SCRANTON, Pa. — Millions of dollars in grants is now available to small business owners in Scranton — two rounds of funding for small business financial recovery and an innovative wage boost grant, both funded by Scranton's ARPA plan.
The first phase of applications for the first $1 million closes on November 14, and the second wave for the additional $2 million closes on January 31.
The loan-to-grant program helps small businesses and promotes job creation in Scranton.
The goal is to help small businesses attract and retain employees and not lose them to larger corporations offering more money.
"We've got so many businesses that are struggling, not just from labor shortages but from inflation, and this is coming at just the right time," said Scranton Mayor Paige Cognetti.
The wage boost program offers an opportunity for businesses with fewer than 50 employees get up to $50,000 over three years to boost wages.
"The first year, the city will put in $2 an hour per employee. The second year, we'll split the difference with the business, and the third year we partner with the business to make sure that the employee's rate was at $2 more," Mayor Cognetti said.
Along with the announcement of the ARPA funding opportunities, Cooper's Seafood House was awarded a loan-to-grant from the city for $105,000. Cooper's had to create one full-time equivalent job for every $35,000 borrowed. Cooper's used the grant to install a tiki bar in its lighthouse and to open its own brewery.
"The money came along at just the right time. We hired him and two assistants, and it's been a total success. A lot of fun too. It's brought in a whole new clientele, and it's helped our business a lot," said co-owner Jack Cooper.
"This is how I feel we're adding onto the business and making it our own. This is what we can do to expand what Cooper's is and make it better than what our parents made it," said Jesse Cooper, brewmaster for Cooper's Family Brewing.
Members of the City’s ARPA team will host a webinar on the grant opportunities on Friday, October 28, at noon. Businesses can register here.
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