MetroAction Launches COVID Recovery Loan Program

MetroAction, Inc. – the non-profit, small business financing affiliate of the Chamber – announced its launch of the Lackawanna County COVID Recovery Loan Program, created to provide capital to businesses impacted by the COVID-19 pandemic.

The program provides low-interest loans to Lackawanna County businesses for working capital purposes. Eligible uses include, but are not limited to, lease or mortgage payments, utility payments, payroll, and other operational expenses. In addition, businesses can use the loan capital to purchase machinery, equipment, or technology that will allow the business to expand its operations.

The program will provide loans up to $25,000 at 1% to Lackawanna County businesses adversely impacted by the COVID pandemic. The term for the loans will be 36 months with a 3 month payment deferral. 

“The COVID-19 pandemic continues to pose great challenges for our small business community. This fund was established to support Lackawanna County businesses with day-to-day operations as well as growth opportunities,” stated Jack Reager, MetroAction President. 

Funding is limited for this loan program.  Applications will be funded on a first approved, first funded basis. 

Funding for this program was provided by Lackawanna Industrial Fund Enterprises (LIFE), Lackawanna County, the Hawk Family Foundation, and the Commonwealth of Pennsylvania.  

Businesses can apply and find additional program information on www.metroaction.org.