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Philadelphia Mayor Pledges to Support Small Business

City of Philadelphia
Philadelphia Mayor Michael A. Nutter and Deputy Mayor for Economic Development Alan Greenberger are planning to schedule a series of events that will show their support to small businesses and neighborhood development in Philadelphia. Through the city's Department of Commerce, Philadelphia will be offering small businesses forgivable loans and promoting neighborhood shopping on Small Business Saturday.

The city recognizes the impact that small business has on the economic development of Philadelphia and wants to continue to help them expand and grow. One program, called The InStore Program, offers forgivable loans ranging between $15,000 and $50,000. After 5 years, the loan is forgiven. As long as small businesses comply with the guidelines for the loan, it does not have to be repaid, so it works just like a grant.

Eligible businesses include existing retail, food or other creative businesses. The money can be used to expand services or business activities, or to purchase equipment.

Small Business Saturday is another initiative by the city that encourages shoppers to buy locally. By driving more business to locally-owned shops and restaurants, small business is able to grow and the neighborhoods benefit by becoming more popular areas to shop, eat and drink.

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