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."
Owner, Ms. Tootsie's
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.
- Loans can be provided in amounts ranging from $35,000 to $50,000 per job created.
- Interest rates as low as 2.75%.
- Loan terms generally range from three (3) to fifteen (15) years, depending on the useful life of the assets being financed.
- Eligible uses of funds may include: Land and building acquisition, construction and/or renovation, FFE purchases, and energy efficiency improvements to existing buildings or the purchase of energy efficient equipment.
- Loan guarantees for working capital and term loans are also available for loan amounts up to $500,000
- Workforce development and training
- Supermarkets and grocers in underserved areas
- Façade improvements
- Energy efficiency improvements
- Stormwater management
- Real Estate Tax Abatement: Ten (10) year abatement of real estate taxes for new construction and substantial renovations.
- Job Creation Tax Credit: Credit of up to $5,000 per job against City of Philadelphia business taxes for new full-time jobs created over a five (5) year period.
- Green Roofs Tax Credit: Credit of 25% of the cost of installing a green roof (up to $100,000) against City of Philadelphia business taxes.
- Sustainable Business Tax Credit: Credit of $4,000 for certified sustainable businesses (B Corporations) located in Philadelphia.
Descriptions of many other tax credits and abatements available to potential and existing Philadelphia retailers are available HERE.
- Streamlined City permitting and approvals process, including signage
- Workforce recruitment and training
Descriptions of many business support and assistance programs available to potential and existing Philadelphia retailers are available HERE.
City of Philadelphia
Department of Commerce
1515 Arch Street, 12th Floor
Philadelphia, PA 19102