Restart PHL Loan Program
In July 2020, PIDC launched the Restart PHL Loan program designed to provide flexible low-cost capital to small businesses with less than $5M in revenue as they re-imagined, pivoted, and sustained their businesses during this unprecedented time. This program provides financial support for costs associated with improved business resilience or growth, including working capital, fit-up, inventory, technology, mobilization, re-hiring, and employee training. The fund aims to invest in historically disadvantaged communities with a specific focus on minority, women, and immigrant-owned businesses located on commercial corridors in low-income areas. In 2020, PIDC provided a total of $1.5M in financing for 13 small businesses through the RestartPHL Loan, which ranged from $25,000 to $250,000.