Great news! The City of Philadelphia is the latest Accelerate your businessis a program that helps historically disadvantaged businesses grow, win new contracts, increase revenue, and create jobs for Philadelphians. Qualified businesses seeking City contracts are invited to apply.
Eligible businesses must have annual revenues of at least $350,000. Each application will be evaluated based on the impact and feasibility of its growth plans.
Boost Your Business is Department of Commerce – In collaboration with PIDCthe City’s public-private economic development partner. — It targets businesses owned by historically disadvantaged people, who face unique barriers to accessing the critical capital and resources they need to grow their businesses.
Through this program, Twenty businesses will be selected to receive $50,000 in forgivable loans. Loans will be forgiven once companies meet defined growth targets, and additional business support will be provided throughout the process.
Learn more at our upcoming virtual information session
application Will open It will be published on June 25, 2024 and added to this blog post on that date.
application deadline The date is July 31, 2024.
Until your application starts, we recommend the following:
- Collect the necessary information,
- Develop a business growth plan,
- Please prepare your documents.
If you have any questions, we encourage business owners to attend one of two information sessions being held in partnership with PIDC, which will provide more information on when and how to apply for Boost Your Business funding.
The same information will be shared at each session, but business owners must register for each information session separately if they wish to attend both sessions.
To receive funding through Boost Your Business, businesses must:
- Annual revenue of at least $350,000.
- Have a clear budget and growth plan that will lead to more contracts, revenue and employees.
- Owned by members of historically disadvantaged communities.*
- *A historically disadvantaged business is one that is at least 51% owned by individuals who have been exposed to racial, ethnic, or cultural prejudice in American society because of their identity as members of a group, regardless of their personal qualities, and whose disadvantage stems from circumstances beyond their control.
- Located in Philadelphia.
- Has been in operation for more than 3 years.
- Hold a Philadelphia Business Income and Receipt Tax Number (BIRT) and a Commercial Activity License (CAL) through the City of Philadelphia.
- Independently owned. Franchises are only available if the business is independently owned.
- You are in compliance with (or are on an approved payment plan or in the process of coming on to an approved payment plan) all local, state and federal taxes.
- Have all necessary federal, state, and local licenses and permits to operate legally.
- Business growth plans.
- Two years of federal tax returns for the business (2022 and 2023).
- Management's preparation of the income statement and balance sheet for the first half of 2024.
- Profit and loss projections for 2024 and 2025 assuming Boost Your Business funding is awarded.
- A schedule of the business’s debts (a template is provided with the application).
- Signed credit approval forms for all owners with interest of 20% or more Business-related (a template is provided with the application).
- A copy of your government-issued photo ID.
- A copy of the certificate of organization, articles of incorporation, or other similar incorporation documents filed with the Pennsylvania Secretary of State for the Borrower. If applicable, a copy of the Borrower's operating agreement, bylaws, or other similar governing document, fully signed by an appropriate representative of the Borrower.
Applications will be open on this blog post starting June 25th, 2024. Stay tuned and mark your calendars! In the meantime, we encourage you to gather the necessary information, develop your business growth plan, and prepare your paperwork.
If you have any questions, please contact us by email boost@Phila.gov.