The Philadelphia Business Lending Network (PBLN) is a service that allows business owners to apply for financing from a group of over 35 lenders, both nonprofit and for-profit, as well as other funders by simply filling out the Financing Interest Form.
If the project and capital needs align with available resources, network lenders will directly reach out to the company and request further information.
The Philadelphia Business Lending Network is an online service of the Department of Commerce in partnership with PBLN lenders to help local businesses thrive with innovative economic opportunities, while saving them time from communicating with multiple lenders at once.
Equity Incentive with PBLN
Historically disadvantaged business owners experience structural hurdles in obtaining loans and conventional investment capital from financial institutions.
To help alleviate this challenge, the Department of Commerce partnered with the City Council to expand the PBLN service program to include a capital incentive component with specific eligibility requirements.
The Philadelphia Business Network Incentive Grant is a program that provides a grant of up to $35,000, up to 50% of each approved loan amount from a network lender, to eligible businesses.
The PBLN incentive grant is funded by the Neighborhood Preservation Initiative, a $400 million citywide investment created by city council legislation to support programs benefiting neighborhoods and residents.
Eligibility Requirements
The following eligibility requirements are required for a business to be considered for the Philadelphia Business Network Incentive Grant:
- The owner must be a resident of Philadelphia and a member of a historically disadvantaged community, which includes African American, Hispanic, Native American, Asian American, or Pacific Islander individuals.
- Be located in Philadelphia with all required licenses and permits from the city.
- Annual income of $250,000 or less.
- The business must be a microenterprise, 5 employees or fewer, including the owner.
- Compliance with Philadelphia city taxes, having an approved payment plan, or in the process of obtaining one.
The aim of this grant is to broaden access to capital so historically disadvantaged microenterprises can attain the funding they need to start, grow, and sustain their businesses.
How to Apply
Individuals interested in applying should complete the online Financing Interest Form, available on the city’s website www.phila.gov, which allows them to connect with and learn about the over 35 lenders in the network. There is no cost for the application.
Lee también:Un programa revisará las denegaciones de aseguradoras de Pennsylvania
This form is not a loan application, and there is no guarantee of approval from any of the lenders in the network. If any of the members are interested in working with a business owner, they will reach out directly for more information.
If the owner is approved for a loan and the business is eligible for the grant, the lender will work with the Department of Commerce to ensure approval.
Noticias Newswire
