Using your personal credit card to pay for business expenses?

The Philadelphia Business Builder Loan is a better deal.

If you’re a small business, the Philadelphia Business Builder Loan Program may be able to help you get a loan of up to $50,000, or get on the path to obtain bank financing.

Eligibility requirements:
Must be in operation at least six months.
Annual revenues of less than one million dollars.
Geographic limits may apply.

Loans can be used for working capital, lines of credit, equipment purchase, or capital improvements.

Call the Greater Philadelphia Urban Affairs Coalition (GPUAC) today at 215.851.1740 to find out if you are eligible, or to set up an appointment.

Want to know more? Read below!

WHO IS THIS PROGRAM FOR?

• All businesses that have been in operation for at least six months with annual revenues less than one million dollars in the City of Philadelphia. Minimum credit score of 630 is required.

• Even if your credit score is below 630, this DOES NOT disqualify you from applying for the program.

• The business must be located in an area that is predominately low- or moderate- income OR predominately minority. If you are unsure if your business qualifies, access the Federal Financial Institutions Education Council’s (FFIEC) Geocoding System.

               USING THE FFEIC GEOCODING SYSTEM

• You will need the following information about your business: Street Address, City, State, and Zip Code

 

• Once you have entered your business' information, the next screen to appear will be the Results page. At the bottom of the page Click Get Census Demographic.

 

• On the Demographics page, you'll find that your business qualifies if the Tract Income Level reads Low or Moderate or Tract Minority % is greater than 50%.

PROGRAM PROCESS

STEP 1

• CALL GPUAC at 215.851.1740

• Please have your current credit score (even if it is below 630), time in operation, business location, and annual revenues.

• GPUAC will make an assessment based on the provided information.

• Documentation is not required, but the information will help GPUAC better determine where to refer you.

 

• If you do not know your credit score, you can obtain a credit report for free from www.annualcreditreport.com. You can obtain this information once a year from one of the three credit report companies: Equifax, Experian and TransUnion.

 

• If you qualify for the program, GPUAC will refer you to the bank of your choice among the participating banks. Click here to see the participating lenders.

• If you do not meet the initial eligibility due to a low credit score, DO NOT GIVE UP! Please read on to Step 2.

STEP 2

• Depending on your situation, GPUAC will set up an appointment for you with one of the following support service agencies of your choice:

STEP 3

• Upon completion of counseling, you will be referred to a bank of your choice. Click here to see all participating lenders. Please, DO NOT go directly to the bank.

LOAN INFORMATION

PARTICIPATING BANKS

Six banks have committed to lend $23.25 million through this program over a four year period to support economic development in the City of Philadelphia. The participating banks with this program are Beneficial Savings, Citizens Bank, TD Bank, PNC Bank, United Bank, and Wachovia.

CONTACT US

If you are involved with an organization that promotes or assists with the development of small businesses, please call us and GPUAC can bring you materials and answer your questions.

For more information please call Shante Antrom-Gowans at 215.851.1740 or e-mail at sgowans@gpuac.org