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STARTING A BUSINESS

"Now because you have so many different places, you have so many choices, people are trying things that are totally different, that they've never even thought they would try, and they're loving it."

KeVen Parker
Owner, Ms. Tootsie's


Financial Assistance for Retailers in Philadelphia
Through a combination of loan, grant, tax credit, and non-financial programs, the City of Philadelphia and cooperating partners offer a wide variety of economic development financing, incentives, and support for new and expanding retail businesses.
FINANCING & INCENTIVES
retail

Key Alternative Lenders Serving Philadelphia
The following list highlights key alternative lenders serving Philadelphia. While individual capabilities and geographies served may differ, they all serve small businesses and understand the unique needs associated with starting up a new retail business or restaurant. For additional information on these lenders, click on the lender website.


Lender General Info Contact Loan Range Loan Use
American Street Financial Services Center - Finanta

• Non-profit lending corporation
• CDFI
• Provides capital, technical assistance, & business consultation services
• Bilingual (Spanish)
• Main target area: American Street Empowerment Zone

Heather Hanowitz
215.426.3788
email
$400 - $2.5 million Anything over $100,000 needs to be located in the American Street Empowerment Zone.
(Front to 6th St and Girard to Lehigh Ave.)

• Real estate acquisitions
• Purchase of equipment
• Inventory
• Working capital

Loan Terms: Varies

Beech Capital Venture Corp:
Beech Business Bank

• Makes loans to for-profits, non-profit organizations & CDCs w/a primary focus on economically distressed areas in N, W & NW Phila
• Encourages participation by banks & VC in the financing of businesses & CDCs
• CDFI

Larry Griffin
215.768.8825
beechinterplex.com
$5,000 - $100,000

Varies

Loan Terms: Varies

Impact Services Corporation

• Improve access to capital for small area businesses & stimulate job growth
• CDFI
• Serving 27 census tracts in NE Phila
• Must create/retain jobs, new enterprises or improve the overall business enviro. in the Investment Area to qualify for financing

Ed Blaney
215.739.1600
email
impactservices.org
$3,000 - $100,000

• Working capital
• Machinery & equip.
• Renovation

Loan Terms: Avg. 3.5 yrs, max 5 yrs

North Philadelphia Financial Partnership

• Federally certified Community Lending Institution
• Target Area: North Central Philadelphia Empowerment Zone (currently expanding)
• All start-up & existing commercial businesses that wish to operate in target area may qualify
• Provides accessible capital, technical support, and financial services

Margaret Cobb
215.232.0516
email
$5,000 - $1.5M

• Acquisition of real estate
• Renovation

Loan Terms: 5 yr term w/ 15 amortization
(renewal option w/ balloon payments)

Entrepreneur Works (formerly known as Philadelphia Development Partnership)

• Region’s largest provider of micro enterprise development services
• Offices in Phila & Chester
• Works w/ 400+ entrepreneurs per year
• Majority of clients are start-ups
• Offer loan products, business development services, 1-on-1 technical assistance, business training & networking opp.
• Some loan products tailored to Muslim community

Leslie Benoliel
Earl Boyd
Dan Samartino
215.545.3100 ext 223
email
$500 - $25,000

Varies

Loan Terms: 6 mo - 5 yrs

West Philadelphia Financial Services Institution

• Current lending capabilities are limited; however, they are interested in expanding
• Main target area: West Phila Empowerment Zone

James Burnett
215.452.0100
www.pdp-inc.org
Varies

• Acquisition of real estate
• Renovation & improvements
• Commercial loans (would like to expand this use)

Loan Terms: Currently 3 yrs (previously 5 yrs)

Women's Opportunities Resource Center

• Provides entrepreneurial training, individual business assistance, incentive savings programs, and access to capital
• Promote social & economic self-sufficiency primarily for economically disadvantaged women & their families
• CDFI
• Target businesses looking to start or expand, special focus on women & minorities

Carol Carr
215.564.5500
email
worc-pa.com
$500 - $35,000

• Limited real estate
• Working capital
• Machinery & equip.
• Marketing
• Lines of credit
• Equity

Loan Terms: 2 - 3 yrs





head-contact

Michelle Shannon, SCMD
Center City District
660 Chestnut Street
Philadelphia, PA 19106
Phone: 215.440.5515
E-mail: michelle@centercityphila.org