Lend for America, a fellowship that allows students to microfinance institutions, launched a new initiative with $75,000 from the Knight Foundation, that connects college students to small businesses. 

The project will help local college students assist small business owners to develop practices that grow revenue and foster sustainability through a contest called Lend for Philly. 

Students will gain financial and management skills while offering community service. They will also be allowed to give small grants, provided by Lend for America, to local small businesses of their choosing. 

As part of the contest, student teams use a custom smartphone app to collect information on how many people the business supports and what the business needs most. The team that maps the highest amount of businesses will win a $5,000 prize.

"This program cultivates talent, while creating lasting connections between millennials and the community; it helps spark the kind of commitment that is necessary for people to attach to a particular place and help shape it," Donna Frisby-Greenwood, Knight Foundation program director for Philadelphia said.

Philadelphia has fewer new businesses than the national average and Pennsylvania ranks 48th in the country in small business ownership.