Last week, the City of Philadelphia announced 2 new programs to assist small businesses impacted by the Covid-19 pandemic, as well as the recent rioting and looting.
Both programs are targeted at businesses in historically disadvantaged communities to help them prepare to reopen and recover financially.
These programs are:
$3 million Restart PHL Loan Fund.
This new loan program, which is being administered by the Philadelphia Industrial Development Corporation (PID), provides flexible low-cost capital to small businesses with less than $5 million in revenue for costs associated with improved business resilience or growth, including working capital, fit-up, inventory, technology, mobilization, re-hiring and employee training.
It is targeted to historically disadvantaged communities with a specific focus on Black- and Brown-owned businesses located on commercial corridors in low-income areas.
Later this month, the application for this new loan program will be released along with additional program details.
$1.4 million in initial funding for the Restore and Reopen Program.
This new grant program is dedicated to helping businesses in historically disadvantaged communities that experienced damage or inventory loss from the recent civil unrest to cover expenses needed to recover and reopen.
The city of Philadelphia’s Commerce Department is partnering with the Merchants Fund to launch the grant program and is actively seeking to raise additional funds in order to reach more impacted businesses.
Earlier this week, the Commerce Department solicited detailed information from Community Development Corporations (CDCs) about the extent and scale of the damage to businesses on the corridors they serve to inform the design of this new grant program.
This new grant program will be administered by the Merchants Fund, and application guidelines will be posted on merchantsfund.org and circulated to the Department of Commerce’s community partners once available.
If you have any question about the new loan and grant programs, require assistance with any legal matter as a result of the pandemic, we are offering consultations at no cost. To learn more, please visit http://covid19.nochumson.com/. We look forward to helping you and your business.