Philadelphia launches $5M Small Business Catalyst Fund to help local entrepreneurs – Metro Philadelphia

Philadelphia officials announced new finding to help small businesses and entrepreneurs grow in the city.

The Philadelphia Small Business Catalyst Fund is a $5 million investment that aims to boost Philadelphia’s business environment and reduce barriers. Mayor Cherelle Parker joined Director of Commerce Alba Martinez and elected officials for the official announcement on Thursday.

“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,” said Martinez. “The Fund is not just about grants—it’s about accelerating success.”

The Philadelphia Small Business Catalyst Fund is designed to support businesses through business education, mentorship, capital, and strategic guidance, as well as foster collaboration, allowing every entrepreneur an opportunity to start, grow, and succeed.

The Philadelphia Department of Commerce will roll out the Fund in phases, beginning with community meetings, workshops, marketing and outreach efforts to raise awareness. An interest form will soon be available to allow businesses to communicate their interest.

“We designed this initiative based on direct insights from local businesses, diverse Chambers of Commerce, and industry experts,” said Martinez. “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a streamlined application process, proactive outreach, and a data-driven approach, we are dedicated to eliminating outdated methods that slow small business growth.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 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, and generate less than $2 million in revenue (2024).

All businesses meeting the criteria may apply. Organizers note that there is dedicated funding for businesses in key sectors — life sciences, manufacturing, nighttime economy, creative economy and commercial corridor real estate acquisition.

“Philadelphia small businesses and entrepreneurs are the backbone of our city and we want to help them begin and grow,” said Parker. “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.”

For more information, visit phila.gov