*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 grow and sustain their businesses.
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 will be available in December 2021.
Boost Your Business is a program of the Department of Commerce.
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 submit a growth plan that will lead to increased contracts, revenue, and employees
- The business must demonstrate how these City funds will be used to support its growth plan
*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.
Questions? Email Qadeer.Gulzari@Phila.gov.