why philadelphiademographicsretail neighborhoodssuccess storiesavailable spacestarting a businessnews
            .

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

LOW-COST FINANCING
Low-cost and subordinate loan programs can provide financial support to new retail and mixed use developments or retail businesses in Philadelphia.
  • 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
The financing amount, eligible uses of funds, job creation requirements and financing terms depend on the specific incentive or financing resource being utilized. Descriptions of many loan programs available to potential and existing Philadelphia retailers are available HERE.


GRANTS
There are a limited number of grant or equity programs that offer funding to qualified retail businesses in Philadelphia. Grants may be available for the following types of projects:
  • Workforce development and training
  • Supermarkets and grocers in underserved areas
  • Fa├žade improvements
  • Energy efficiency improvements
  • Stormwater management
The grant amount or equity amount, eligible uses of funds, and other requirements depend on the specific financing resource being utilized. Descriptions of many grants available to potential and existing Philadelphia retailers are available HERE.


TAX CREDITS & ABATEMENTS
The City of Philadelphia offers tax credit and tax abatement programs for businesses that are investing and creating new jobs in Philadelphia. These programs include:
  • 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.


BUSINESS SUPPORT & ASSISTANCE
The City of Philadelphia and its partners can provide additional assistance to retail developers or retailers who are looking to launch or expand their business in Philadelphia, such as

  • 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.

CONTACT INFORMATION
Dawn Summerville
Senior Manager
City of Philadelphia
Department of Commerce
1515 Arch Street, 12th Floor
Philadelphia, PA 19102
Phone: 215.683.2036
E-mail: dawn.summerville@phila.gov