Last year, the city of Philadelphia pumped $2 million into a number of city programs to help spur small business growth. The Philadelphia Business journal reports that those efforts are now showing results and helping entrepreneurs start a corporation – and keep it running.
“When I look at each one of the companies we helped with the city’s money I think we fulfilled our obligation to create good, quality retail in neighborhoods and to create jobs,” Patricia Blakely, executive director of the Merchants Fund, told the Journal.
The ReStore retail program has shown especially strong results, according to the paper. The program funneled more than $900,000 into 23 businesses to help them refit their store locations. That funding helped bring in more than $4 million in private investment, and created nearly 300 jobs.
The paper reports that the Women’s Opportunities Resource Center is using its $100,000 in funding to give female entrepreneurs microloans to buy equipment or make other purchases. At the same time, the Philadelphia Development has taken advantage of a city contract to give support and advice to entrepreneurs interested in forming a company.
A recent Conexus report says that Pennsylvania has a number of factors which make it a positive environment for business. The report gave the state an A grade in terms of its skilled workers, and a B in four other categories.
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