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

OPENING A BUSINESS

FINANCING & INCENTIVES

BROKERS

LICENSES & INSPECTIONS

RESOURCES

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

Key Alternative Lenders Serving Philadelphia
The following list highlights key alternative lenders serving Philadelphia. While individual capabilities and geographies served may differ, they all serve small businesses and understand the unique needs associated with starting up a new retail business or restaurant. For additional information on these lenders, click on the lender website.

Lender	General Info	Contact	Typical Loan Size	Loan Use
Financial and Technical Assistance Center "FINANTA"	Non-profit lending corporation CDFI Provides capital, technical assistance, & business consultation services Bilingual (Spanish)	Luis Mora (267)236.7000 www.asfsc.org	$400k - $2.5m	Real estate acquisition Purchase of equipment Inventory Working capital Start-up financing
Beech Capital Venture Corp: Beech Business Bank	Makes loans with a primary focus on economically distressed areas in Philadelphia Encourages participation by banks & VCs in the financing of businesses & CDCs CDFI	Larry Griffin (215)763.8825 www.beechinterplex. com/companies/bvc.htm	$5,000 - $100,000	Activities related to: the creation or expansion of businesses the creation and/or retention of jobs the construction or renovation of commercial real estate or residential properties
Business Builder Program (GPUAC & 6 national banks)	Program run by GPUAC & 6 banks Borrower contacts GPUAC GPUAC refer borrower to a technical assistance provider After completing TA, the borrower may approach any participating bank Eligibility: business in operation +6 months w/ ann. revenues less than $1M, located in Phila; min credit score 630; business must be located in area that is predominately low/mod income OR minority (you can still apply if your credit score is lower than 630) Banks: Beneficial Savings, Citizens Bank, TD Bank, PNC Bank, United Bank, and Wachovia	Rachel Moore at GPUAC (215)851.1847 www.gpuac.org/programs/ phillybusinessbuilder.htm	Max $50,000	Working capital Lines of credit Equip. purchase Capital improvements
Impact Services Corporation	Improve access to capital for small area businesses & stimulate job growth CDFI Serving 27 census tracts in NE Phila Must create/retain jobs, new enterprises or improve the overall business enviro. in the Investment Area to qualify for financing	Ed Blaney & John MacDonald (215)739.1600 www.impactservices.org	$3,000 - $100,000	Working capital Machinery & equip. Renovation
North Philadelphia Financial Partnership	Federally certified Community Lending Institution Target Area: North Central Philadelphia Empowerment Zone (currently expanding) All start-up & existing commercial businesses that wish to operate in target area may qualify Provides accessible capital, technical support, and financial services	Margaret Cobb (215)232.0516 www.npfp.org	$5,000 - $1.5M	Acquisition of real estate Renovation
Philadelphia Development Partnership	Region's largest provider of micro enterprise development services Offices in Phila & Chester Works w/ + 400 entrepreneurs per year Majority of clients are start-ups Offer loan products, business development services, 1-on-1 technical assistance, business training & networking opp. Some loan products tailored to Muslim community	Leslie Benoliel & Earl Boyd (215)545.3100 x223 www.pdp-inc.org	$500 - $25,000	Varies
West Philadelphia Financial Services Institution	Current lending capabilities are limited; however, they are interested in expanding Main target area: West Phila Empowerment Zone	James Burnett (215)452.0100 www.wpfsi.com	Varies	Acquisition of real estate Renovation & improvements Commercial loans (would like to expand this use)
Women's Opportunities Resource Center	Provides entrepreneurial training, individual business assistance, incentive savings programs, and access to capital Promote social & economic self-sufficiency primarily for economically disadvantaged women & their families CDFI Target businesses looking to start or expand, special focus on women & minorities	Lynne Cutler & Barbara Ann Gardenhire-Mills (215)564.5500 www.worc-pa.com	$500 - $35,000	Limited real estate Working capital Machinery & equip. Marketing Lines of credit Equity

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