The Merchants Fund is looking for small businesses facing hardship to fundAugust 17, 2015 Category: Funding
The Merchants Fund has over 150 years of experience providing financial assistance to merchants in Philadelphia. With $3.2 million distributed in its life span and more than 300 grants awarded to local small businesses since 2007, the private foundation has helped to provide charitable gifts to business persons facing financial hardship.
Past grantees include Greensgrow Farm in Kensington, Bella Forte in South Philadelphia, and Philly Homebrew Outlet.
Once again, applications for its two core grantmaking areas are open until September 15: Business Stabilization and Loan Match.
Business Stabilization Grants
Meant to help small businesses to remain stable, viable, and growing, The Merchants Fund will grant up to $10,000 to aid in the face of economic challenges or to respond to opportunities. Applicants must be located in Philadelphia and have been in business for at least 3 years.
Business Loan Match
Loan Matching Grants are are aimed at helping businesses expanding their product or services. The Business Loan Match matches up to $20,000 to match accredited government programs or bank loans at least dollar for dollar ($20,000 minimum loan matched by a $20,000 grant).
What The Merchants Fund is looking for
The Merchants Fund is looking to fund small businesses with strong ties to the community. Each application requires a partnership with a community agency, such as a community development corporation (CDC), who will help the applicant before and after the grant is awarded. Clear plans, realistic budgets, and long term goals for stabilization are all important factors in this grant process.
More information can be found on The Merchants Fund website.
Image via Mo Manklang