Philadelphia Mayor Cherelle L. Parker wants everyone to have access to economic opportunity. That’s why she signed the PHL Open for Business Executive Order, asking all City departments to streamline and simplify the experience of doing business with and in the city, driving inclusive growth for all. 

Great news! In support of this, the Department of Commerce announces the launch of the Philadelphia Small Business Catalyst Fund (“the Fund”), a $5 million investment designed to accelerate the growth of high-potential small businesses and entrepreneurs across the city.

We are building a model within City government to keep empowering entrepreneurs and strengthening Philadelphia’s economy. Grants of up to $50,000 per business will be awarded based on demonstrated need, growth potential, and economic impact.

Sign up for updates

To be notified when the Expression of Interest form for the Philadelphia Small Business Catalyst Fund is available, click here. 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.

Fund 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. 

The projected timeline is as follows:

  • February 5, 2025: Official Launch and Community Engagement & Marketing Phase
  • April 2025: Release of the Expression of Interest form, a simplified pre-application.
  • May 2025: Application submission period begins. Applications will be reviewed using a technology-enhanced and expert-led process to ensure fair and efficient evaluations. Finalists may be interviewed. 
  • Early Fall: First Philadelphia Small Business Catalyst Fund awardees announced. Following this initial round, applications will continue to be reviewed and awards announced on a quarterly basis.  

Eligibility

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.

Stay connected

The Department of Commerce’s Mayor’s Business Action Team is your front door for doing business in Philadelphia. If you need assistance with a business matter, email business@phila.gov or call 215-683-2100.

Sign up to receive updates about the Philadelphia Small Business Catalyst Fund