDA and PEDFA loans for large-sized businesses .
The Pennsylvania Industrial Development Authority ( PIDA ) Loan Program provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs while expanding their business opportunities . The PIDA program finances a portion of the total project cost and the maximum loan amount is $ 2.25 million based on eligible project costs and location .
The Pennsylvania Economic Development Financing Authority ( PEDFA ) Loan Program provides taxable and nontaxable bonds that may be used to finance land , building , equipment , working capital and refinancing projects .
“ We are extremely grateful for the assistance provided by the Chamber ,” said Dom Pasqualichio of Pasqualichio Brothers Inc . “ Their continued support throughout the entire process of securing the financing from PIDA was much appreciated .”
For more information on these programs , call The Chamber at
( 570 ) 342-7711 .