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The city of Philadelphia has reinstated its “Boost Your Business” program, which helps historically disadvantaged business owners, for at least another year.
The Commerce Department's program seeks to connect with businesses that are constrained by a lack of capital but have the potential to grow.
There is enough funding for 20 businesses to receive $50,000 in forgivable loans, which will be converted into grants once each business hits certain milestones.
There are a few rules: Companies must already have annual revenue of at least $350,000, have been in operation for more than three years, and be majority-owned by individuals who have faced racial, ethnic or cultural bias.
The program was piloted two years ago under former Mayor Jim Kenney's administration as the COVID-19 pandemic was raging, when the city adopted an expedited procurement process.
There is already a support system in place with a range of programs for small and medium-sized businesses with sales of less than $250,000.
But there are gaps in support for larger businesses that need more help, officials said.
“Just a little bit of capital infusion can really help grow and increase revenue and create new jobs,” said Yvonne Boyet, deputy director of commerce for the Office of Neighborhood Economic Development.
In 2022, in partnership with the Community First Fund and VestedIn, the city awarded forgivable loans to 22 historically disadvantaged businesses.
The city said all loans have been forgiven, or converted into grants, because the businesses met their targets.
