MAYOR NUTTER ANNOUNCES $27 MILLION IN NEW LOANS, GRANTS FOR SMALL BUSINESSES

Programs Will Help Small Businesses Keep Development Projects On Track, Save Energy, Renovate or Expand FacilitiesrnrnPhiladelphia, January 27, 2010 – Mayor Michael A. Nutter today extended his commitment to assist small businesses in accessing much-needed capital, announcing $27 million in new loan and grant financing opportunities.rnrnOver the last year, the administration has provided almost $30 million in capital to small businesses, leveraging over $130 million in private economic activity and helping to create or retain almost 4,000 jobs.rnrn“One of my most important jobs is supporting Philadelphia’s small businesses,” said Mayor Nutter. “They are the engines of our economy, and capital is the fuel they need to create jobs and get our economy growing again. The global credit crunch is making it tougher than ever to get a loan, so we’re working hard to step into the gap for the businesses that need help the most.”rnrnThe funds, which are from the American Recovery and Reinvestment Act (ARRA), will be distributed through four separate programs customized to help businesses of various sizes and types achieve critical goals:rnrnGap Financing:rnAmount: $ 4.5 millionrnSource: Community Development Block Grants (ARRA Allocation)rnUse: “Last In” capital for shovel ready development projectsrnrnGreenworks Loans:rnAmount: $9 million ($4.5 million City, $4.5 million TRF)rnSource: Energy Efficiency and Conservation Block Grants, TRF FundsrnUse: Energy efficiency improvements to buildings and equipment, available in loans from approximately $100,000 to $1 million or more.rnrnGreenworks Rebates:rnAmount: $500,000rnSource: Energy Efficiency and Conservation Block GrantsrnUse: Energy efficiency improvements to buildings and equipment, available as rebates up to $10,000.rnrnRecovery Zone Facility Bonds:rnAmount: $13 millionrnSource: Recovery Zone Facility Bond AllocationrnUse: Capital projects – new construction, rehabilitation, and expansion of existing facilities.rnrn“Providing innovative financial tools to small businesses is core to our approach to economic recovery,” said Acting Deputy Mayor for Planning and Economic Development Alan Greenberger. “As a former business owner myself, I know how important capital is. I’m dedicated to making sure that Philadelphia businesses have access to financing even during this global credit crunch.”rnrn“I am extremely proud to be part of this important new effort and pledge my whole-hearted support to its successful implementation so that small businesses and commercial corridors will once again be vibrant places for commerce and job creation and catalysts for neighborhood stabilization and community engagement,” said Councilwoman Jannie Blackwell.rnrn“These four stimulus programs represent a fresh partnership between the City and the private sector to offer innovative incentives for sustainable, job-creating development,” according to Peter S. Longstreth, President of PIDC.rnrn“The Greenworks Loan Fund merges the City’s Recovery Act resources and vision with TRF’s private capital and energy investing experience to spur clean energy development,” said Reinvestment Fund CEO Jeremy Nowak.” “Together, we will quickly deploy loans that integrate sustainable energy best practices in quality projects and put Philadelphians back to work.”rnrnAll funds will be available citywide on a competitive basis. Applications for Gap Financing, Greenworks Loans, Greenworks Rebates, and Recovery Zone Facility Bonds are available now through the City’s Business Services Portal at www.phila.gov and at PIDC’s website atrnrnhttp://www.pidc-pa.org/DevelopmentOpportunities.asp.rnrnAn information session for businesses interested in applying for Gap Financing will be held Friday, February 5th at 1:00 PM at PIDC, located on the 26th floor of 1500 Market Street (Centre Square West).rnrnAn information session for businesses interested in applying for a Greenworks Loan will be held Friday, February 5th at 2:00 PM at PIDC, located on the 26th floor of 1500 Market Street (Centre Square West)rnrnAn information session for businesses interested in applying for a Greenworks Rebate will be held at February 9th at 2:00PM in Mayor’s Reception Room at City Hal