Philadelphia's Commerce Department unveils Grow Philly plan to boost local businesses

The Philadelphia City Council's recent budget hearing highlighted significant investments aimed at bolstering the local economy and supporting small businesses. Under Mayor Parker's leadership, the Commerce Department is implementing a strategy called "Grow Philly," designed to enhance the business environment across the city.

A key focus of the proposed fiscal year 2026 budget is the Jump Start Small Business Initiative, which allocates $29 million to expand access to capital, education, and business services. This initiative aims to assist small businesses, particularly those facing systemic barriers, by providing essential resources to help them thrive. The budget also includes $4.5 million to enhance the Taking Care of Business program, which focuses on cleaning and maintaining commercial areas.

During the meeting, Commerce officials reported that their business service managers have already assisted over 5,000 businesses this year, with new initiatives like the Philly Biz Hub set to launch soon. This online platform will offer 24/7 access to permits, licensing, and educational resources, making it easier for entrepreneurs to navigate the complexities of starting and running a business in Philadelphia.

Council members expressed concerns about the potential removal of tax exemptions for small businesses, which could significantly impact their operations. The proposed budget includes a $150 million investment over five years to support these businesses, but council members emphasized the need for effective outreach and education to ensure that affected businesses are aware of available resources.

The hearing also addressed specific community needs, such as enhancing commercial corridors like Lancaster Avenue, which has faced challenges related to safety and economic vitality. Commerce officials committed to working closely with local organizations to improve these areas and attract anchor businesses that can drive economic growth.

In conclusion, the budget hearing underscored Philadelphia's commitment to fostering an inclusive and competitive economy. With substantial investments in small business support and community development, the city aims to create an environment where every entrepreneur can succeed, ultimately benefiting all residents.