CAN DO, Inc., Greater Hazleton’s economic development agency, has partnered with the Greater Wilkes-Barre Chamber of Business and Industry to offer small business financing programs in Luzerne County.
The Pennsylvania Department of Community and Economic Development has approved CAN DO as an area loan organization for Luzerne County. As an area loan organization, CAN DO can assist small businesses in securing financing for many different business needs, such as start-up, land and building acquisition, construction, equipment, working capital, installation of pollution control equipment, and energy efficiency upgrades.
CAN DO administers four small-business loan programs: Small Business First, First Industries Fund, Community Economic Development Program and Pollution Prevention Assistance Account. Each program is targeted toward different groups of eligible borrowers and a variety of project activities. CAN DO staff will help clients identify which program best fits their needs and borrowing requirements.
CAN DO Director of Grants and Loans Brian Hansbury recently spoke about the new partnership during a visit to the Greater Wilkes-Barre Chamber of Business and Industry.
“CAN DO, like the Pennsylvania Department of Community and Economic Development, is committed to helping businesses grow and succeed. As part of that commitment, we are offering loan services throughout the entire county. Our loan services include the capability to underwrite and package loans for DCED approval and streamline the entire process for clients,” Hansbury said.
Greater Wilkes-Barre Chamber of Business and Industry Senior Director of Economic and Entrepreneurial Development John Augustine serves on the ALO Loan Committee along with other representatives from both the Greater Wilkes-Barre Chamber and CAN DO.
“CAN DO has a tradition of expertise when it comes to business assistance. We’re pleased to partner with CAN DO to be able to offer these programs to Luzerne County companies as we take a regional approach to helping businesses succeed in northeastern Pennsylvania,” Augustine said.
“Programs like this are vital to helping small companies grow in our region. Making dollars available to businesses of all sizes can only help the growth of our local economy,” he said.
Companies that can benefit from CAN DO’s small-business financing include manufacturers, construction companies, technological/computer-related services, hotels, established restaurants, day-care centers, agricultural businesses, tourism-related businesses and others.
Loan rates being offered currently range from 2 percent to 5 percent. Loans with various repayment terms are available in amounts up to $200,000.
“In addition to business owners themselves, I encourage anyone who represents small businesses, including lawyers, banking professionals and accountants, to learn more about CAN DO Business Financing,” Hansbury said.