The Grow Philadelphia Fund is for small businesses located in the City of Philadelphia who need money to expand, renovate, invest in new technology or upgrade equipment.
The minimum loan size is $1,000 and the maximum loan size is $50,000. Who Can Apply? Any of the following businesses located in the City of Philadelphia: * Minority-Owned-Businesses * Women-Owned-Businesses * Low-to-Moderate Income (HUD Guidelines) Earners * Businesses located/locating in a economically distressed area * Credit challenged individuals How Can The Money Be Used? Loans may be used for purchasing or installing machinery, equipment and technology, purchasing inventory, furniture and fixtures, and other specifically identified working capital needs.
What Are The Terms and Interest Rates? – The loan term for the machinery and equipment loans are up to 6 years – The loan term for working capital loans are up to 5 years – The interest rate is 7%
The Enterprise Center Capital Corporation
Address: 4548 Market Street