Loan Amounts

When applying for a loan, it is the best policy to thoroughly and truthfully evaluate your financial needs and repayment capability, rather than asking for the maximum amount available.

Start-ups:   $2,500 to $25,000
Existing:     $2,500 to $50,000
(must have at least 2 years operating experience)

Interest Rates and Terms

Our programs are not designed to be "low-interest" loan programs. Our rates are consistent with the commercial lending industry.  As always, we recommend that you first work with your local bank for financing - you may be able to get a better rate or term.

• 3 - 7 year loan terms, depending on request
• Fixed interest rates, set on the date of dosing
• Range between 8.49% and 14%
• Rate depends on amount borrowed, loan term and collateral pledged

Use of funds

 Our funds can be used for most business expenses, including:

• Machinery, equipment and fixtures
• Inventory and supply purchases
• Leasehold improvements
• Working capital (payroll, marketing, licenses, etc.)
• Gap financing

Our funds cannot be used for personal use.

Our programs were designed to help start-up and expanding entrepreneurs that are unable to obtain financing from traditional sources, such as banks.   Most small businesses in northeastern Pennsylvania are eligible, as long as the meet the following criteria:

• Less than $500,000 in annual sales
• Less than 50 employees
• Must be located within MetroAction's eight-county service area

In eligible businesses:

• Any business that earns 30% or more of its revenue from gaming
• Multi-level marketing
• Speculative real-estate
• Adult oriented businesses

Service Area:

MetroAction serves an eight-county region in northeastern Pennsylvania.   Eligible businesses must operate in one of the following counties:

• Carbon
• Lackawanna
• Luzerne
• Monroe
• Pike
• Susquehanna
• Wayne
• Wyoming

Process:

The entire application process - from pre-qualification to receiving funding - may take up to 4 weeks.  This timeframe is typical for commercial financing.

To apply for financing through MetroAction, follow these simple steps:

1. Fill out the pre-qualification application and return it to MetroAction along with the non-refundable credit analysis fee.  

2. Those who are pre-qualified will be provided with an application checklist for the loan program that best fits their financial need.  

3. Complete the application checklist and return it with the required attachments to MetroAction.   We may require you to schedule an appointment at our office.  

4. MetroAction will process the application and forward it on to the loan review committee.  Our staff may need to contact you for additional information. This process may take 2-4 weeks to complete.  

5. The committee makes the final decision on accepting or declining loan requests.  Once the committee has made a decision, you will be contacted with the outcome.  

6. If approved, we will contact you with details on the closing process.

MetroAction is committed to improving the quality of childcare in northeastern Pennsylvania.  MetroAction understands that childcare providers are different from the typical entrepreneur.  Because of these differences, MetroAction has created a loan program specifically for childcare providers. 

To apply to this program, you must be a start-up or existing childcare provider within MetroAction's service area, however they do not need to be licensed.  At a minimum, the childcare provider must have attended the Department of Public Welfare's Potential Provider Meeting in order to apply to this program.  To submit an application, please follow the Application Process described above. 

In addition to offering a loan program to childcare providers, MetroAction also offers Micro-Grants to childcare providers who have a specific program that will increase the quality of affordable childcare in northeastern Pennsylvania.  These grants are awarded twice each year.  When we begin accepting applications to the Micro-Grant program we will post an announcement on the "News" page of our website and will release it to all local media.

Click here to download Childcare Financing Program