{"id":2888,"date":"2026-07-21T12:45:17","date_gmt":"2026-07-21T12:45:17","guid":{"rendered":"https:\/\/corporate-movers-usa.com\/?p=2888"},"modified":"2026-07-21T12:45:17","modified_gmt":"2026-07-21T12:45:17","slug":"philadelphia-offers-forgivable-50000-loans-to-help-small-businesses-expand-expert-opinion","status":"publish","type":"post","link":"https:\/\/corporate-movers-usa.com\/?p=2888","title":{"rendered":"Philadelphia offers forgivable $50,000 loans to help small businesses expand | Expert Opinion"},"content":{"rendered":"<div>\n<div>\n<div><audio><\/audio><\/div>\n<\/div>\n<p>Want $50K for your business, along with coaching and advice to help it grow? The City of Philadelphia has a program to provide just that.<\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=2886\">The Philadelphia Parallel Parking Association Championship already has 400+ applicants for 20 tight spots<\/a><\/p>\n<div><\/div>\n<p>Since 2021, the city has been offering forgivable loans of up to $50,000 for businesses through its annual Boost Your Business program. Applications for this year\u2019s program opened in June and will close Aug. 31. Up to 20 businesses will be selected.<\/p>\n<div><\/div>\n<div><\/div>\n<p>To be eligible, your business must be independently owned (this includes some franchises), located in Philadelphia, in operation for at least two years, and have at least $350,000 in annual revenue. Businesses also must be paid up or have an approved payment plan for all local, state, and federal taxes. And they must have all necessary licenses and permits, including an active Philadelphia commercial activity license. <\/p>\n<div><\/div>\n<p>Applicants must provide a budget and growth plan, as well current financial statements and two years of federal business tax returns. Any debt must be disclosed and anyone with more than a 20% interest in your business must provide authorization. Eligible businesses that are seeking city contracts are encouraged to apply.<\/p>\n<div><\/div>\n<p>The growth plan is a key document. That\u2019s because businesses selected for the program are facing \u201cunique barriers in accessing critical funding and resources that are needed to help their business grow,\u201d according to the city\u2019s Department of Commerce and its partner in the program, the Philadelphia Industrial Development Corp. (PIDC). The awards are made in the form of a loan, which can be forgiven assuming the business meets its stated growth goals. <\/p>\n<div><\/div>\n<p>\u201cApplications are scored for feasibility of the growth plan and whether and how this $50K will enable the business to achieve that growth,\u201d said Miaya Darby, a senior manager of small business resources at the city\u2019s Department of Commerce. <\/p>\n<div><\/div>\n<div><\/div>\n<p>The department looks at businesses\u2019 plans to create jobs or compete for projects, Darby added. Favor is given to those who \u201ccan show how their business is integral to the success of other Philadelphia businesses and how their business gives back to the community.\u201d<\/p>\n<div><\/div>\n<p>Darby emphasized that the program is designed not only to help businesses grow, but also to support entrepreneurial development. <\/p>\n<div><\/div>\n<p>\u201cThrough funding, business support services, and one-on-one coaching, participants gain the tools, knowledge, and resources needed to strengthen their leadership, build sustainable business practices, and position their businesses for long-term success,\u201d she said.<\/p>\n<div><\/div>\n<p>The application process takes time. Rolanda Robinson, a 2024 winner who owns Carefully Caring Home Care Agency in Mount Airy, said applicants should be careful with their due diligence and think ahead about how they\u2019re going use the funds.<\/p>\n<div><\/div>\n<div><\/div>\n<p>\u201cJust make sure whatever you want to add to your business is feasible and attainable,\u201d she said. \u201cIt\u2019s a loan that is forgiven and turned into a grant, so you don\u2019t want to mess that up.\u201d<\/p>\n<div><\/div>\n<p>The program aims to help businesses obtain new contracts, increase revenue, and create jobs for Philadelphians. <\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=2884\">\u26fd Prices rise at Trump-backed gas pumps | Morning Newsletter<\/a><\/p>\n<div><\/div>\n<p>Winning applicants get one-on-one and bimonthly coaching sessions, peer networking, and other shared learning resources. They will also have access to experts in tax, human resources, finance, and operations through workshops and presentations. Previous recipients consistently said the coaching and peer network proved as valuable as the funding itself.<\/p>\n<div><\/div>\n<p>Marc Coleman, who owns The Tactile Group in Center City, said the coaching, peer learning, and access to outside experts are just as valuable as the loan.<\/p>\n<div><\/div>\n<div><\/div>\n<p>\u201cIt\u2019s not only the money; it\u2019s the support,\u201d said Coleman, whose software development company got the loan in 2024. \u201cThe professional development, that\u2019s something that cannot be downplayed.\u201d<\/p>\n<div><\/div>\n<p>Mentorship and coaching was also most valuable for Ian Smith, who runs an architecture, planning, and interior design services firm in Fishtown and won his award in 2024.<\/p>\n<div><\/div>\n<p>\u201cThe $50,000 is nice, but in the grand scheme of things, that money goes quick,\u201d he said. \u201cOne of the best things about the program is that you\u2019re there with a bunch of different types of business owners, experts, and advisers, and when you\u2019re in a room of people that are cheerleaders, it\u2019s invaluable.\u201d<\/p>\n<div><\/div>\n<p>When you own a business, Smith noted, \u201cit\u2019s a lonely space. You\u2019re dealing with problems and you need to vent.\u201d<\/p>\n<div><\/div>\n<div><\/div>\n<p>Coleman said the PIDC\u2019s guidance helped his company \u201crefine our plan\u201d and move the business forward \u201cin ways that we wouldn\u2019t have come up with by ourselves.\u201d<\/p>\n<div><\/div>\n<p>Darby says the program\u2019s real impact on past participants is reflected by receiving loan forgiveness each year.<\/p>\n<div><\/div>\n<p>\u201cTheir achievement speaks to the hard work, growth, and dedication,\u201d she said. \u201cNot only have their businesses grown, but they have also grown as business owners throughout the process.\u201d<\/p>\n<div><\/div>\n<p>Interested business owners can learn more at the next Boost Your Business information session online and in-person Aug. 10.<\/p>\n<p>Read more <a href=\"https:\/\/corporate-movers-usa.com\/?p=2883\">House of the week: A three-bedroom rowhouse in Fairmount for $645,000<\/a><\/p>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Philadelphia&#8217;s Boost Your Business program provides funding and other resources for selected companies each year.<\/p>\n","protected":false},"author":1,"featured_media":2887,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,12],"tags":[],"class_list":["post-2888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-small-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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