The Philadelphia Department of Commerce recently launched the $5 million Philadelphia Small Business Catalyst Fund to help high-potential small businesses and entrepreneurs.
The fund will foster collaboration, connect businesses to support beyond funding, and use a data-driven, principles-based approach to simplify and streamline the application process. The fund
will roll out in phases beginning this month.
“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,” Alba Martinez, Philadelphia director of commerce, said. “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a streamlined application process, proactive outreach, and a data-driven approach, we are dedicated to eliminating outdated methods that slow small business growth.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.”
Eligible businesses are those that generated less than $2 million in revenue in 2024, contribute to local economic impact, demonstrate strong growth potential with a clear expansion plan, and show resilience and innovation despite challenges accessing traditional funding. An interest form will become available in April 2025.