PHILADELPHIA — Today, City of Philadelphia’s Director of Commerce Alba Martinez alongside elected and City officials announced the launch of the Philadelphia Small Business Catalyst Fund during a press conference at City Hall. This new fund is a $5 million investment aimed at helping high-potential small businesses and entrepreneurs grow in the city. The Fund reflects Mayor Parker’s promise of Economic Opportunity for All as well as supporting the PHL Open for Business Executive Order, which aims to boost Philadelphia’s business environment and reduce barriers.
“Philadelphia small businesses and entrepreneurs are the backbone of our city and we want to help them begin and grow. Our goal is to make sure all Philadelphians have access to economic growth and opportunity, and we are confident that the new Small Business Catalyst Fund will support economic development and drive innovation,” said Mayor Cherelle L. Parker. “This is just one way our comprehensive business support ecosystem is working. “We are excited to expand our suite of resources—from the Mayor’s Business Action Team to over $19 million in education, mentorship, professional services and financial assistance, and can’t wait to see all that our small businesses are able to accomplish and achieve through this new initiative.”
“We are committed to building on our successes, closing gaps that inhibit growth, and creating an environment where small businesses and entrepreneurs can thrive—because their success is Philadelphia’s success,” said Alba Martinez, Director of Commerce, City of Philadelphia. “The Fund is not just about grants—it’s about accelerating success. We designed this initiative based on direct insights from local businesses, diverse Chambers of Commerce, and industry experts. Through a streamlined application process, proactive outreach, and a data-driven approach, we are dedicated to eliminating outdated methods that slow small business growth. What we learn from this initiative will help refine other City programs—ensuring our entire ecosystem better serves the businesses driving Philadelphia’s economy forward.”
The Philadelphia Small Business Catalyst Fund is designed to:
- Connect businesses to comprehensive support beyond Catalyst funding, including business education, mentorship, capital, and strategic guidance.
- Use a data-driven, principles-based approach to simplify and streamline the application process.
- Foster collaboration across Philadelphia’s business ecosystem, ensuring every entrepreneur has the opportunity to start, grow, and succeed.
Launch and implementation
The Philadelphia Department of Commerce will launch and roll out the Philadelphia Small Business Catalyst Fund in phases beginning today. To ensure accessibility, the Department of Commerce will host community meetings, workshops, marketing and direct outreach efforts to raise awareness and engage small businesses. The Catalyst Expression of Interest form will open in April 2025 allowing businesses to signal their readiness for growth. For ongoing updates and to be notified when the Expression of Interest form is available, click here.
Eligibility and requirements
Eligible businesses for the Philadelphia Small Business Catalyst Fund need to:
- Demonstrate strong growth potential with a clear expansion plan.
- Contribute to local economic impact, strengthening neighborhoods and creating jobs.
- Show resilience and innovation despite challenges accessing traditional funding.
- Generate less than $2 million in revenue (2024).
All businesses meeting the criteria may apply. The Fund has dedicated funding for businesses in key sectors: life sciences, manufacturing, nighttime economy, creative economy and commercial corridor real estate acquisition.
Photos from the event will be available in this photo album following the press conference.