Philadelphia Industrial Development Corporation (PIDC), the economic development agency founded 62 years ago by the City of Philadelphia and the Chamber of Commerce for Greater Philadelphia to spur business growth and neighborhood development, has a new loan program for small business owners who are working on reopening during the COVID-19 pandemic.
The Restart PHL Loan Fund aims to provides low-cost capital to small businesses with less than $5 million in revenue. The funds are to be used for improved business resilience or growth, like working capital, inventory, technology, mobilization, rehiring and employee training, PIDC said.
Small businesses can NOW APPLY for $25,000-$250,000 of flexible financing for COVID-19 relief to fund working capital, inventory, technology upgrades, mobilization, re-hiring, and employee training. Learn more about PIDC’s newly launched Restart PHL Loan: https://t.co/NdpiCLgVOC pic.twitter.com/nNmvCyloHi
— PIDCphila (@PIDCphila) July 7, 2020
At least half of the funds will be targeted to historically disadvantaged businesses — businesses that are at least 51% owned and operated by persons who are Black, Hispanic, Native American, Asian American, or Pacific Islander. In addition, PIDC will target businesses located in high-poverty and/or low-moderate income communities.
The loans will be between $25,000 and $250,000, and have a 0% interest rate with up to 5-year term and up to 10-year amortization options. There will be no prepayment penalty, the org said. Applying business must supply two years of tax returns, a personal financial statement, description of hardships caused by the pandemic and a detailed use of how the funds would be used.
A handful of other resources available for small business owners right now include the COVID-19 Relief Pennsylvania Statewide Small Business Assistance program, which provides grants ranging from $5,000 to $50,000. Applications for that program are open through July 14. There’s also the Pennsylvania 30 Day Fund, which provides forgivable loans for Pennsylvania-based small businesses. And apps for the much-discussed Paycheck Protection Program’s second round have been officially extended to Aug. 8.
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