The Philadelphia Department of Commerce is strengthening several economic support programs aimed at small businesses and entrepreneurs across the city. These initiatives are designed to make it easier to access financing, grants, and resources that can help launch, recover, or expand local businesses in different sectors of the economy.
The programs are intended for both new entrepreneurs and owners of established businesses that need to improve infrastructure, purchase equipment, strengthen security, or create new jobs. Many of these forms of support are especially directed toward family-owned small businesses and neighborhood shops.
Programs to strengthen local businesses
Among the highlighted initiatives is the Catalyst Fund, which is focused on supporting the growth of small businesses and entrepreneurs in Philadelphia. The Ida Business Assistance Program is also still available, created to help businesses affected by the hurricane’s impact.
Another active program is Liberty Bell Safe, which offers training, certification, and grants to help create safer nighttime experiences for both customers and employees.
In addition, the city maintains specific programs to support physical and technological improvements in businesses. Some of the available programs include:
- Business Security Camera Program: funding to purchase surveillance cameras.
- Storefront Improvement Program: financial support to renovate storefronts and commercial facades.
- InStore Forgivable Loan Program: designed to purchase equipment and make interior improvements.
- Fair Chance Hiring Initiative: reimburses employers who hire people reentering from the prison system.
- Quality Jobs Program: support for businesses that create jobs with living wages and health benefits.
- Commercial Property Acquisition Loan Program: loans that help small businesses buy commercial properties.
The Department of Commerce also promotes the Philadelphia Business Lending Network, a tool designed to simplify the financing application process for local entrepreneurs and improve access to capital for expansion projects.
Read also: How to Start a Business in Philadelphia: Key Steps for Entrepreneurs
Guidance and support
Philadelphia not only provides access to funding, but also personalized guidance for businesses through assigned commercial service managers by district. These specialists help connect businesses with financing programs and other opportunities available in the city.
Other funding opportunities
The Philadelphia Industrial Development Corporation (PIDC) also works with the Department of Commerce to manage public and private resources that support local economic growth.
Among the opportunities it offers are:
- Below-market-rate loans.
- Grants.
- Tax-exempt financing.
In addition, the Philadelphia Department of Commerce provides economic support to various community development financial institutions that make loans to local businesses. Partner organizations include:
- Entrepreneur Works – (215) 545-3100
- Community First Fund – (267) 236-7000
- The Enterprise Center – (215) 895-4000
- Women’s Opportunities Resource Center – (215) 564-5500
Those interested in learning more about financial support programs for small businesses and entrepreneurs, as well as requirements, application dates, and options available based on each business’s needs, can consult the Philadelphia Department of Commerce directly through its website.
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