The Philadelphia Department of Commerce is a very important organization, which looks after the major economic development activities of the city. The aim of Philadelphia Department of Commerce is to induce, coordinate as well as promote economic improvements in various areas of the city. In order to fulfill this aim, it formulates as well as implements certain strategies for the economic development of the City of Philadelphia.
The City of Philadelphia Department of Commerce works in collaboration with some delegate agencies of the city. It develops commercial strategies with agencies like Philadelphia Industrial Development Corporation, the Redevelopment Authority and the Philadelphia Commercial Development Corporation. It helps multinational corporations as well as small business firms to thrive.
A division of the Philadelphia Department of Commerce is the MBAT or the Mayor's Business Action Team. It offers excellent assistance to the various businesses of Philadelphia. MBAT is very crucial for mediating between the corporate world and the Department of Commerce.
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The Philadelphia Department of Commerce also works in collaboration with non-profit agency named IVC or International Visitors Council. It handles the leadership exchange programs of State Department and also organizes meetings for important delegations.
The various assistance programs of Philadelphia Department of Commerce are:
- Keystone Opportunity Zones or KOZs: Those companies that are located in any of the KOZs designated by the State, are excused from paying various kinds of business taxes.
- Brownfields Program: This program is conducted with private developers and local organizations for economic development.
- Empowerment Zones or Renewal Communities: These are certain federal programs that provide various business-related resources to Philadelphia.
The programs and services of Philadelphia Department of Commerce influence the development of the city's trade and industry thereby providing a boost to the economy.
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