On Friday, October 27, Mayor Paige Cognetti announced $339,000 in grant funding through the City of Scranton OECD Loan to Grant Program to assist Scranton businesses, in partnership with the U.S. Department of Housing and Urban Development (HUD) and the Small Business Development Center (SBDC) at the University of Scranton.
“The Loan to Grant program doesn’t just support the development of small business in the City of Scranton,” said Mayor Cognetti. “These award recipients are doing the pivotal work of creating new job opportunities for people who work in Scranton.”
The Community Development Block Grant (CDBG) Loan to Grant Program aids new or newly established businesses located in Scranton’s low-to-moderate-income demographic areas (LMA) with funds ranging from $35,000 to $140,000 per business. Funds can assist local businesses with start-up or expansion costs that help with the continued revitalization of our community by including a unique job creation component. Depending on the amount of the award, businesses receiving these funds must create one or more new jobs at their location.
Grant recipients, the funding they will receive, and their project details, in alphabetical order, are:
- The DRIPBaR Scranton, 200 Adams Ave., offers premium IV therapy services which feature customized blends of vitamins, minerals and amino acids to help people take control of their personal wellness. Whether trying to fight off a cold or find a path towards maintaining an optimal state of health, the preventive care and proactive healthcare solutions found in IV drip treatments are becoming a popular way to boost immunity and feel better. The DRIPBaR Scranton will create two new jobs through this program and use the $94,000 in grant funding for renovations and improvements, purchase of equipment and inventory, and working capital.
- Mutant Brewing, 121 N. Washington Ave., is a cutting-edge craft brewery start-up that hopes to become the leading destination for beer enthusiasts in Scranton and the surrounding area by offering a rotating selection of innovative, locally produced beers. Mutant’s signature beers will be distributed to vendors in the field, but will also be available in its downtown taproom, where visitors can enjoy a creative, futuristic, stateof-the-art atmosphere. Mutant Brewing is creating three new jobs through this program and will use the $105,000 in grant funding for renovations and improvements, purchase of equipment and inventory, and working capital.
- Urban Co-Works, 116 N. Washington Ave., is a premier office environment for startups, non-profits, and other companies with one or more employees. Scranton is the second location for the company, with original offices already established in Schenectady, N.Y. At Urban Co-Works, members make valuable connections, participate in events, and stretch their dollars in an all-inclusive office setting. Wi-Fi, utilities, conference rooms, printing, and a host of other amenities are included in monthly fees. They are creating four new jobs through this program and will use the $140,000 in grant funding for the purchase of equipment and fixtures for the new space.
New and newly established businesses are defined as businesses having opened within the last 12 months or are planning to open within nine months of application. Applications include a referral from the University of Scranton SBDC, which may be obtained after completing an educational program series and business consulting which helps new business owners focus on appropriate planning to help ensure their long-term viability in the community.
The awarded funds can be used towards procuring inventory, equipment, machinery, furniture, and fixtures, and can also help provide working/operating capital for expenses such as utilities, rent, and business services such as accounting or website development. These funds are awarded to the city through the Federal Community Development Block Grant Program from the U.S. Department of Housing and Urban Development Administration.
Information and applications for loan and grant opportunities in the City of Scranton can be found here: scrantonpa.gov/business/loans-grants-tax-credits/
City of Scranton Presents $339,000 in Loan to Grant Awards | Press Release
Last modified: October 27, 2023