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Starting a Business
Finance and Incentives
Brokers

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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.
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retail

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Low-cost loan programs can provide financial support to new retail and mixed use developments or individual retailers in Philadelphia.
  • Potential loan amounts range from $35,000 to $5,000,000 or more.
  • Interest rates as low as 2.75%.
  • Loan terms generally range from three (3) to fifteen (15) years, depending on the use of funds.
  • Eligible uses of funds may include: Land and building acquisition, construction and/or renovation, equipment purchases
  • Working capital
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.


headgrants

Several grant programs offer funding to qualified new and existing retail businesses in Philadelphia. Grants may be available for the following types of projects:
  • Façade improvements
  • Energy efficiency improvements
  • Workforce development and training
  • Supermarkets and grocers in underserved areas
The grant 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.


head-taxcredit

The City of Philadelphia and Commonwealth of Pennsylvania offer significant 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 $1,000 to $3,000 per job against City of Philadelphia business taxes for new 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.
  • Work Opportunity Tax Credit: Credit against state taxes of up to $2,400 per qualified new hire, per year.

Descriptions of many other tax credits and abatements available to potential and existing Philadelphia retailers are available HERE.


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There are several programs throughout the city that offer forms of non-financial assistance to retail developers or retailers who are looking to launch or expand their business in Philadelphia, such as:

  • Assistance with City permitting and approvals process
  • Workforce recruitment and training
  • Local small business development centers
  • Workshops and support to assist with technology needs, business planning, and marketing.

Descriptions of many business support and assistance programs available to potential and existing Philadelphia retailers are available HERE.


head-contact

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