The Philadelphia area’s LGBT chamber of commerce is giving away twice as much in its annual business grant and, thanks to some changes in the selection criteria, more LGBT and ally businesses are eligible than ever.
The Independence Business Alliance, in partnership with PNC Bank, are awarding a $10,000 grant to one IBA-member business that demonstrates a well-defined plan for growth that includes innovation, sustainability and ongoing contributions to the community.
Two major changes to the selection criteria will enable significantly more businesses to apply for the 2015 PNC Bank LGBT Business Award. The first shortened the required amount of time for an IBA member to have been in business from three years to one. The second eliminated the requirement that the business be LGBT-owned, opening the award to all IBA members, including ally-owned businesses.
“The changes open the grant up to a broader cross-section of our members, making more of them eligible,” said IBA executive administrator Tom Cavanaugh. “I think PNC recognizes that there are a great number of businesses that support the LGBT business community, and wanted to be able to include them.”
“We are the LGBT chamber of commerce, but we also support allies as well,” Cavanaugh added.
The grant can be a game changer for small-business owners struggling to take their companies to the next level.
“When you get in that second or third year you could be getting into crunch time from a budget standpoint,” said IBA marketing committee chair Mike Fanelle. “This could give a business a second lease on life. It really makes a difference in determining if those younger business can stay afloat.”
Last year’s winner, The Gold Standard Café on 4800 Baltimore Ave. in West Philly, was able to open a second location on 20th and Fitzwater streets thanks in part to the grant, said Cavanaugh.
He noted that PNC doesn’t just hand the winner the money and walk away, but takes an active interest in seeing the recipient grow and achieve business goals.
“PNC wants to follow the business who won going forward, they want to see tangible results. They really see this program as a way to invest in bettering the community,” Cavanaugh said.
Additionally, as part of their mission to help small business, IBA and PNC will host a business-planning workshop 5:30-7:30 p.m. March 25 at 1600 Market St. The event is free and geared toward IBA members applying for the 2015 PNC Bank LGBT Business Award. The workshop will provide valuable advice for developing an effective business plan and emphasize its importance in achieving long-term sustainability and profitability.
For more information on IBA, the 2015 PNC Bank LGBT Business Award — including the award application — and the business-planning workshop, visit www.thinkiba.com.