The City of Philadelphia has rolled out a new initiative - the Philadelphia Small Business Catalyst Fund. As reported by Philly's government news portal, this fund injects $5 million into the local economy with the aim of helping small businesses and entrepreneurs scale up their operations within the city. Mayor Cherelle L. Parker emphasized that this effort aligns with her commitment to 'Economic Opportunity for All' and supports the existing PHL Open for Business Executive Order, designed to enhance the business climate and remove growth-inhibiting barriers in Philadelphia.
"Philadelphia small businesses and entrepreneurs are the backbone of our city and we want to help them begin and grow. Our goal is to make sure all Philadelphians have access to economic growth and opportunity, and we are confident that the new Small Business Catalyst Fund will support economic development and drive innovation,” Mayor Parker was quoted in the government announcement. With the city's supportive business ecosystem reportedly exceeding $19 million across various resources like education, mentorship, and financial assistance, the Administration has its sights set on an inclusive growth trajectory.
Alba Martinez, the City’s Director of Commerce, outlined the Fund's objective, stating, “The Fund is not just about grants—it’s about accelerating success. We designed this initiative based on direct insights from local businesses, diverse Chambers of Commerce, and industry experts. Through a streamlined application process, proactive outreach, and a data-driven approach, we are dedicated to eliminating outdated methods that slow small business growth. What we learn from this initiative will help refine other City programs—ensuring our entire ecosystem better serves the businesses driving Philadelphia’s economy forward.” She acknowledged the ongoing efforts to build on past successes, bridge growth gaps, and create a nurturing environment for small business and entrepreneurial success. Details from the announcement articulate the Fund's methodical approach. This includes streamlined applications, assertive outreach, and a data-informed strategy to ensure a departure from slower, old-school methods historically impeding small business progression.
The Philadelphia Department of Commerce begins the phased implementation of the Fund immediately, with community meetings, workshops, and strategic campaigns in the works to maximize reach and engagement. An "Expression of Interest" form, set to open in April 2025, will be the initial step for businesses demonstrating strong growth potential, economic impact, resilience, and innovation to join the program. Eligibility extends to businesses with revenue under $2 million in 2024, particularly those in key sectors like life sciences, manufacturing, and real estate acquisition for commercial corridors. For ongoing updates and the upcoming Expression of Interest form, interested parties are directed to a specific link provided by the government's site.
