*This post will continue to be updated as new information becomes available, so please check back frequently.*
The city of Philadelphia Accelerate your businessBoost Your Business is an equitable business growth fund. Businesses owned by people of color face unique barriers in accessing resources and opportunities, which have been exacerbated by the COVID-19 pandemic. Boost Your Business provides capital to Philadelphia's diverse entrepreneurs to help them grow their businesses.
Eligible companies will be scored based on the impact and feasibility of their growth plans. Only 10 companies will be selected to receive a $50,000 forgivable loan. The loan will be forgiven if the company achieves defined growth targets (new contracts, revenue, and employee growth).
Ten companies will be selected in the first round to receive an investment of $50,000, and another 10 will be selected in the second round.
The first application deadline is Monday, January 31, 2022. The second round of applications is expected to open in spring/summer 2022.
Boost Your Business is a Department of Commerce pilot program run in partnership with Community First Fund and VestedIn.
Qualifications
To be eligible, a business must meet all of the following requirements:
- Business owners must be Philadelphia residents and members of historically disadvantaged communities.*
- Your business must be located in Philadelphia.
- The business must have been in operation for more than three years.
- The business must have annual revenue of at least $350,000.
- Businesses must have a Philadelphia Business Income and Receipt Tax Number (BIRT) and a Commercial Activity License (CAL).
- The business must be independently owned. Franchises are only eligible if the business is independently owned.
- The business is in compliance with all local, state and federal taxes (or is on an approved payment plan or is in the process of obtaining an approved payment plan).
- To operate this business legally, you will need federal, state, and local licenses and permits.
*A historically disadvantaged business is one that is at least 51% owned and operated by Black, Hispanic, Native American, Asian American, or Pacific Islander people who have traditionally been discriminated against or disadvantaged when seeking financial services or products.
Required documents
- Business growth plans.
- Two years of federal tax returns (2019 and 2020).
- Revenues and expenses for the current 12 months.
- A 12-month projection of revenues and expenses assuming funds are received.
How to Apply
The application is Available online.
If you have any questions, please email Qadeer.Gulzari@Phila.gov.
