Small businesses in Philadelphia will be able to compete for $27 million in loans and grants, available through stimulus-funded programs, Mayor Michael Nutter said Wednesday.

The funding, which will be made available citywide on a competitive basis, includes:

• $4.5 million in gap financing for “last in” capital for shovel ready development projects.

• $9 million in Greenworks loans for energy efficiency improvements to buildings and equipment, which will be available in loans from about $100,000 to $1 million or more.

• $500,000 in Greenworks rebates for energy efficiency improvements to buildings and equipment, which will be available as rebates of up to $10,000.

• $13 million in Recovery Zone Facility Bonds for capital projects — new construction, rehabilitation and expansion of existing facilities.

The Philadelphia Industrial Development Corp.  will hold an information session for businesses interested in applying for gap financing on Feb. 5 at 1 p.m., 1500 Market St. (Centre Square West), 26th floor. An information session for the Greenworks rebate will be held Feb. 9 at 2 p.m. in the Mayor’s Reception Room at City Hall.

Applications for funding are available on PIDC’s Web site  and through the city’s Business Services Portal.

Thursday, January 28, 2010, 10:34am EST - Philadelphia Business Journal - by Athena D. Merritt, Staff Writer