Financial Assistance & Resources Available for Small Businesses
Local
Lackawanna County Grant Programs
Lackawanna County’s Office of Economic and Community Development has several grant programs available for Lackawanna County small businesses. Click here to visit their web site and look for the “County Grants” blue box on the right side.
City of Scranton Small Business Loan to Grant Program (HUD)
This federally funded gap loan program was developed to enhance job creation by providing assistance to businesses including start-ups, existing, or those looking to relocate to Scranton. As per the U.S. Department of Housing and Urban Development (HUD) guidelines, borrowers must create one full-time equivalent job for every $35,000 borrowed. If job creation and guidelines are met, the loan can transfer to a grant, with no repayment necessary.
Eligible uses of funds: inventory; procurement of machinery, furniture, and equipment; and working/operating capital. Available funding: $35,000 = $40,000. Funding dependent on Job Creation Guidelines.
MetroAction Loan Programs
MetroAction loan products range in size from a minimum of $1,000 to a maximum of $100,000. Interest rate, term, and loan amount are determined by the funding source used for the loan. For more information, click here.
Wayne County Economic Growth Fund
The Wayne County Commissioners, in partnership with Wayne Economic Development Corporation (WEDCO), are excited to present this funding option for business development; The Wayne County Economic Growth Fund. This fund provides grants for undertaking activities that encourage and support economic growth and job creation. Through this program, businesses may be awarded a grant up to $5,000 for eligible projects or up to $10,000 for the purpose of paying eligible loan fees. The grants have private investment match and job creation requirements. For more information, click here.
State
Small Business Advantage Grant
Offered through the Pennsylvania Department of Environmental Protection, the purpose of this grant is to provide small businesses in Pennsylvania with grant funds for projects that increase energy efficiency, reduce pollution, or protect our waterways. Many different types of small businesses, from manufacturing to retail to agriculture, may be eligible for funding under this program. Funding is awarded first-come, first served so interested applicants should act fast! Click here for more information. Accepting new applications from September 20, 2024 to March 31, 2025.
Creative Entrepreneur Accelerator Program Grants
The Creative Entrepreneur Accelerator Program is a new program funded by the Pennsylvania Council on the Arts (PCA), a state agency under the Office of the Governor, and administered regionally by the Pennsylvania Partners in the Arts (PPA), PCA’s statewide network of re-granting partners. Click here for more information or e-mail Leigh Fennie at The University of Scranton SBDC, a participating referral partner.
Creative Business Loan Fund
In partnership with Bridgeway Capital and Community First, the Pennsylvania Council on the Arts is pleased to announce the launch of the Creative Business Loan Fund. This fund makes available $2.2 million in the form of affordable, flexible financing to small, creative businesses across the commonwealth. Click here to learn more.
Federal
The U.S. Small Business Administration helps small businesses get funding by setting guidelines for loans and reducing lender risk. These SBA-backed loans make it easier for small businesses to get the funding they need. Click here to learn more.
Helpful Tools
- SAM Registration Tips
- Looking for the NAICS Code for your business? Don’t get scammed.
- Google Tools & Resources for Small Businesses
Our Network & Partners
- Pennsylvania SBDC Centers of Excellence
- SBA and SBDC – Who Does What?
- Northeast Region Partnerships for Regional Economic Performance (PREP)
- Northern Tier Partnerships for Regional Economic Performance (PREP)
- Northern Tier Regional Planning & Development Commission
Items to gather as you prepare for obtaining financial assistance
- Business financial records, tax returns, equipment/contents, employee information, etc.
- Insurance policies, inventory and asset lists, client/customer information, profit and loss statements, etc.
- Important Numbers: Your accountant, insurance agent, banker, SBDC Consultant, etc.
We’re here to help. Contact us today to set up a time to discuss your small business needs.
SBDC Business Consultants are available to assist existing clients as well as take on new clients and referrals.
Current SBDC Clients should reach out directly to their SBDC Business Consultant.
New requests for for-profit small business assistance can reach out to us as follows:
- Visit our website and choose either “Starting a Business” or “Already in Business.”
- E-mail sbdc@scranton.edu.
or - Call 570-941-7588 and leave a message.
Please continue to reach out to The University of Scranton SBDC for small business assistance or to refer your clients or customers.