Are you a small business owner in Philadelphia looking for fresh opportunities to grow? In the latest episode of Scale Up Your Business, Leslie Acosta, the Outreach and Engagement Manager for the Philadelphia Department of Commerce, discusses an exciting new resource: the Philadelphia Small Business Catalyst Fund.
What is the Catalyst Fund?
The Catalyst Fund is a $5 million initiative from the City of Philadelphia designed to stimulate economic growth for small businesses and entrepreneurs. Unlike traditional loans, this is a grant program—meaning the funding does not have to be repaid. Grant awards range from $10,000 to $50,000, and come with business support and advisory services to increase your chances of long-term success.
Who Can Apply?
The fund is geared towards small businesses and entrepreneurs based in Philadelphia, with a special focus on those with innovative ideas or operating in these industries:
- Sciences and technology
- Manufacturing
- Nighttime and creative economy
- Commercial corridor real estate acquisition (owner-occupied)
- Businesses that meet general eligibility requirements (less than $2 million in revenue for 2024, registered and licensed in Philadelphia, compliance with city taxes)
More Than Just Funding
What sets the Catalyst Fund apart is its holistic approach. Applicants who receive funding will also access a network of support services, business education, technical assistance, and strategic guidance. The goal is to set you up for real, sustainable growth—not just offer a one-time cash infusion.
Important Dates & Timeline
Leslie Acosta shared the timeline for how things will roll out:
- April: Community engagement, information sessions, and workshops to inform and guide interested businesses.
- May: “Expression of Interest” process opens—get updates and sign up for consultations. Full applications open, with a focus on businesses clarifying their project details and readiness.
- June: The first round of grants will go to the technology and science sector, with other sectors following thereafter.
What Makes a Strong Application?
To stand out, applicants should come prepared with a clear growth plan and demonstrate their readiness to scale. Leslie highlighted that this differs from a standard business plan: a growth plan is about how you’ll use new resources to expand. Key criteria include:
- Showing the business’ potential for expansion
- Compliance with city regulations
- A solid strategy for leveraging the grant and support services
The Big Picture: Why This Matters
The City hopes this initiative will break down barriers for entrepreneurs who have the vision and drive, but are often held back by lack of funding. As Leslie puts it, “What limits their ability to grow and scale is funding.” The Catalyst Fund aims to help level the playing field and create inclusive economic growth throughout Philadelphia.
More Resources from the Commerce Department
Not eligible for Catalyst? The Department of Commerce offers a wealth of other programs, including:
- InStore forgivable loans for retail and food businesses
- The Quality Jobs Program (financial support for job creation)
- Storefront improvement and business security grants
- Ongoing education and networking via the monthly Coffee & Commerce sessions
Check out the Department of Commerce website for full program details and upcoming events.
Final Thoughts
Leslie’s main message to business owners: Don’t get discouraged if you aren’t selected this round! There will be future opportunities. Persistence, innovation, and creative thinking are key to growing your business—and the City is committed to supporting you along the way.
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