Secure Your Dream Business with Ignite Loans
Small businesses make up more than 75% of our membership. By working with small businesses, we recognize that each one has its own unique needs and challenges. Through our various programs, The Chamber can assist entrepreneurs seeking to start their new venture or businesses looking to expand.
The IGNITE Program serves to grow businesses and create jobs by fostering entrepreneurs and their companies in northeastern Pennsylvania through education, counseling, networking, and mentorship support. We are capable of supporting new starts ups in any industry from tech to health care, food service, and more!
Financing fuels business growth. Whether you’re a business looking to expand or relocating to northeastern Pennsylvania, The Chamber has access to numerous financing programs and loans.
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MetroAction, The Chamber’s small business affiliate, specializes in providing term loans to start-up and expanding businesses. The loan programs offer 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 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 and for the development of industrial parks and multi-tenant facilities.
Amount: The PIDA program finances a portion of the total project cost. The maximum loan amount is $2.25 million based on eligible project costs and location.
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Terms: Up to 15 years for land and building acquisitions and construction/renovation projects; up to 10 years for machinery and equipment; or up to one year for working capital and accounts receivable lines of credit (can be renewed).
The Pennsylvania Economic Development Financing Authority (PEDFA) Loan Program provides taxable bonds that may be used to finance land, building, equipment, working capital and refinancing projects.
Eligible Uses: Land and building costs, building renovation and new construction, machinery and equipment acquisition and installation, designated infrastructure, refinancing and working capital.
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Through The Chamber’s partnerships with state and local governments, companies within Greater Scranton are prospering in our pro-business environment. Our economic development team can serve as your community partner, assisting you in all aspects of your site selection process.
The Scranton Plan will serve as your single-point-of-contact for all site selection and development needs. Whether you require assistance in crafting a financial incentive package, engineering and infrastructure design or permits and approvals, the Scranton Plan will be your community partner starting from your initial contact through your operations commencement.“It’s a learning initiative, platform and combination of courses created by MultiFunding, ” he says. “SBA Ignite educates small business owners about the SBA and its benefits.”
Kassar explains, “We are always shocked by the lack of understanding about the SBA. Information needs to be accessible and understandable. And common myths about the program need to be busted.”
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“People can go to sbaignite.com and choose from live webinars or on demand courses to participate in. The live webinars are every Wednesday at noon, ” he says.
“Small businesses and entrepreneurial ventures create jobs and boost the economy, ” he says. “SBA-backed loans help make this happen by offering access to affordable capital.”
Through the initiative, small businesses will learn how the SBA works and what they can use the loans for. They’ll get invaluable information on who is eligible for SBA loans and how to go about getting one.
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“Small businesses will learn all of their funding options, ” he says. “Right now, there are tons of savings available through the latest stimulus bill that doesn’t include PPP or EIDL.”
The Paycheck Protection Program (PPP) was introduced as part of the CARES Act. It’s an SBA loan designed to keep employees working. The Economic Injury Disaster Loan Emergency Advance (EIDL) offers emergency relief.
In place of fees, he asks participants to donate to Food Connect. That’s an independent non-profit supporting restaurants, food pantries, meal sites and emergency response centers.
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“They have headquarters in our hometown of Philadelphia with a national reach, ” he says. “They are doing extraordinary work in communities through the United States.”
Rob Starr is a staff writer for Small Business Trends. Rob is a freelance journalist and content strategist/manager with three decades of experience in both print and online writing. He currently works in New York City as a copywriter and all across North America for a variety of editing and writing enterprises.