The Philadelphia Department of Commerce is excited to announce a new equity incentive through the Neighborhood Preservation Initiative (NPI), the Philadelphia Business Lending Network (PBLN) Incentive Grant.
The Philadelphia Business Lending Network is a service that enables business owners to express interest in financing to several nonprofit and for-profit lenders in one application. The financing interest form simplifies the process of applying for loans.
To increase equitable access to lending opportunities within the Philadelphia Business Lending Network program, Commerce is partnering with the PBLN lenders to provide an Incentive Grant, up to $35,000, up to 50% as part of an approved loan amount for any business that meets the eligibility requirements.
Note: The business must be receiving a loan from a PBLN lender member.
The Eligibility Requirements are as follows:
- Business owners must be a Philadelphia resident and a member of a Historically Disadvantaged Community. Historically Disadvantaged Businesses are at least 51% owned and operated by persons who are Black, Hispanic, Native American, Asian American, or Pacific Islander.
- Business must be in Philadelphia with all required City of Philadelphia licenses and permits
- Annual revenue of $250,000 or less
- Business must be a micro-enterprise (5 or less employees, including owner)
- Be in compliance with the City of Philadelphia taxes (or on an approved payment plan or in the process of getting on an approved payment plan).
The goal is to help small and historically disadvantaged business owners access the capital they need to have a successful business.
If you know a business that can benefit and meets eligibility requirements above, please have them complete the Financing Interest Form to connect with PBLN lender members.
*This form is not a loan application and there is no guarantee of approval from any of the network members. If one of the members is interested in working with you, they will contact you directly for more information.
