Starting and growing a business requires more than just a great idea and determination—it also demands capital to fuel every stage of the entrepreneurial journey. For many business owners, accessing financing remains a significant hurdle, especially for Latina entrepreneurs, who face additional barriers in this process. However, there are numerous funding options in Philadelphia and nationwide that can make a difference.

1. Philadelphia Small Business Catalyst Fund

The Philadelphia Small Business Catalyst Fund is a $5 million initiative launched by the City of Philadelphia to accelerate small business growth. Its goal is to connect entrepreneurs with funding, business education, and mentorship, ensuring that more businesses can expand and contribute to the local economy. Applications will open in April 2025, with funds distributed throughout the year.

2. Latina Growth Accelerator

For Latina entrepreneurs with established and growing businesses, the Latina Growth Accelerator from the United States Hispanic Chamber of Commerce (USHCC) is an excellent option. Supported by The Kroger Co. Foundation and in partnership with the Women’s Business Enterprise National Council (WBENC), this program offers essential tools such as advanced training, mentorship from business leaders, networking opportunities, and access to capital.

The pilot program, set to begin in the first quarter of 2025, will select 30 entrepreneurs for an intensive six-week training program.

3. PIDC Philadelphia Business Loans

The Philadelphia Industrial Development Corporation (PIDC) offers various loan programs tailored for growing businesses. From financing for commercial property acquisition to small business credit lines, this public-private organization aims to strengthen the city’s business ecosystem.

4. The Enterprise Center Capital Programs

For entrepreneurs in underserved communities, The Enterprise Center provides access to capital through flexible loan programs. They also offer business advisory services to help entrepreneurs prepare funding applications and strengthen their business models.

5. Community First Fund

If your business operates in a low-income community and struggles to secure traditional loans, Community First Fund is a great option. This nonprofit organization offers financing and strategic advisory services for small business owners.

The Challenge of Accessing Capital

Despite the importance of these programs, the gap in access to financing for certain groups remains a challenge. Latina women entrepreneurs, for instance, own 14% of women-led businesses in the U.S. but often face significant obstacles in securing capital. Programs like the Latina Growth Accelerator aim to bridge that gap and provide the necessary resources for more businesses to thrive.

If you’re looking for funding for your business in Philadelphia, consider exploring these options. Each program offers different opportunities and requirements, so researching which one best suits your business is essential. While accessing capital can be challenging, with the right resources, your business has the potential to grow and make a lasting impact in the community.