WHYY News is seeking feedback from the community on the types of stories and topics it should cover in areas ranging from Philadelphia and its suburbs to South Jersey and Delaware. The news outlet is inviting input from residents to help shape its coverage and ensure that it reflects the interests and concerns of local residents.
One recent development in Philadelphia is the revival of the Boost Your Business program, which provides support to historically disadvantaged business owners for an additional year. The program, run by the Commerce Department, aims to assist businesses that have the potential to grow but are constrained by a lack of capital. Twenty businesses are eligible to receive $50,000 in forgivable loans, which are converted into grants once certain milestones are reached.
To qualify for the program, businesses must be generating at least $350,000 in annual revenue, have been in operation for three years or longer, and be majority-owned by individuals who have experienced racial or ethnic prejudice or cultural bias. The Boost Your Business program was initially piloted during the COVID-19 pandemic and was designed to fill a gap in support for larger businesses that needed an extra boost to thrive and create jobs.
In 2022, 22 historically disadvantaged businesses were awarded forgivable loans through the program in partnership with the Community First Fund and VestedIn. All loans were forgiven as the businesses successfully met their goals, highlighting the effectiveness of the program in supporting the growth and development of local businesses. The Boost Your Business program is part of a broader effort to provide assistance and resources to businesses of all sizes, ensuring that they have the support they need to succeed.
