*This post will continue to be updated as new information becomes available. Check back frequently.*
The City of Philadelphia is launching Boost Your Business, a fund for equitable business growth. Businesses owned by people of color face unique barriers in accessing resources and opportunities, which was only worsened by the COVID-19 pandemic. Boost Your Business will provide funding to help diverse entrepreneurs in Philadelphia scale their businesses.
Eligible businesses will be scored on the impact and feasibility of their growth plan. Only 10 selected businesses will receive a $50,000 forgivable loan. The loan will be forgiven when the business meets its stated growth goals: new contracts, revenue, and employee growth.
10 businesses will be selected to receive a $50,000 investment in the first round, and another 10 will be selected in the second round.
Applications for the first round are due Monday, January 31, 2022. Applications for the second round will be available in spring/summer 2022.
To be eligible, a business must meet all of the following requirements:
- The business owner must be a Philadelphia resident and a member of a historically disadvantaged community.*
- The business must be located in Philadelphia.
- The business must have been in operation for 3+ years.
- The business must have annual revenue of $350,000 or more.
- The business must have Philadelphia Business Income and Receipts Tax Number (BIRT) and Commercial Activity License (CAL).
- The business must be independently owned; franchises are eligible only if independently owned.
- The business is in compliance with all local, state, and federal taxes (or on an approved payment plan or in the process of getting on an approved payment plan).
- The business has required federal, state, and local licenses and permits to legally operate.
*Historically disadvantaged businesses are at least 51% owned and operated by persons who are Black, Hispanic, Native American, Asian American, or Pacific Islander because they have traditionally been discriminated against and disadvantaged when seeking financial services and products.
- Business Growth Plan.
- 2 years of federal tax return (2019 & 2020).
- 12 months revenue & expenses year to date.
- 12 months of income & expense projection assuming funding received.
How to apply
The application is available online.
If you have any questions, email Qadeer.Gulzari@Phila.gov.