Philadelphia Offers $50,000 Forgivable Loans to 20 Small Businesses

Philadelphia is accepting applications for the latest Boost Your Business funding round, which will give 20 selected Philadelphia businesses the opportunity to receive $50,000 forgivable loans. Applications are open as of Aug. 4, 2026, and the deadline is Aug. 31.

The program is aimed at established businesses with plans to expand, obtain new contracts, increase revenue or add employees. The funding is not guaranteed: only 20 businesses will be selected, and a loan is forgiven after one year only if the recipient achieves the growth goals stated in its application.

Who can apply

Applicants must be located in Philadelphia and have operated for at least two years. Businesses must be independently owned; independently owned franchises may qualify.

Applicants must report at least $350,000 in annual revenue, comply with local, state and federal tax requirements or have an approved payment plan, and hold a valid Philadelphia Commercial Activity License. They also must have the licenses and permits required to operate legally.

Each applicant must present a clear budget and feasible growth plan showing how the business expects to increase contracts, revenue or employees.

Documents applicants should prepare

The application requires a business growth plan, 2026 and 2027 operating projections, and year-to-date 2026 profit-and-loss and balance-sheet statements.

Applicants also must provide their two most recent federal business tax returns, for 2024 and 2025; a business debt schedule; credit authorization forms for owners with at least a 20% ownership interest; government-issued photo identification; the Philadelphia Commercial Activity License; and applicable formation and governing documents, such as a certificate of organization, articles of incorporation, operating agreement or bylaws.

Businesses considering the program should review those materials before applying so they can identify missing financial records, licenses or ownership documents before the Aug. 31 deadline.

Forgiveness is tied to growth goals

Boost Your Business funding is structured as a loan rather than a guaranteed award or automatic grant. The balance is forgiven after one year only when a selected business achieves the growth goals it documented in its application.

Participants are also required to attend individualized and group support sessions. The Philadelphia Department of Commerce operates the program in partnership with PIDC, which provides business advising, technical assistance and related support.

Information session is Aug. 10

Prospective applicants can attend a hybrid information session on Monday, Aug. 10, from 10 to 11:30 a.m. The in-person session is scheduled at PIDC, 1500 Market St., Suite 3500 West.

Businesses considering an application should confirm the current requirements, gather the requested financial and ownership records, and submit their materials by Aug. 31. Because the round is limited to 20 selected businesses, meeting the eligibility requirements does not guarantee funding.

Sources

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