City of Philadelphia Department of Commerce

The buyer seeks proposals from financial institutions to manage the Department's Catalyst Fund. The Fund will provide $3 million in flexible grants to Philadelphia businesses. The selected provider will act as fiscal agent, review applications, disburse funds, and collect impact metrics. The buyer aims to create an efficient, single-application process to support business growth and sustainability in Philadelphia.

• 12/12/2024 - Public Briefing
• 1/10/2025 - Applicant Questions Due
• 1/17/2025 - Proposal Due Date
• 2/21/2025 - Applicant Selection
• 3/1/2025 - Contract Commencement

• Financial institutions or organizations with capacity to manage multimillion-dollar grant fund
• Experience in application processing and grant disbursement

• Act as fiscal agent for the Catalyst Fund
• Manage receipt, review, approval/denial of grant applications
• Process and disburse grant funds efficiently
• Assist with outreach and marketing to eligible businesses
• Participate in applicant selection committee
• Help develop selection criteria and review process
• Review individual grant applications
• Provide accurate financial reporting and reconciliation
• Collect impact metrics from awarded businesses
• Manage dedicated 'Hurdle Fund' for emergency business needs