Small businesses have place to turn
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share thisIndeed, the Greater Scranton Chamber of Commerce does have programs to help start and grow successful small businesses, ranging from small-business loans and education programs to most recently, by participating in the NEPA Venture Partnership, a collaboration that provides access to a $10 million venture capital fund, peer support and access to business services.
Primarily, these activities are offered through MetroAction (www.metroaction.org), the chamber's small-business arm. As a nonprofit community lender, MetroAction has provided more than $2.8 million in small loans to more than 200 startup and existing entrepreneurs.
Over the past year, small businesses have experienced marked economic challenges. Between skyrocketing gas prices, a weak real estate market and the credit crunch, today's slow economy is having a noticeable effect on our local entrepreneurs.
Each month, MetroAction receives numerous calls from startup and existing small businesses that need assistance. Some need financing; some need business planning assistance, and others just need to be pointed in the right direction. MetroAction offers a number of programs to help area business owners through today's difficult economy.
MetroAction's MicroLoan program is ideal for both startup and expanding small businesses that may not be eligible for traditional bank financing. And, in today's economy, when banks loans are harder to obtain, MetroAction's MicroLoan program fills the gap.
MicroLoans of up to $50,000 are available and can be used for working or start-up capital, to purchase or upgrade equipment, renovate or secure a property and other business needs. MicroLoans can also be pooled together with funds from other sources, such as banks, to help a business meet its financing needs.
Realizing entrepreneurs and small business owners may need more than financial assistance, MetroAction offers a number of training programs to small businesses start smart and grow strong. Last year, MetroAction provided more than 2,000 hours of entrepreneurial training through programs such as our "Business Basics" seminars and the "Small Business Institute."
The "Business Basics" seminar is a free program that reviews the steps needed to develop a successful business and links attendees to valuable community resources. These free seminars provide quick and easy tips for writing a business plan and recommendations on how to use the plan to obtain financing, focus ideas and manage growth.
For business owners looking for more in-depth entrepreneurship training, MetroAction offers its "Small Business Institute," an intense eight-week business-development training program that emphasizes four key disciplines essential to building a successful business - success, market, cash flow and operations planning.
In my eight years with MetroAction, we've made our number one goal to be the continued success of small, locally owned businesses in Northeast Pennsylvania. We want the community to know that we are available to help them succeed. Through a variety of programs and services, including our flexible financing programs, one-on-one counseling and comprehensive training programs, we are able to assist small business owners in keeping their doors open and continuing the entrepreneurial spirit that our region is known for.
As an affiliate of the chamber, MetroAction is part of a larger network of business development resources, including the Scranton Industrial Development Company, which offers a working capital loan program up to $75,000 and the Scranton Enterprise Center, a business incubator that provides shared office services, flexible leases and expandable office space. (For more information on these programs, visit www.scran tonchamber.com).
MetroAction also has very close relationships with other business and economic-development organizations, such as area Small Business Development Centers, SCORE and the NEPA Venture Partnership. These partnerships help MetroAction provide the tools and resources that can keep a business open and increase their chance of long-term success.
In a recent conversation with chamber President Austin Burke, he shared his feelings with me about small businesses.
"I take great pride in the programs that we have put together to foster small business growth in Northeastern Pennsylvania," he sad. "Small businesses are the lifeblood of all communities, and our programs support them by providing the financial assistance and business tools they need to achieve success."
CHRISTINA S. HITCHCOCK is the business development administrator for MetroAction, Inc. in Scranton. Would you like to write about an issue in the area business community? In This Corner features commentary by guest columnists. Send ideas to jmatthews@ timesshamrock.com.
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