Amount: $2,500-$100,000
Terms: Up to 10 years. No prepayment penalty.
Interest Rates: U.S. Treasury with a 10 year maturity plus 1% and is fixed on the date of closing
Loan Use: Funds can be used for working capital, real estate acquisition and construction, equipment purchases and upgrades, environmental compliance, and pollution control and prevention. Only Businesses located in Luzerne County are eligible for this loan program
Basic Eligibility Criteria:
MetroAction is the right fit for small business owners who:
- Have a credit score of at least 500
If you’re not sure what your credit score is, use MyFico’s Credit Score Estimator to get a free credit score estimate. You can also obtain a free copy of your credit report once each year by usingAnnualCreditReport.com. There is a small fee to get your credit score, though. If you need help repairing your credit, we recommend you contact Consumer Credit Counseling of NEPA. - Have not have declared bankruptcy in the past 24 months
- Have not had any late rent or mortgage payments in the past 12 months
- Are up-to-date on all bills
- Exhibit steady personal and or business cash flow and the ability to support monthly loan payments
- Can provide a cosigner, if needed
Ineligible Business Uses:
Businesses engaged in the following business activities are deemed ineligible to participate in our lending program:
- Gaming
- Multi-level Marketing
- Speculative Real Estate
- Adult Oriented