The Department of Commerce’s Neighborhood Preservation Initiative Information Session

The Neighborhood Preservation Initiative (NPI) is a $400 million citywide investment plan approved by Philadelphia City Council that will provide increased funding for neighborhood preservation, affordable housing, job creation, and small businesses. The Department of Commerce is allocated $3.8M in the first year ($15.2M over 4 years) of NPI proceeds which will be used toward neighborhood small business programs. The investments will generate equity through business and property ownership by expanding access to capital to historically disadvantaged microenterprises and community-based nonprofits.

A portion of this year’s NPI proceeds ($1.1M) are being distributed through grants and loans to the following neighborhood small business programs:

• InStore Forgivable Loan Program – This program offers forgivable loans up to $100,000 to new or expanding businesses for the purchase of equipment or to fit-out a commercial property.
• Philadelphia Business Lending Network Incentive Grants – An existing loan product that now includes a grant up to $35K. It is tied to the Department of Commerce’s innovative Business Lending Network, which is a service that enables business owners to express interest in financing from a list of nonprofit and for-profit lenders in one application.
• Commercial Real Estate Acquisition Loan (CREAL) and Commercial Mortgage Loan Programs – Programs that aim to help small business owners purchase their commercial storefront or mixed-use property by providing capital through Women’s Opportunities Resource Center (WORC) and PIDC, respectively.

PLEASE NOTE 
This information session is for PARTNERS ONLY who will be able to make these resources available to the small businesses in their respective service areas.  The NPI includes new programs as well as the expansion of existing programs.  These programs have not yet been made public, giving partners a first glance and the opportunity to ask questions.  

PARTNERS
CDFIs, CDCs, BIDs, business services organizations, technical assistance providers, and local chambers of commerce