PHILADELPHIA (KYW Newsradio) — The Parker administration on Wednesday announced the creation of the $5 million Philadelphia Small Business Catalyst Fund, which officials hope will help entrepreneurs in the city realize their dreams.
Commerce Director Alba Martinez led a ceremonial cutting of red tape to announce the fund, which will give startups grants of up to $50,000, among other kinds of support like financial training and mentorships.
The program will start in April. Entrepreneurs can express their interest via a form on the city’s website. Those who meet the criteria will then be invited to apply.
“We are looking for businesses with under $2 million in revenue that show strong potential, a clear vision for expansion, have demonstrated drive and resilience, and who could benefit from support to accelerate their growth,” Martinez explained.
Victor Tejada suffered setback after setback trying to get his Delivery Guys app off the ground. Only pure serendipity kept him from chucking the whole thing: a reporter who wrote a story about the app after ordering from it. Martinez said the article caught the eye of Uber Eats, which became an investor.
“Look what we would have lost,” Martinez said. “He has 29 employees and he’s looking for space to add 50 more. What we would have lost if he had not delivered food to a reporter — is that how businesses have to succeed in Philadelphia? By way of a miracle?”
Deputy Mayor Vanessa Garrett-Harley said the fund is one tool to support the mayor’s pledge to create economic opportunities for all Philadelphians.
“We’re not just launching a fund,” she added. “We’re sending a message: Philadelphia is open for business.”