Philadelphia, June 25, 2024- The City of Philadelphia has announced the latest round of the Boost Your Business program, designed to help historically disadvantaged businesses grow, secure new contracts, increase revenue, and create jobs for Philadelphians. Eligible businesses seeking City contracts are encouraged to apply.
To qualify, a business must have annual revenue of $350,000 or more. Applications will be evaluated based on the impact and feasibility of their growth plans.
Boost Your Business is a program by the Department of Commerce in partnership with PIDC, a public-private economic development organization, aimed at businesses owned by historically disadvantaged persons who face unique barriers in accessing crucial funding and resources.
Through this 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 provided throughout the process.
Learn More at Upcoming Virtual Information Sessions
Applications opened on June 25, 2024, and the deadline to apply is July 31, 2024.
As you begin the application process, we encourage you to:
- Establish your business growth plan.
- Gather the required information and documents.
If you have any questions, business owners are encouraged to join one of two upcoming information sessions, held in partnership with PIDC. At these sessions, you can learn more about when and how to apply for Boost Your Business funding.
Business owners must register separately for each information session if they wish to attend both sessions, although the same information will be shared in each session.
- Thursday, June 27 – 1:00 PM – 2:00 PM – [Register here ]
- Wednesday, July 17 – 10:00 AM – 11:00 AM – [Register here]
Eligibility Requirements
To be eligible for funding through the Boost Your Business program, a business must:
- Have annual revenue of $350,000 or more.
- Have a clear budget and growth plan that will lead to increased contracts, revenue, and/or employees.
- Be owned by a member of a historically disadvantaged community.*
- Be located in Philadelphia.
- Have been in operation for three or more years.
- Have a Philadelphia Business Income and Receipts Tax Number (BIRT) and a 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 operate legally.
*A Historically Disadvantaged Business is defined as a business that is at least 51% owned by individuals who have faced racial or ethnic prejudice or cultural bias within American society because of their identity as a member of certain groups, such that their disadvantage stems from circumstances beyond their control.
Required Documents
- Business growth plan.
- Two years of federal tax returns for the business (2022 & 2023).
- Year-to-date 2024 management-prepared profit and loss statement and balance sheet.
- 2024 and 2025 profit and 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% 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. If applicable, a copy of the borrower’s operating agreement, bylaws, or other similar governing document, fully executed by the appropriate representatives of the borrower.
How to Apply
Click here to view the application and apply.
For any questions, email Boost@Phila.gov.
