Did you know that an incentive grant program is available for historically disadvantaged businesses?
Fill out an interest form for the chance to receive a grant of up to $35,000, up to 50 percent of each approved loan amount from Philadelphia Business Lending Network (PBLN) lender based on eligibility requirements. The grant amount would be directly attached to the loan agreement for the business.
The Philadelphia Business Lending Network Incentive Grant is funded by the Neighborhood Preservation Initiative (NPI), $400 million citywide investment created by City Council legislation to support programs that benefit neighborhoods and residents. The Philadelphia Business Lending Network is an online service of the Department of Commerce in partnership with PBLN lenders to help local businesses thrive with innovative economic opportunities.
Business owners share their stories
In this series, we are highlighting the stories of small businesses that received financial support. Hear from Aysa Richardson (AR), owner of Indian Hair Princess about what the Philadelphia Business Lending Network Incentive Grant means for her and her business:
Tell us a little bit about your business. What services does your business provide?
AR: Indian Princess Hair specializes in premium unprocessed Indian hair extensions, known for their superior quality and natural appearance. Unprocessed hair is completely free of chemical treatments, ensuring it remains healthy, versatile, and highly sought-after in the beauty industry.
We offer a wide range of extensions, from clip-ins and wefts to lace frontals and closures, all designed to help women enhance their natural beauty and express their unique style. We also carry a beautiful collection of silk turbans, headbands, pillowcases, scrunchies, and heatless curlers, all crafted from the finest mulberry silk.
How many people does your business employ?
AR: Currently, Indian Princess Hair is operated by me, the Sole Entrepreneur Powerhouse.
However, with the help of this grant incentive, we will soon be able to assemble a team to drive ethical beauty innovation and sustainability, positioning us as industry leaders. We are currently looking for a content coordinator.
What does having a storefront in Philadelphia mean to you?
AR: We currently operate as an e-commerce business; however, a storefront is a part of our service expansion. Having a storefront in Philadelphia is incredibly meaningful to us which would allow us to connect with our customers on a personal level, understand their unique needs, and offer personalized recommendations for their hair care and styling journey from those seeking natural beauty enhancement, women with hair loss concerns, and conscious consumers providing a customized experience for each.
When did your business fill out the Philadelphia Business Lending Network Incentive Grant form and why did you?
AR: We filled out the Philadelphia Business Lending Network (PBLN) Incentive Grant form in March of 2024. As a growing business, we were constantly seeking opportunities to expand our product offerings and enhance the customer experience. The PBLN grant was an excellent opportunity to help us achieve these goals, and we were thrilled to be selected as a recipient.
How are you using the funding from PBLN to support your business?
AR: The funding from PBLN has been a game-changer for us. We’ve invested in developing a new wig line, this caters to a wider audience seeking complete hair transformations. These products will help our customers maintain the health and beauty of their hair extensions while promoting overall hair wellness. The funding will also be used to implement an effective Marketing plan; social media marketing, search engine optimization, and targeted email marketing campaigns. Additionally, the grant will allow us to revamp our website to create a modern, user-friendly, and visually appealing experience, it will streamline the shopping process ultimately leading to increased sales.
What impact does the program have on your business? What difference(s) have you seen since receiving financial support from PBLN?
AR: The impact of the PBLN grant has been tremendous it given us an opportunity to really implement the needs of the business to create a stronger foundation for growth. We are expected see a significant increase in website traffic, customer engagement, and brand awareness. Overall, the PBLN grant has empowered us to grow our business, expand our offerings, and better serve our community.
Would you recommend a business owner to fill out the Philadelphia Business Lending Network Incentive Grant interest form and why?
AR: Absolutely! I wholeheartedly recommend that any Philadelphia business owner explore the PBLN Incentive Grant program. It’s a fantastic resource that provides not only financial support but also valuable guidance and networking opportunities. The application process is straightforward, and the team at PBLN is incredibly supportive. If you have a vision for your business and are seeking resources to make it a reality, this grant could be the key to your success.
What would you like for other historically disadvantaged business owners and entrepreneurs to know about making their business, including as e-commerce?
AR: Keep an eye on the competitors, specifically the top 3. That way you can find your path through their mistakes. Consistency is key, it helps you understand your business more. Also, think about your why. Why are you doing this business?
Lastly, the resources are available, get in contact with who you can.
In what ways do you network to connect with business owners or organizations?
AR: When working for a health center, a coworker of mine was going through cancer and was losing her hair. All of her coworkers told her to come see me about wigs. I created a custom wig for her just in time for a wedding she was attending. It made her feel so much better. Due to my efforts, collaborations with the cancer research building began and now I do a seminar on hair services for cancer patients.
Interested in applying, but not sure where to start?
We’re here to assist. The Mayor’s Business Action Team (MBAT) in the Department of Commerce is a concierge service providing personalized assistance in multiple languages to entrepreneurs for all aspects of doing business in Philadelphia. Business Services Managers are City liaisons providing entrepreneurs access to information through in-person outreach and customized virtual services. Contact us by emailing business@phila.gov or calling 215-683-2100.
We continue to invest in and work with neighborhood organizations citywide to support, attract and retain more businesses throughout all of our neighborhoods. Businesses provide critical goods and services while offering jobs for Philadelphians.
