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Find similar grantsInStore Forgivable Loan Program is sponsored by City of Philadelphia's Department of Commerce. This program provides forgivable loans to Philadelphia retail, food, and selected personal service businesses to purchase equipment and make interior improvements to their commercial space.
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InStore Forgivable Loan Program | Programs and initiatives | City of Philadelphia You are using an outdated browser. Please upgrade your browser to improve your experience. If you can't switch browsers, turn off compatibility mode.
The InStore Forgivable Loan Program helps eligible retail , food , and selected personal service businesses purchase equipment and make interior improvements. The program seeks to increase economic development efforts on historically underserved commercial corridors. The InStore Forgivable Loan Program is a program of the Department of Commerce .
In 2022, InStore expanded its eligibility and loan values with funding from the Neighborhood Preservation Initiative . InStore approves a limited number of projects each year for forgivable loans. Small businesses can receive a forgivable loan to purchase equipment and make improvements to a commercial property: Loans are worth between $50,000 to $100,000.
No payment or interest is collected on the loan for five years. The loan is forgiven after five years if the business remains open and operating at the same location. InStore Forgivable Loan Program 1515 Arch St.
, 12th floor Eligible businesses and projects To apply, businesses must be: A retail, food, or s elected personal service business. Located in a low-to-moderate income community on an eligible commercial corridor . Registered and licensed with the City .
Up to date on all City business taxes or in the process of applying for an approved tax payment agreement . InStore approves a limited number of projects each year. Loans are only available to projects that will: Provide affordable goods and services to the community.
Increase business activity in a commercial corridor that has historically received limited private investment. If you have any questions about your eligibility, email the program manager at InStore@phila. gov .
Submit the pre-application. To learn more and make sure you’re eligible for the InStore Forgivable Loan Program, submit the pre-application online . The program manager will confirm your eligibility for the program and provide the full loan application.
The program manager will review your pre-application. If you’re eligible for the program, they’ll contact you with the full loan application and instructions. As part of your application, you’ll need to provide: Tax returns & financial projections.
Cost estimates for planned improvements & equipment. If you need help with any of these documents, the program manager will connect you with a technical assistance provider who can help you complete your loan application. Your complete application will be reviewed.
The InStore Review Committee will review your application and notify you with their decision. If you’re approved for the loan, you’ll work with the program manager towards closing on your loan. Do not begin any work until you have received written approval from the City and the program manager.
Start your pre-application Submit the pre-application to start the process of applying for an InStore Forgivable Loan.
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According to the current listing, eligibility includes: Philadelphia retail, food, and selected personal service businesses located in Philadelphia. Confirm the full requirements in the official notice before applying.
The current listing shows $50,000 to $100,000. Verify award ceilings, matching requirements, and allowable costs in the official notice.
InStore Forgivable Loan Program is funded by City of Philadelphia's Department of Commerce. Verify program details on the funder's official page before applying.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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