Philadelphia Commerce Department outlines $30B funding strategy for businesses and cooperatives

The Philadelphia City Council's recent budget hearing highlighted significant funding initiatives aimed at bolstering local businesses and enhancing community safety as the city prepares for the upcoming 2026 events. A key focus was the proposed allocation of $30 million, which aims to streamline access to resources for businesses, particularly in underserved areas.

Council members expressed concerns about ensuring that the funding is effectively distributed and not solely focused on grants. The breakdown revealed that $1 million is earmarked for tax preparation, bookkeeping, and business assistance programs, while $19 million is designated for direct capital to businesses. The remaining funds will support staffing to manage these initiatives. This approach aims to simplify the application process for businesses, making it easier for them to access necessary resources.

Another significant topic was the Liberty Bell Safe Certification Program, which aims to prepare local businesses for increased tourism in 2026. This initiative focuses on training establishments in conflict resolution and harm reduction, ensuring a safe environment for both residents and visitors. The program has already seen participation from over 22 businesses, with plans for expansion.

Council members also discussed the importance of supporting cooperative businesses, which have shown higher success rates and are often owned by women and people of color. While there was no immediate commitment to a dedicated funding line for cooperatives, the Commerce Department acknowledged their significance and expressed a willingness to support them through existing programs.

Additionally, the hearing addressed the revitalization of commercial corridors, particularly the Ridge Avenue corridor, which has faced challenges with vacant properties. The Commerce Department is working closely with local organizations to develop strategies for reactivating these areas and ensuring they reflect the community's needs and demographics.

As the city gears up for 2026, the emphasis on collaboration between the Commerce Department and local council members is crucial. The goal is to create a comprehensive strategy that not only addresses immediate funding needs but also fosters long-term economic growth and community resilience. The discussions at this budget hearing reflect a commitment to making Philadelphia a thriving hub for all its residents and businesses.