Great news! The City of Philadelphia launches the latest round of Boost Your Business, a program to help historically disadvantaged businesses grow, obtain new contracts, increase revenue, and create jobs for Philadelphians. Eligible businesses that are seeking City contracts are encouraged to apply.

An eligible business must have annual revenue of $350,000 or more. Each application will be evaluated based on the impact and feasibility of their growth plan. 

Boost Your Business is a program of the Department of Commerce — in partnership with PIDC, a City’s public-private economic development partner — for businesses owned by historically disadvantaged persons, who face unique barriers in accessing critical funding and resources that are needed to help their businesses grow. 

Through the 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 assistance provided throughout the process.

Learn more at upcoming virtual information sessions

The application opened on June 25, 2024. The application deadline 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, we encourage business owners 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 to be considered for Boost Your Business funding.

Business owners must register separately for each information session if they wish to attend both sessions, though the same information will be shared in each session.

Eligibility

To be eligible for funding through Boost Your Business, 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.*
    • *A Historically Disadvantaged Business is a business at least 51% owned by individuals who have been subjected to racial or ethnic prejudice or cultural bias within American society because of their identity as a member of groups and without regard to their individual qualities, such that their disadvantage stems from circumstances beyond their control. 
  • Be located in Philadelphia.
  • Be in operation for 2 or more years.
  • Have Philadelphia Business Income and Receipts Tax Number (BIRT) and 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 legally operate.

Is your business not eligible for this funding source through Boost Your Business program? Click here to view additional grants, loans and programs.

Required documents

  • Business growth plan.
  • 2 years of federal tax returns for the business (2022 & 2023).
  • Year-to-date 2024 management prepared profit & loss statement and balance sheet.
  • 2024 and 2025 profit & 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 percent 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 for Borrower. If applicable, a copy of borrower’s operating agreement, bylaws or other similar governing document, fully executed by the appropriate representatives of Borrower.

How to apply

Click here to view application and apply.

If you have any questions, email Boost@Phila.gov.

Learn more at upcoming virtual information sessions