Are there any grants for starting or expanding a small business?

I have bad credit; can I still apply for a loan through MetroAction?

How long does it take to get a loan through MetroAction?

How can I get my application processed more quickly?

Do I need to pledge collateral to obtain a loan?

What should I include in my business plan and cash flow projections?

Q: Are there any grants for starting or expanding a small business?

A: Grants for small businesses are uncommon, even for women or minority owned businesses. Most federal and state programs for small businesses are loan programs and the funds must be repaid. Please take caution with any service that requires you to pay for grant resource information.

Q: I have bad credit; can I still apply for a loan through MetroAction?

A: Yes. The approval process for our loan programs take a number of factors into consideration, not just your credit score.

Q: How long does it take to get a loan through MetroAction?

A: Small business loans are very different from other types of loans such as personal loans or home equity loans. Because our review committees evaluate each application based on the business plan, application and other required documents, it usually takes up to 30 days to complete the process.

Q: How can I get my application processed more quickly?

A: The most common reason a loan request will be delayed is missing information in the application package. To expedite your loan request, ensure that every section on the application is completed with as much information as possible. Also, make sure that you include all required additional documents that are listed on the application checklist.

Q: Do I need to pledge collateral to obtain a loan?

A: With the exception of the Community Express Loan Program, all of our loan programs require some type of collateral to guaranty the loan. MetroAction will consider: real estate property, machinery and equipment, stocks, bonds, inventory, whole life insurance policies, as well as personal and corporate guaranties as collateral for the loan.

Q: What should I include in my business plan and cash flow projections?

A: Our loan applications include a detailed outline of the information we expect to find in your business plan. For additional information on preparing a business plan or cash flow projections contact your local Small Business Development Center.

The University of Scranton SBDC can be reached at 570-941-7588 and the Wilkes University SBDC can be reached at 570-403-4340.

Borrower Profile : Mitchell's

Homemade food at value pricing in a clean, comfortable environment – this is what you’ll get at Mitchell’s Restaurant. Owners William and Maribeth Mitchell opened the restaurant in January 2002 and have been expanding ever since. Mr. Mitchell has long worked in the food service industry, but was looking to add some spice to his career before opening Mitchell’s. This need for change is what inspired him to open a restaurant of his very own. In addition to the restaurant that seats 80, Mitchell’s also offers catering and a delivery service to its customers. Also unique about this Scranton restaurant is its “open kitchen.” Dine in customers at Mitchell’s have full view of all of the happenings in the kitchen from their seats. Mr. Mitchell feels that this helps his business by demonstrating cleanliness. “Being in the food industry for nine years, I learned that cleanliness is important. Here, nothing is hidden from our customers,” said Mr. Mitchell. “If I closed that window, I think my business would be very different.” Mr. Mitchell also reports that his restaurant has established a loyal consumer base. “Our customers are well aware that they are going to get good food for a reasonable price. Our customers are loyal. We see the same people on a regular basis and they tell us that the atmosphere is great,” said Mr. Mitchell. Since opening, Mitchell’s has created five part-time jobs in addition to Mr. and Mrs. Mitchell’s two full-time positions. The Mitchell’s work hard to make their employees feel like a very important part of their business. “We want our employees to feel a part of the success of Mitchell’s Restaurant. Happy employees make happy guests,” said Mr. Mitchell. In addition to working for his employees, Mr. Mitchell works to ensure that each and every one of his customers has a good experience when dining at Mitchell’s. “If our customer’s aren’t happy, we’re not happy. We take pride in the way we prepare our food,” said Mr. Mitchell. “Customer satisfaction is our number one priority. We want to be the restaurant of choice for everyone.”