Contacting the Department of Commerce is the first step in identifying economic development financing programs available to your business. In addition to the zone-based incentives described in Finding a Location, many incentives and assistance tools are available citywide. Through an array of programs, Department representatives help businesses find ways to maximize their access to capital.

Philadelphia Home-Buy-Now
Philadelphia Home-Buy-Now is a matching funds program that brings employers, local government, and other resources together to encourage employees of Philadelphia companies to purchase homes in the City. Through Home-Buy-Now, participating employers make a contribution toward their employees' home purchases in the form of a grant or forgivable loan, which the City will match up to $4,000 in selected targeted areas and up to $2,000 throughout the City of Philadelphia. Other benefits include access to home ownership workshops, housing related discounts and other housing programs. By packaging all of these incentives together, Philadelphia Home-Buy-Now provides employers with an opportunity to attract and retain a talent workforce with an exciting housing benefits package at a minimal cost, while also encouraging homeownership that stabilizes neighborhoods. To learn more about the program and how to enroll your company, just call 215-683-2126, email jim.flaherty@phila.gov or click here.

10 Year Real Estate Tax Abatement
Any business property owner making land or building improvements will receive a 10-year City real estate tax abatement on 100% of the value added by their improvement, beginning upon completion of construction. For more information on how to apply, see the “Abatement” documents available on the Board of Revision of Taxes website.

Job Creation Tax Credit
This program offers businesses a one-time credit of $1,000 for each new job, applied to total Business Privilege Tax liability. A business must create at least 25 new jobs or increase its full time employment by at least 20% within five years from a negotiated start date. Tax credits are granted only after new jobs are created, and a business must commit to maintain operations in the City for five years after the credits are initially issued. New Jobs are defined as full-time jobs with an hourly rate, excluding benefits, of at least 150% of the federal minimum wage. To learn more or obtain an application for this or other city-based business incentives, please visit the Philadelphia Department of Revenue or contact them at revenue@phila.gov or at (215) 686-6600.

Loan Assistance
The Department of Commerce offers a variety of loan programs for businesses starting up, locating to, or expanding in Philadelphia through our delegate agencies, the Philadelphia Industrial Development Corporation (PIDC) and the Philadelphia Commercial Development Corporation (PCDC). These loans are funded by federal, state and local government sources, and are usually leveraged with private debt and equity. Loan funds at PIDC are allocated for activities that may include real estate acquisition, construction, or machinery/equipment purchase, while funding opportunities at PCDC address the needs of small business. Although specific terms and conditions vary, most loan programs offer below-market rates that are intended to encourage investment in Philadelphia.

The Department of Commerce stands ready to help you determine the best place for your business to start. Please submit a Service Request Form or contact us for more information.

Grant Assistance
The Department of Commerce offers grant funding to revitalize commercial corridors in a variety of locations throughout the City. Please visit the Restore initiative to learn more about available funding opportunities that could apply to your business, or submit a Service Request Form for more information.

Other Financial Assistance
On a case-by-case basis, the Department of Commerce through PIDC has the ability to issue both tax-exempt and taxable bonds, as well as create Tax Increment Financing (TIF) districts for qualified projects. These projects are usually of a larger scale and have a significant economic impact on the local economy. For more information on how to apply, see the “Abatement” documents available on the Board of Revision of Taxes website.