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Philadelphia Business Lending Network Equity Incentive Grant
City of Philadelphia
ABOUT THE GRANT
The Philadelphia Business Lending Network Equity Incentive Grant provides Philadelphia small business owners with grants of up to $50,000 to offset the cost of a business loan issued through the Philadelphia Business Lending Network (PBLN). Administered by the City of Philadelphia's Department of Commerce, the grant covers up to 50 percent of the total PBLN funding request for eligible small businesses that are approved for a loan through the network, effectively converting half of the loan into non-repayable capital for the qualifying business.
The PBLN itself is a free service that helps business owners express interest in loan financing through a single, no-cost interest form that is shared with a group of more than 28 participating nonprofit and for-profit lenders. Participating lenders include The Merchants Fund, Philadelphia Industrial Development Corporation (PIDC), Reinvestment Fund, TD Bank, M&T Bank, Fulton Bank, Citadel Bank, Women's Opportunity Resource Center (WORC), and many others. The interest form is not itself a loan or grant application, and there is no guarantee that any lender will offer a loan. Lenders that see a fit with the applicant's project and financial needs contact the business owner directly (typically within five business days) to discuss potential loan options.
To be considered for the Equity Incentive Grant portion of the program, applicants must be Philadelphia residents whose business is located in Philadelphia, earn a maximum annual revenue of $350,000, operate as a micro-enterprise with five or fewer employees (including the business owner), be up-to-date on City taxes (or have an approved tax payment agreement in place), and be registered and licensed with the City of Philadelphia. To be considered for a PBLN loan, applicants must have a small business in Philadelphia or plans to move or expand to the city.
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NOTES
Heads up: This one's a little different from most grants on the site. The Equity Incentive Grant isn't something you can apply for directly. To be considered, you first have to be approved for a loan through the Philadelphia Business Lending Network (a group of more than 28 nonprofit and for-profit lenders working with the City). Once you're approved for a loan, the Department of Commerce can then step in and cover up to half of that loan amount as a grant. It's a great way to reduce the cost of a business loan, but it does require securing a loan first.
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