Businesses can receive up to $30,000 through a new Philadelphia incentive program designed to lure suburban companies into the city.
On Tuesday, the city's Department of Commerce launched "Gateway Philly" to encourage prospective business leaders to set up offices within the city's limits. Mayor Jim Kenney and other city officials want to relieve the financial burden of moving on companies while boosting the number of workers in the city.
- RELATED STORIES
- Kenney reportedly plans to set aside $90 million for waterfront park in Philly
- City Council looking to clean up archaic regulations to boost Philly businesses
- Philly says it doubled projected revenue from soda tax in first month
“Gateway Philly is designed to give businesses access to the best Philadelphia has to offer, to serve as a gateway to talent, innovation and collaboration,” Kenney said.
Companies that already have offices based in Philly are not eligible for the program. To qualify, companies must sign at least a one-year lease agreement for a minimum of 20 employees inside the city. The offices do not have to be in the same location.
Participating companies will be reimbursed $1,000 per seat up to $30,000. The payments would be issued after the first year is complete.
There are a limited number of offers available. The city will accept applications on a first-come, first-served basis.
“We hope Gateway Philly will provide businesses with a low-risk opportunity to evaluate if a long-term commitment is suitable for their company,” said Harold T. Epps, the city's commerce director.
City officials maintain that current companies with Philly offices and city residents who travel to the suburbs for work could also benefit from the program.
The initiative would give suburban companies the option to allow Philly employees to remain in the city for work. Furthermore, officials claim locations in the city would make it easier for companies to engage with each other.
Ultimately, the goal of the program is to motivate businesses into fostering long-term commitments with the city.
Applications are available on the city's website.