News & Announcements
Women In Philanthropy Loan ProgramJun 13, 2017
Peoples Security Bank & Trust recently partnered with the Scranton Area Community Foundation’s Women in Philanthropy program in order to support entrepreneurship by women in our communities. The program was created to provide the funding and support necessary for women who are economically disadvantaged, or who are in transition, to achieve their goals of business ownership. Traditional lenders now have a place to send clients who may otherwise be turned away when they do not meet the lending criteria required by traditional lending institutions or even small business loan programs, including SBA loans. Unlike traditional lending, these micro-loans do not require a minimum credit score or collateral. By providing this opportunity, it allows an opportunity for non-traditional borrowers to create a credit history so that they can qualify for traditional lending opportunities in the future.
The program features favorable terms and conditions which benefit the business owner. It offers commercial loans as small as $1,000 and as large as $10,000 with loan terms up to 48 months. The loan program also helps the borrowers save for their future—the interest paid (at an interest rate of 6%) is put into a savings account and returned to the borrower after the loan has been repaid. In addition to the funding aspects, the program also provides training and education in business management and financial literacy, and one-on-one mentorship. Peoples Security Bank has committed $300,000 to fund these loans.