Our friends from PIDC have shared this new program for businesses in Philadelphia and please, if you meet the requirements, start compiling the required document. You can find some of the details below (See links at the bottom):

Boost Your Business is a program of the Department of Commerce — in partnership with PIDC, the City’s public-private economic development partner — for businesses owned by historically disadvantaged persons, who face unique barriers in accessing critical funding and resources that are needed to help their businesses grow. 

Through the program, 20 businesses will be selected to receive a $50,000 forgivable loan. The loan will be forgiven when the business meets its stated growth goals, with additional business support assistance provided throughout the process.

Eligibility – To be eligible for funding through Boost Your Business, a business must:

  • Have a clear budget and growth plan that will lead to increased contracts, revenue and/or employees.
  • Have annual revenue of $350,000 or more.
  • Be owned by a member of a historically disadvantaged community.*
    • *A Historically Disadvantaged Business is a business at least 51% owned by individuals who have been subjected to racial or ethnic prejudice or cultural bias within American society because of their identity as a member of groups and without regard to their individual qualities, such that their disadvantage stems from circumstances beyond their control. 
  • Be located in Philadelphia.
  • Be in operation for 3 or more years.
  • Have Philadelphia Business Income and Receipts Tax Number (BIRT) and Commercial Activity License (CAL), through the City of Philadelphia. 
  • Be independently owned; franchises are eligible only if independently owned.
  • Be in compliance with all local, state, and federal taxes (or on an approved payment plan or in the process of getting on an approved payment plan).
  • Have all required federal, state, and local licenses and permits to legally operate.

Required documents

  • Business growth plan.
  • 2 years of federal tax returns for the business (2022 & 2023).
  • Year-to-date 2024 management prepared profit & loss statement and balance sheet.
  • 2024 and 2025 profit & loss projection assuming Boost Your Business funding is awarded.
  • Debt Schedule for the business (template to be provided with application).
  • Signed credit authorization form for all owners with 20 percent or greater interest in the business (template to be provided with application).
  • Copy of government issued photo ID.
  • Copy of certificate of organization, articles of incorporation, or other similar entity formation documents filed with the Secretary of State of the Commonwealth of Pennsylvania for Borrower. If applicable, a copy of borrower’s operating agreement, bylaws or other similar governing document, fully executed by the appropriate representatives of Borrower.

 

Link City of Philadelphia – City launches new round of Boost Your Business Program

Link PIDC – Boost your business information – General information

Link Zoom – Boost your business information session – ZOOM INVITE – June 27th 1pm