Philadelphia Boost Your Business Program
Philadelphia Boost Your Business Program
City of Philadelphia
ABOUT THE GRANT
The Philadelphia Boost Your Business Program provides selected Philadelphia small businesses with a $50,000 forgivable loan to help them grow, obtain new City contracts, increase revenue, and create jobs. Twenty businesses are selected per funding round. While structured as a loan rather than a direct grant, the loan is forgiven once the business meets its stated growth goals, effectively functioning as a grant for qualifying businesses.
Administered by the City of Philadelphia's Department of Commerce in partnership with the Philadelphia Industrial Development Corporation (PIDC), the program is specifically designed to support business owners who face unique barriers in accessing critical funding and resources to help their businesses grow. In addition to the funding, selected businesses receive ongoing business support assistance throughout the loan period to help them execute their growth plan and meet the forgiveness milestones. Businesses seeking City contracts are strongly encouraged to apply.
To qualify, applicants must be located in Philadelphia, have annual revenue of $350,000 or more, be in operation for at least two years, hold an active Philadelphia Commercial Activity License (CAL), be independently owned (franchises are eligible only if independently owned), and have all required federal, state, and local licenses and permits to legally operate. Businesses must also be in compliance with all local, state, and federal taxes (or be on an approved payment plan). Applicants are required to submit a clear budget and growth plan showing how the funding will lead to increased contracts, revenue, or employees, and each application is evaluated based on the impact and feasibility of that growth plan.
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NOTES
Please note: This is not a traditional grant. Rather it is a $50,000 which is forgiven if you're business hit's the necessary growth targets of the program.
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