An additional $27 million in federal stimulus money is headed Philadelphia's way, and the city plans to use it to help businesses build and expand, and become more energy-efficient.
Mayor Nutter said he planned to get the money to businesses as quickly as possible. Last year, the city was awarded about $133 million in federal stimulus money.
"Small businesses are the key to the economy. They put our neighbors to work and are the key to economic vitality," he said. "And President Obama wants us to spend this wisely but also timely," in apparent reference to questions about whether stimulus dollars here and nationally are getting into the economy efficiently.
Nutter urged interested business owners to get more information by going to www.pidc-pa.org/DevelopmentOpportunities.asp
The new stimulus dollars will be used for four programs:
$4.5 million for "gap financing" to complete projects in development. The city will hold an information session on gap financing at 1 p.m. Feb. 5 at the Philadelphia Industrial Development Corp. (PIDC) office on the 26th floor of 1500 Market St.
$9 million in "Greenworks" loans for energy efficiency and conservation projects, half of which will come from federal stimulus funds and the other half from the Reinvestment Fund, the Philadelphia nonprofit devoted to revitalizing neighborhoods. Businesses interested in these loans may attend an information session at 2 p.m. Feb. 5, also at the PIDC office. The interest rate on these loans is expected to be about 3 percent.
$500,000 in rebates, available in increments of up to $10,000, to help smaller businesses make energy-efficient investments. The city will hold an information session for those interested in these rebates at 2 p.m. Feb. 9 in the Mayor's Reception Room at City Hall.
$13 million to finance new construction, rehabilitation, and expansion of existing facilities.