Philadelphia’s immigrant-owned small businesses play a crucial role in the city’s economy, accounting for over a third of businesses in commercial corridors. Despite their economic significance, these business owners face substantial barriers to building long-term wealth, including limited access to business succession planning resources and challenges in acquiring the commercial properties where they operate. These issues disproportionately impact historically marginalized communities, particularly Black, Latino, and Asian populations, widening the equity gap and threatening neighborhood stability.
The City of Philadelphia is addressing these challenges by developing a comprehensive business succession planning and commercial real estate acquisition program. The initiative will include a strategic toolkit tailored to immigrant entrepreneurs’ needs that provides guidance on succession planning, business valuation, and property ownership transition strategies. The city will also create a scope of work for ongoing training and technical assistance, pilot test the toolkit with community businesses, establish partnerships with community-based organizations and financial institutions, and co-design a mortgage pre-approval program with guaranteed down-payment assistance grants. This approach aims to empower immigrant entrepreneurs, preserve cultural and economic assets, and create a sustainable framework for expanding affordable homeownership opportunities in Philadelphia’s diverse commercial corridors.
