Philadelphia is a city of builders, dreamers, and doers, and its heartbeat is found in the small businesses that line our streets. For entrepreneurs looking to scale, the Philadelphia Small Business Catalyst Fund serves as a resource and fuels the growth of small businesses, offering the capital and support needed to turn ambitious visions into lasting business assets.

Designed to help growth-minded small businesses scale operations, increase production or service capacity, and expand to meet growing market demand, the Catalyst Fund provides grants of up to $50,000 along with advisory services per eligible business, based on demonstrated need, growth potential, and economic impact. This comprehensive support ensures they have the tools to achieve long-term stability.

In fiscal year 2026, the fund invested $9.8 million into 271 businesses, proving that when Philadelphia invests in its entrepreneurs, the entire city reaps the rewards.

The Philadelphia Small Business Catalyst Fund is an initiative of the Department of Commerce that fuels collaboration and business growth citywide.

Philadelphia business owners share their stories

Korea Taqueria, a Korean and Mexican fusion restaurant, expanded from a single food cart to multiple locations across Philadelphia, driven by financial support, community engagement, and effective strategies. Discover how Korea Taqueria used the Catalyst Fund to optimize business operations and support their ongoing success.

Building community

After meeting at a local shared kitchen in 2022, business owners Alexander Sherack and Rene Lopez partnered to launch a food cart celebrating their Korean and Mexican heritage. They recognized that their unique culinary fusion would be a successful combination once business started to grow rapidly. Since its launch, Korea Taqueria expanded from a single food cart into three restaurant locations, proudly serving the communities of Grays Ferry, Fishtown, and University City.

Sherack acknowledged that this leap in growth may seem unique. He credits Philadelphia’s bustling food scene and the support of the communities as its driving force. “We did it because Philadelphia has such a burgeoning food scene, and the people in the city really love getting behind small businesses,” said Sherack. For example, themed food days are one way the business receives support from the communities they serve. “Each area really shows up for our Taco Tuesdays [and] our Wing Wednesdays,” he added.

Sherack and Lopez also meet up with other Philadelphia restaurateurs weekly to strengthen relationships and stay abreast of industry dynamics. “That’s been a really great way for me to stay connected and really grounded in the Philadelphia food scene,” Sherack shared.

Korea Taqueria’s neighborhood impact

Driven by a deep passion for food and a dedication to Philadelphia, the owners of Korea Taqueria strive to represent the essence of the “City of Brotherly and Sisterly Love” through their community outreach efforts. Not only do they primarily hire locally to advance the city’s economy, but they have sponsored local Thanksgiving drives for nonprofits, provided support for fundraiser raffles and giveaways, provided jerseys for a local basketball team, and more.

Future business growth goals

“Our main goal is to drive top-line sales, effectively deploy capital to facilitate growth, and use equipment and streamline processes to bring down our food costs,” Sherack shared. “Cutting costs but also hiring more people and growing sales is something that’s of priority [to] us.”

To drive more sales for Korea Taqueria, Sherack and Lopez dream to one day expand the business to other cities, scaling their catering services, and increasing food truck appearances around the city.

Support from the Catalyst Fund

The winning formula for Korea Taqueria’s success hinges on three things: community patronage, hiring locally, and strategic growth supported by capital assistance programs, such as the Catalyst Fund.

However, their road to success also involved navigating the emotional and logistical challenges of running a business. Early in their launch, the owners faced financial challenges of expanding the brand due to limited access to credit and grants. By word-of-mouth, Sherack heard about the Catalyst Fund and decided to apply. He credits the program for being crucial to business growth, as the owners were able to purchase larger equipment and storage space to improve business operations.

“We’re no longer making small batches of things for one food truck,” said Sherack. “We’re now navigating the complex needs of three restaurants. In some cases, each restaurant requires more storage, larger equipment, larger deep [fryers], [and] larger grill spaces. All of those things definitely only come through capital, and the Catalyst Fund has been super helpful with that,” he explained.

Apply for the Catalyst Fund

To get started, view the grant FAQs for eligibility requirements. Then, apply for the Catalyst Fund today.

If you need assistance with applying, the Mayor’s Business Action Team (MBAT) provides personalized assistance in multiple languages to entrepreneurs for all aspects of doing business in Philadelphia. Contact MBAT by emailing business@phila.gov or calling 215-683-2100.