PIDC is a proud partner of Goldman Sachs 10,000 Small Businesses in Philadelphia. Goldman Sachs 10,000 Small Businesses is a $500 million initiative designed to help small businesses create jobs and economic growth by providing entrepreneurs with access to capital, a practical business education, and business support services. Applicants must demonstrate a commitment to growing their business and creating jobs within their community.
PIDC's 10,000 Small Businesses Loan Fund is generally available to any small businesses located, or planning to locate in Philadelphia. Applications will be accepted on a rolling basis based on the following criteria:
Small businesses and nonprofits meeting the following criteria are encouraged to contact PIDC to discuss eligibility:
- Have at least four employees
- Have revenues between $150,000 and $4 million
- Have been in operation for at least two years
- Are located or plan to locate in the City of Philadelphia
- Priority given to businesses that are located in a low to moderate income census tract or primarily employ low to moderate income individuals
Uses of Funds:
The 10,000 Small Businesses Loan Funds are available either for new projects or refinancing related to:
- Working capital
- Machinery and equipment
- Building improvements
- Leasehold improvements
- Real estate acquisition & construction (speculative real estate ventures are not eligible)
The 10,000 Small Businesses Loan Funds are available as a senior or subordinate loan product with the following terms:
- Loan Amount: $50,000 to $750,000
- Term: 3 - 6 year maximum term; 3 - 6 year amortization
- Interest Rate: 7% - 9%
- Collateral: All 10,000 Small Businesses loans must be fully secured
- Equity: 20% minimum equity contribution
- Applications are accepted on a rolling basis.
- To discuss eligibility, please contact Chamor Hollinger at 215.496.8157 or [email protected].
- What you will need to apply:
- Personal financial statement and tax returns of any individual with 20% or more ownership in the company
- Company or borrower financial statement or tax returns
- Project narrative w/ proforma projections
- List of project costs and proposed sources of funding
- If you are interested in applying, please click here
To learn more:
Goldman Sachs 10,000 Small Businesses at Community College of Philadelphia is a practical business education program that gives entrepreneurs valuable skills for growing their businesses, the opportunity to access financial capital, powerful networking opportunities and more, at absolutely no cost to participants. If you're a small business owner interested in learning real-world skills that get remarkable results, please visit www.ccp.edu/10KSB.