“Historically disadvantaged” businesses in Philadelphia can apply for the second round of Boost Your Business financing to receive $50,000 zero-interest forgivable loans to help them create jobs and boost revenue, writes Gene Marks for The Philadelphia Inquirer.

The funding is provided by the Philadelphia Department of Commerce and PIDC.

To be eligible, businesses have to be “at least 51 percent owned by individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of groups and without regard to their individual qualities, such that their disadvantage stems from circumstances beyond their control,” according to the Department of Commerce.

A 2022 study from the Federal Reserve showed that white business owners have higher chances than Hispanic, Black, or Asian owners of receiving the financing.

“This program is one of the many that the department offers to help address that issue,” said Yvonne Boye, a deputy commerce director at the Philadelphia Department of Commerce.

In addition to being “historically disadvantaged,” businesses applying for financing have to be at least two years old, located in Philadelphia, and generate over $350,000 in annual revenue.

They need to have all necessary documentation, licenses, and permits to legally operate, be independently owned, and be up to date with all of their taxes.

Read more about Boost Your Business financing in The Philadelphia Inquirer.

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