By Lynne Adkins

PHILADELPHIA (CBS) — The City of Philadelphia is announcing a new effort to keep young, startup companies — and their jobs — in town.

The goal of the organization “Startup PHL” is to help struggling entrepreneurs grow their businesses here, so they don’t have to move elsewhere to get the financing they need to survive.

Mayor Michael Nutter says the city is partnering with the Philadelphia Industrial Development Corporation to offer $3 million, which will be matched by private industry.  A private company will manage the money and select the businesses to fund.

“Philly is a perfect place for founders, people looking to start businesses, and make things,” Mayor Nutter said today, “and it is the small businesses and entrepreneurs who drive the economy and get the job done every day.”

The program also contains money for people with great ideas on ways to help startups succeed and flourish in Philadelphia.