Small businesses in Philadelphia have applied for 30% more in aid than what's available through a $10 million Paycheck Protection Program initiative from the city and Goldman Sachs, the Philadelphia Business Journal reports.
Lendistry, the community development financial institution coordinating the application process for the city and Goldman Sachs, said 302 Philadelphia-area businesses have applied for the program’s funds. Those requests will be handled on a first come, first served basis. Lendistry could not immediately provide the average figure of what a Philadelphia business was seeking. At $13 million in requests and 302 applicants, the average request breaks down to around $43,000.
The $10 million program, launched on Friday, is focused on small businesses in the region's urban communities that were unable to secure loans through an approved PPP lender. It is unclear if applications are still being accepted.