PHILADELPHIA — Twenty Philadelphia businesses will have the opportunity to each receive a $50,000 forgivable loan through the latest round of Boost Your Business, a program to help businesses grow, obtain new contracts, increase revenue, and create jobs for Philadelphians. An eligible business must have annual revenue of $350,000 or more. Boost Your Business is a program of the Department of Commerce in partnership with PIDC, to support established businesses that are ready to expand and seek new opportunities. The application deadline is August 31, 2026.
The loan is forgiven once each selected business achieves its stated growth goals after one year. Throughout the process, participants are required to attend individualized and group support sessions.
“Access to economic opportunity for all remains a top priority of my administration,” said Mayor Cherelle L. Parker. “That means making sure Philadelphia businesses have the resources they need to grow, create jobs, and invest in our neighborhoods. Through this latest round of Boost Your Business, we’re helping more businesses take that next step while strengthening Philadelphia’s economy.”
“Since 2021, the Department of Commerce has invested $2 million through Boost Your Business to help Philadelphia businesses turn ambitious growth plans into reality,” said Karen Fegely, Acting Director, Department of Commerce. “We encourage businesses that are ready to grow to attend the upcoming information session, gather their application materials, and take advantage of this opportunity.”
“Small businesses are the backbone of Philadelphia’s economy,” said Jodie Harris, President, PIDC. “Boost Your Business combines flexible capital with individualized technical assistance, business advising, on-site visits, and peer learning to help entrepreneurs build on their momentum, overcome challenges, and create lasting economic impact.”
Application information
Eligible businesses must:
- Be located in Philadelphia.
- Have annual revenue of $350,000 or more.
- Be in compliance with all local, state, and federal taxes, or be on an approved payment plan.
- Have a clear budget and growth plan that will increase contracts, revenue, and/or employees.
- Be in operation for two or more years.
- Hold a valid Commercial Activity License (CAL) through the City of Philadelphia.
- Be independently owned (franchises are eligible only if independently owned).
- Have all required federal, state, and local licenses and permits to legally operate.
Applicants will be required to submit:
- Business growth plan.
- 2026 and 2027 operating business projections.
- Year-to-date 2026 profit and loss statement and balance sheet.
- 2 years of most recent federal business tax returns (2024 and 2025).
- Debt schedule for the business.
- Credit authorization forms for owners with at least a 20 percent ownership interest.
- Copy of government-issued photo identification.
- Philadelphia Commercial Activity License (CAL).
- Copy of organizational formation and governing documents, as applicable.
Success stories
“With support from the Boost Your Business program, we were able to hire two new people, increase the speed and accuracy of our project delivery, and finish the year in a much stronger financial position,” said Marc Coleman, President and CEO of Tactile Group. “The $50,000 had a multiplying effect on our business, and we exceeded our growth goals.”
“One of our goals was to invest in technology,” said Sergio Giraldo, Owner of Jireh Dev LLC. “Before the program, we didn’t have a website. Today we have a website, new business software, two additional employees, and our profits have nearly doubled.”
Businesses interested in applying are encouraged to attend a hybrid information session on August 10 from 10:00 a.m. to 11:30 a.m. to learn more about the program and application process.
Applications for the latest round of Boost Your Business will be accepted through August 31, 2026. Additional information, eligibility requirements, and application materials are available through the Department of Commerce’s Boost Your Business program.