Funding & Resources

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.

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.

Women in Philanthropy (WIP) Micro-Loan

Women in Philanthropy (WIP) has developed a program that enables women to receive micro-loans from $1,000 to $10,000 to start or grow their business venture. This program removes many of the barriers faced by low to moderate income women or women in transition. Unlike traditional lending, these micro-loans do not require a minimum credit score or collateral. By providing this opportunity to women, WIP aims to create a path for women to obtain necessary funding and to develop their credit-worthiness so they can qualify for traditional funding in the future.

To qualify for a micro-loan, the women must:

• Own 51% or more of the business
• Be considered low to moderate income or in transition.
• Operate their business in, reside in, or have business ties to Lackawanna County
• Participate in WIP financial confidence training to further their personal and professional financial acumen
• Work with a WIP mentor to develop their business plan and loan application
• Develop and submit their business plan to WIP and implement suggestions
• Submit their loan application to WIP
• If approved for a micro-loan, complete promissory note with the underwriter for WIP micro-loans
• If not approved for a micro-loan, consider proposed corrective action steps to increase eligibility

Terms of the micro-loans:

• Six percent (6%) interest rate, with the interest put into a savings account and returned to the borrower after the loan is repaid to help the borrower build savings for the future.
• Flexible repayment terms, with loan terms up to 48 months.
• Borrowers repay the loan in equal consecutive monthly installments.
• Borrowers can prepay the entire amount of the loan at any time without restriction or penalty to the borrower.

Learn more about Women in Philanthropy by clicking here. If you are interested in more information about the WIP micro-loan click here to fill out an interest form.

State

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

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