The city will invest $5 million to help high-potential small businesses and entrepreneurs.
The City of Philadelphia’s Director of Commerce Alba Martinez announced the funding via the creation of the Philadelphia Small Business Catalyst Fund earlier this month during a news conference at City Hall.
The purpose is to help high-potential small businesses and entrepreneurs grow in the city. The Fund reflects Mayor Cherelle Parker’s promise of Economic Opportunity for All as well as supporting the PHL Open for Business Executive Order, which aims to boost Philadelphia’s business environment and reduces barriers.
“Philadelphia small businesses and entrepreneurs are the backbone of our city and we want to help them begin and grow. Our goal is to make sure all Philadelphians have access to economic growth and opportunity, and we are confident that the new Small Business Catalyst Fund will support economic development and drive innovation,” said Parker. “This is just one way our comprehensive business support ecosystem is working. We are excited to expand our suite of resources — from the Mayor’s Business Action Team to over $19 million in education, mentorship, professional services and financial assistance, and can’t wait to see all that our small businesses are able to accomplish and achieve through this new initiative.”
The Philadelphia Small Business Catalyst Fund is designed to connect businesses to comprehensive support beyond Catalyst funding, including business education, mentorship, capital and strategic guidance.
It will use a data-driven, principles-based approach to simplify and streamline the application process and foster collaboration across Philadelphia’s business ecosystem, ensuring every entrepreneur has the opportunity to start, grow and succeed.
The Department of Commerce will launch and roll out the Philadelphia Small Business Catalyst Fund in phases beginning this month. The Department of Commerce will host community meetings, workshops, marketing and direct outreach efforts to raise awareness and engage small businesses to ensure accessibility. The Catalyst Expression of Interest form will open in April allowing businesses to signal their readiness for growth.
“We are committed to building on our successes, closing gaps that inhibit growth, and creating an environment where small businesses and entrepreneurs can thrive — because their success is Philadelphia’s success,” Martinez said. “The Fund is not just about grants — it’s about accelerating success. We designed this initiative based on direct insights from local businesses, diverse Chambers of Commerce and industry experts. Through a streamlined application process, proactive outreach and a data-driven approach, we are dedicated to eliminating outdated methods that slow small business growth. What we learn from this initiative will help refine other city programs — ensuring our entire ecosystem better serves the businesses driving Philadelphia’s economy forward.”
To be eligible for the Philadelphia Small Business Catalyst Fund, businesses and entrepreneurs must demonstrate strong growth potential with a clear expansion plan; contribute to local economic impact, strengthening neighborhoods and creating jobs; show resilience and innovation despite challenges accessing traditional funding.
They must also fall into the category of generating less than $2 million in revenue in 2024. Interest forms and updates will be available on the city’s website phila.gov.
