Philadelphia, a vibrant city with a rich history of entrepreneurship and innovation, is home to many small businesses. Whether it’s a coffee shop, boutique, or restaurant, small businesses contribute to the nation’s economy.
Every business needs a little capital to get it off the ground, and Philly actively supports its small business community by offering a diverse range of resources and support programs aimed at helping them grow their ventures and also fostering economic development.
These grants, programs, and resources can provide the capital needed for getting these businesses up and running. By taking advantage of these resources, Black entrepreneurs in Philadelphia can overcome some of its financial challenges, build successful businesses, and contribute to the city’s economic growth. Are you a small business owner or entrepreneur looking for grants and other resources? Here are some of the available ones in Philadelphia you can explore.
The Incentive Grant
This grant is part of the Philadelphia Business Lending Network pilot program, designed to empower small businesses, with a focus on inclusivity and diversity. It serves as a significant opportunity for local entrepreneurs to access up to $35,000 in matching funds, covering up to 50% of each approved loan amount. This initiative is particularly tailored to entrepreneurs from various backgrounds, including Black, Hispanic, Native American, Asian American, or Pacific Islander business owners.
To qualify for The Incentive Grant, businesses must meet specific criteria, ensuring that the support reaches those who need it most. The eligibility criteria include residency and business location within Philadelphia’s city limits, possession of essential licenses like the Commercial Activity License and a Business Income and Receipts Tax Number, annual revenue of $250,000 or less, and micro-enterprise status with five or fewer team members.
Small Business Advantage Grant
This grant program is offered through the Pennsylvania Department of Environmental Protection. The purpose is to provide small businesses in Pennsylvania with grant funds ranging from 50% to 80% of eligible project costs to improve their operations, particularly in terms of energy efficiency and environmental protection. The grant is open for applications annually.
Maximum grant award amounts will vary from up to $5,000 to up to $8,000, based on the environmental impact of the project and whether the project location is in an Environmental Justice Area in Pennsylvania.
Wish Local Empowerment Program
This program assists Black-owned small businesses by dedicating a $2 million fund to support approximately 4,000 Wish Local partners. The selected recipients can receive financial assistance ranging from $500 to $2000, with flexibility in fund allocation. Applications are accepted on a rolling basis.
To qualify, you must be a Black-owned business with a brick-and-mortar shop within the United States and less than 20 employees. If selected for the program, you must join Wish Local (which is free).
The Philadelphia Business Lending Network Incentive Grant (PBLN)
This is a pilot program that provides a grant of up to $35,000, up to 50% of each approved loan amount from a Network lender to businesses that meet the eligibility requirements. PBLN was created to help businesses save time by reaching multiple lenders at once. If the project and capital needs match available resources, Network lenders will contact the business directly and request more information.
The Merchants Fund
Founded in 1854, the Merchants Fund provides grants and other support to merchants and small businesses in Philadelphia. Its vision is for a Philadelphia where small businesses and their owners thrive and where talented and diverse merchants have equitable access to meaningful assistance, capital, and other resources necessary to build business, family, and community wealth. TMF makes modest grants from $1,000 up to $10,000 to small businesses, loan matches up to $20,000 and emergency grants based on uninsured loss.
Community First Fund
This non-profit lending institution facilitates access to capital and business consultation services for entrepreneurs, non-profits, and community developers. Community First Fund provides capital through microloans and small business loans for start-up and business expansion projects.
Pennsylvania Global Access Program (GAP) Grant
The GAP grant is designed to enhance the capability of export-ready small businesses in Pennsylvania. The grant supports businesses that are looking to expand their global footprint. GAP is administered by the Pennsylvania Office of International Business Development (OIBD) and provides up to $10,000 per award period to qualifying PA companies. Awards can reimburse up to 75% of eligible expenses associated with specific export promotion activities. This program is part-funded by the US Small Business Administration.
Philadelphia’s Fair Chance Hiring Initiative (FCHI)
This small business grant helps employers hire justice-impacted employees. Created by the Department of Commerce in 2017, the City of Philadelphia offers the Fair Chance Hiring Initiative (FCHI) – a program that financially incentivizes employers to hire job seekers returning from incarceration and keep them employed for the long term. It provides financial incentives to businesses in the form of wage reimbursements and employment retention grants.
Any Philadelphia-based company can participate in the Fair Chance Hiring Initiative as long as the company:
- Generates less than $5 million in annual revenue
- Hires a Philadelphia resident who was incarcerated, on parole, or on probation for any offense in the last seven years, due to a court sentence.
Financial Support Programs
The City of Philadelphia Department of Commerce operates a number of programs for Philadelphia small business owners including tax credits, business coaching, and forgivable loans. These programs are open for businesses to apply throughout the year. They include the Business Security Camera Program and Storefront Improvement Program.
