West Philadelphia Small Business Resilience Fund
The West Philadelphia Small Business Resilience Fund was created to support West Philadelphia businesses experiencing significant financial losses and business disruption as a result of the COVID-19 pandemic and recent uprisings.
The Resilience Fund intends to fund loans up to $50,000 per small business for job retention and working capital needs.
Eligibility Criteria
To be eligible for this funding, small businesses must:
- Be a business located in West Philadelphia zip code: 19104, 19131, 19139, 19143 and 19151
- Minimum of 6 months in operations prior to COVID-19 pandemic
- Have at least 1 employee (self-employed qualifies with a 1099 statement)
- Active general liability insurance
- No bankruptcies in the past 12 months or foreclosures in the past 24 months
- Must prepare business recovery plan within 30 days of funding
- Other criteria may apply
Loan Rates, Fees, and Terms
- 0% interest rate
- No payments for 6 months
- Loan terms up to 3 years
- No prepayment penalty
- No closing costs except for collateral filing fees
Before applying, Business owners should gather the following core documents:
- 2020 & 2021 Signed Tax Returns
- 2021 Financial Statements
- 2022 Interim Financial Statements
- Proof of Insurance
- Schedule of Liabilities
West Philadelphia Resilience Fund Partners