Philadelphia has started a $5 million fund to help small businesses and entrepreneurs grow.
The Philadelphia Small Business Catalyst Fund, announced at City Hall by Mayor Cherelle L. Parker and Alba Martinez, the city’s Director of Commerce, is part of a larger effort to boost the local economy.
This fund aims to strengthen small businesses and facilitate the startup and growth of ventures in the city.
It also ties into the goals of the PHL Open for Business Executive Order, which focuses on reducing barriers that often hold businesses back.
In addition to financial assistance, the fund will offer small businesses access to valuable resources.
Specifically, it will connect entrepreneurs to education, mentorship, capital, and guidance to ensure they have the tools they need to succeed.
To make things even better, the city is simplifying the process using a data-driven approach to avoid delays and unnecessary complications.
As a result, businesses can focus on their growth rather than spending time on administrative hurdles.
In terms of eligibility, the fund is open to businesses making less than $2 million a year (as of 2024).
To qualify, businesses need to demonstrate clear growth potential, contribute to local communities by creating jobs or improving neighborhoods, and show resilience, especially if they’ve struggled to get traditional funding in the past.
Moreover, the fund will focus on specific industries, including life sciences, manufacturing, nightlife, arts and culture, and commercial real estate in key areas.
The rollout will happen in phases so that the program reaches as many business owners as possible.
The Department of Commerce will begin hosting meetings, workshops, and outreach efforts to inform entrepreneurs about the fund.
Then, starting in April 2025, businesses will be able to fill out an Expression of Interest form, which signals their readiness for growth.
Shortly after that, in May 2025, the full application process will officially open.
Importantly, applications will be reviewed using advanced technology and expert evaluations to ensure fairness and efficiency.
The first group of recipients is expected to be announced in early fall 2025. Still, the city will continue accepting applications on a rolling basis after that, with quarterly reviews and awards.
One of the most exciting aspects of the fund is that qualifying businesses could receive up to $50,000 in grants.
For instance, a business owner planning to open a storefront could use the funds to cover startup costs, helping them expand their reach and grow their customer base.
The goal is to help businesses grow in ways that benefit the entire city.
Philadelphia already supports businesses through programs worth more than $19 million, including mentorship, financial help, and professional services.
Small businesses are an important part of the local economy, and their growth benefits everyone.
The fund was created based on feedback from local businesses, industry leaders, and community groups.
This feedback helped shape the program to meet real needs.
The city plans to use what it learns from this program to improve other business support efforts.
For business owners who are interested in applying, now is the time to get ready.
They should start by outlining their growth plans and gathering the necessary documents to prepare for the process.
The Expression of Interest form in April 2025 is the first step, followed by the full application in May.
The city will keep the process open and accessible to all qualifying businesses.
