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Commercial Real Estate Acquisition Loan (CREAL) Program

Funding small businesses to purchase commercial property or real estate.

About

The Commercial Real Estate Acquisition Loan (CREAL) Program helps small businesses in low- and moderate-income areas buy property. The program promotes asset ownership and helps build generational wealth among business owners.

Participants can receive:

  • A mortgage loan of up to $350,000.
  • A grant of up to $35,000 for closing costs.

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.

Connect

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

Eligibility

The program will prioritize applicants who are unlikely to have access to existing lending resources because of financial barriers. To apply, you must:

  • Be a business owner with a low-to-moderate income, and/or own a business located in a low-to-moderate income community.
  • Have a credit score of 550 or greater.

Your business will also need to meet certain requirements. It must be:

If you have any questions about your eligibility, email the program manager at CREAL@phila.gov.

How to apply

1
Submit the CREAL Program interest form.

To get started, submit an interest form online.

If your mortgage is greater than $350,000 (the maximum mortgage loan amount), you may still submit the interest form.

2
The program manager will help you complete your application.

The program manager will reach out to you within one week of receiving your interest form. They’ll work with you to complete the loan application process, including submitting:

  • Two years of financial statements and tax returns.
  • A business plan.
  • The sale property’s zoning information.

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

3
Your complete application will be reviewed.

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

Technical assistance is available for participating business owners both before and after you purchase property.

Start your application

Begin your application to the CREAL Program by submitting an interest form online.

External link Go to the form

Get more support

Get help with your application
Email the CREAL Program manager to request one-on-one support.
Start, plan, and grow your business
Get help navigating City processes from the Office of Business Services.
Find financial support
Get connected with funding to start or improve your business from the Department of Commerce.

Partners

The City is partnering with the Women's Opportunities Resource Center (WORC) to administer loans and grants.


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