City of Philadelphia

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About

The Commercial Real Estate Acquisition Loan (CREAL) Program helps Philadelphia small businesses purchase commercial property through commercial mortgage loan financing and grant assistance. Eligible businesses may receive:

Up to $400,000 in commercial mortgage loan financing.
Up to $50,000 in grant funding, for down payment and/or closing costs assistance.

Business owners can use the funds to buy property on an eligible commercial corridor. The program will also provide technical assistance to businesses throughout the purchase process. The Commercial Real Estate Acquisition Loan Program is a program of the Department of Commerce.

Address	1515 Arch St. 12th Floor Philadelphia, PA 19102
Email	CREAL@phila.gov
Phone	Phone: (215) 683-2053

Address

1515 Arch St.
12th Floor
Philadelphia, PA 19102

CREAL@phila.gov

Phone

Phone: (215) 683-2053

Eligibility

The CREAL Program is available to eligible small businesses seeking to purchase commercial property within the city of Philadelphia.

To qualify, businesses must:

Operate within the city of Philadelphia.
Be zoned commercial or commercial mixed-use.
Be registered and licensed with the City.
Up to date on all City business taxes or in the process of applying for an approved tax payment agreement. While not required, you can get a tax clearance to confirm that your City of Philadelphia tax account is in good standing. Apply for free tax preparation assistance.

Business owners must:

Be a Philadelphia resident.
Be low-to-moderate income, and/or a business located in a low-to-moderate income community.

How to apply

Submit an inquiry form.

Businesses interested in the CREAL Program can begin the application process by completing the online inquiry form and submitting the required business documentation.

Complete the CREAL Program inquiry form to provide basic information about your business, property acquisition goals, and financing needs.

The program manager will help you start your application process.

The program manager will reach out to you regarding your interest form. They’ll work with you to start the loan application process, including submitting:

Financial statements
Tax returns
A business plan

If you don’t have a business plan or another required document, the program manager can connect you with a technical assistance provider to help complete your loan application.

Your complete application will be reviewed.

If the program manager determines you are eligible for a loan, you will work with a loan officer to continue the commitment process. Do not begin work until you have received written approval from the City.

Need assistance? Technical assistance may be available to help businesses prepare for the application and underwriting process. Please contact CREAL@phila.gov if you need assistance.

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