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Nutter: $27M available for biz loans, grants

Mayor Nutter yesterday announced that $27 million in federal stimulus funds would be used to provide loans and grants for small businesses.

Mayor Nutter yesterday announced that $27 million in federal stimulus funds would be used to provide loans and grants for small businesses.

The funds will be divided among five programs, providing support for capital projects and energy-efficiency improvements. Nutter said the effort will help maintain and grow jobs in the city.

"As everyone knows this is the worst recession since the Great Depression and the number-one issue in Philadelphia and the country is jobs," said Nutter.

Through last October, the city had been awarded $157 million in funding through President Obama's $787 billion recovery act.

Applications for the business grant and loan programs are available at www.phila.gov and www.pidc-pa.org/developmentopportunities.asp.

The Philadelphia Industrial Development Corporation will hold an information session about a program offering gap financing for development projects on Feb. 5 at 1 p.m. at PIDC, on the 26th floor of 1500 Market St.

That will be followed by a session at 2 p.m. on loans for energy-efficiency improvements.