September 21, 2020
Economy League of Greater Philadelphia is the recipient of a $300,000 grant from the U.S. Department of Commerce that will go toward a future program to bring capital and business connections to Black and brown founders.
The grant comes from the Economic Development Administration’s (EDA) Build to Scale program which consists of three separate competitions — the Venture Challenge, Capital Challenge and Industry Challenge.
The Economy League was awarded grant money in the Capital Challenge, which seeks to increase access to capital in cities and communities where risk capital is in short supply. Economy League Executive Director Jeff Hornstein told Technical.ly the grant will primarily fund the start up of PAGE Procurement Prep, a business development program aiming to help local Black and brown entrepreneurs build their businesses’ capacity to work with institutional supply chains that are usually controlled by “anchor institutions” and large corporations.