In the latest episode of the Scale Up Your Business podcast, host Zakia Ringgold sat down with Liam Kelly Fleming from the Philadelphia Commerce Department to discuss the array of resources available to small business owners. With a primary focus on supporting local businesses and promoting economic development, the department offers a wealth of programs and initiatives. This post will delve deeper into the key themes highlighted during the interview, shedding light on the various ways the Philadelphia Commerce Department helps small businesses scale up and thrive.
1. Support for Small Businesses:
The mission of the Philadelphia Commerce Department is clear – it exists to assist businesses, not regulate them. By working with partners like LA 21 CDC, the business technical assistance program, and other community organizations, the department provides invaluable resources and support to small business owners. These include services like business planning, technical classes, coaching, access to capital and much more.
2. Philadelphia Business Lending Network:
One standout program mentioned by Liam Kelly Fleming is the Philadelphia Business Lending Network (PBLN). This initiative offers a single online application that connects small business owners with various lenders, including nonprofit organizations and community banks. By streamlining the loan application process and maximizing visibility to potential lenders, PBLN simplifies access to capital for entrepreneurs.
3. Storefront Improvement Program (SIP):
The SIP focuses on enhancing the visual appeal and safety of brick-and-mortar businesses in Philadelphia. Through this program, small business owners can secure funds for improving their storefronts, including signage, awnings, windows, lighting, and security measures. By supporting the physical appearance of businesses, SIP helps create vibrant commercial corridors and fosters community engagement.
4. Business Security Camera Program:
A crucial aspect of protecting small businesses is ensuring their safety. To address this concern, the Philadelphia Commerce Department offers the Business Security Camera Program. By covering up to 75% of the cost of installing exterior cameras, this program helps enhance security measures for businesses while simultaneously deterring potential criminal activities.
5. In-Store Forgivable Loan Program:
The In-Store Forgivable Loan Program is designed to support businesses operating in specific areas of Philadelphia. It provides loans for fit-outs and equipment purchases, such as kitchen equipment or artist space equipment. Notably, these loans are forgivable, meaning that after five years, they do not require repayment or accrue any interest.
6. Commercial Real Estate Acquisition Loan Fund (CREEL):
For qualifying small business owners who aspire to purchase commercial real estate, the Commercial Real estate Acquisition Loan Fund program can provide the necessary financial assistance. By partnering with the Women’s Opportunity Resource Center, the commerce department offers loans of up to $350,000, along with a closing cost grant of up to 10% of the costs. This program aims to help businesses secure their own spaces and contribute to the economic growth of targeted areas.
7. Seek Advocacy and Leverage Resources:
Liam, emphasizes the importance of finding advocates within the community to provide guidance and support throughout the process of accessing these resources. Community Development Corporations (CDCs), business associations, and organizations like LA 21 CDC can connect business owners with knowledgeable advocates who understand the system and can help navigate the available programs.
The Philadelphia Commerce Department’s commitment to supporting small businesses is commendable. Through a range of programs, initiatives, and partnerships, they provide valuable resources, technical assistance, and financial support to help entrepreneurs scale up and succeed. Whether through funding for storefront improvements, access to affordable loans, or assistance with navigating the loan application process, the department is dedicated to empowering small businesses in Philadelphia. By leveraging these programs and seeking advocacy, small business owners can take advantage of these resources to amplify their success and contribute to the growth of their local communities.
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