This loan program provides flexible low-cost capital to small businesses with less than $5M in revenue for costs associated with improved business resilience or growth, including working capital, fit-up, inventory, technology, mobilization, re-hiring, and employee training.
The Restart PHL Loan program provides flexible financing to small businesses to:
- Meet the needs related to reopening after COVID-19; and/or
- Adapt business models to new conditions and opportunities as a result of COVID-19
Funds will be targeted to Historically Disadvantaged Businesses (at least 50% of loans to be awarded) and businesses located in high-poverty and/or low-moderate income communities.
- Small businesses with less than $5 million in annual revenue
- Historically disadvantaged ownership OR Business located in low income community*
* Historically Disadvantaged businesses are at least 51% owned and operated by persons who are Black, Hispanic, Native American, Asian American, or Pacific Islander because they have traditionally been discriminated against and disadvantaged when seeking financial services and financial products.
Working capital, inventory, technology upgrades, mobilization, re-hiring and employee training.
$25,000 - $250,000
- 0% interest rate
- Up to 5-year term
- Up to 10-year amortization options
- No prepayment penalty
All fees to be paid at closing:
- $250-$500 Application fee (based on loan amount)
- 1.5% Commitment fee
- Standard closing, recording and legal fees
- Senior UCC lien on equipment purchased with loan proceeds
- Blanket lien on business assets (can be subordinated)
- Personal guaranties from owners with > 20% ownership
- Mortgages as available
Complete PIDC online application including, but not limited to, the following supplemental materials:
- 2 years most recent tax returns (business & personal)
- Personal Financial Statement
- Description of hardship experienced and business reopening plans
- Budget/detailed description of use of funds
- Most recent 3 months of bank statements
- Additional documents may be requested during full underwriting
THIS PROGRAM IS NOW OFFICIALLY CLOSED.