The City of Philadelphia and the Philadelphia Industrial Development Corporation (PIDC) have launched a $9 million relief fund for small businesses affected by the coronavirus pandemic.
The COVID-19 Small Business Relief Fund offers a mix of new grants and zero-interest loans for businesses that make under $5 million in annual revenue.
“We are acutely aware of the potentially devastating impact that the spread of COVID-19 is having on small businesses in Philadelphia and around the country,” Mayor Jim Kenney said in a news release.
“These businesses are the backbone of our city’s economy, and this fund will help some of our small businesses survive the COVID-19 crisis while also retaining as many jobs for workers as possible.”
The relief fund program features three tiers:
- Microenterprise Grants — $5,000 per business for businesses with less than $500,000 in annual revenue.
- Small Business Grants — up to $25,000 per business for businesses with annual revenue between $500,000 and $3 million.
- Small Business Zero-Interest Loan — up to $100,000 per business for businesses with annual revenue between $3 million and $5 million.
“Philadelphia’s business community has been severely impacted, and we must do everything in our power to ensure that capital continues to flow to small businesses during this critical time,” said Sylvie Gallier Howard, the city’s acting commerce director.
“Acting quickly will help get businesses the funding they need to continue operations and preserve jobs.”
Priority will be given to businesses that demonstrate a loss of over 50% of average revenue, a plan for recovery, and a commitment to retaining their employees as long as possible. Businesses can now apply for assistance from the fund at www.phila.gov/COVID-19-business-relief.
In addition to the $9 million commitment of city and PIDC funds, an additional $250,000 has been donated by the Daniel B. and Florence E. Green Foundation.
PIDC will continue to offer its existing lending programs for small and midsize businesses and applicants of relief program can also be considered for additional flexible financing from PIDC. Businesses are also eligible to apply for SBA Economic Injury Disaster Loans.