Philadelphia, May 25, 2010 – Today, Mayor Michael A. Nutter announced $2 million in Community Development Block Grants and Corridor Bond funding awards that will support small business and commercial corridor development in Philadelphia. Through three programs: the Targeted Corridor Management Program, the Business Technical Assistance Program and the ReStore Retail Incentive Grant Program, this funding will foster economic development by providing business development support, technical assistance and help for existing businesses to expand their stores. These investments are part of the City’s current commitment of more than $70 million in supportive funding for small businesses.
“The City’s investments in small businesses will help us weather today’s economic challenges so we can set the conditions for a better future,” said Mayor Nutter. “Philadelphia’s commercial corridor merchants are keeping jobs in the City and our communities vibrant. This support is an all-around win for those who work and live here.”
“Jobs-that’s what everyone needs and that’s what the Department of Commerce is committed to supporting”, said Kevin Dow, Chief Operating Officer of the Commerce Department. “By providing these resources to small businesses, we are helping them open up new doors to additional opportunities while remaining a strong partner in the City’s long-term prosperity.”
In 2009 through the Targeted Corridor Management Program, 17 community-based organizations partnered with the City to provide corridor management services to small businesses, which resulted in the creation of 126 new businesses and 492 new jobs. The Business Technical Assistance Program assisted over 300 businesses in 2009 with business development training, financial and credit counseling, and other infrastructure support services. The City’s ReStore Retail Incentive Grant Program is managed in partnership with the Merchants Fund and provides grants to cover up to 50 percent of the costs of new and expanding businesses to fit out their stores. In 2009, 23 new or expanding businesses received Retail Incentive Grant commitments totaling $925,000. These funds leveraged $4.1 million of private investment and created an estimated 56 construction jobs and an estimated 237 new retail jobs.
