After two years waiting on the IRS to process its application, Seed Philly was officially granted 501(c)3 status earlier this week. The organization can now begin to seek grants.
Founder and CEO Brad Denenberg said he did not anticipate the designation to come when it did, and as of now, he has no clear-cut plans for fundraising.
He added that the IRS was not responsive when it came to figuring out when the organization could expect official nonprofit status. And without that certainty, it is very difficult to even begin seeking funders, Denenberg said.
Seed Philly provides seed funding to software companies based in Philadelphia so that the city and region can retain promising tech startups. The way to do this, according to Seed Philly’s website, is to connect these companies with financial resources.
Now, Seed Philly and its clients both have better access to funding.