The team has been taking applications this week, but the deadline is coming up on Sunday, August 2.
The five small businesses will receive $100,000 in advertising during the upcoming Stanley Cup Playoffs and then during the next regular season.
The advertising packages include radio commercials and digital and social media promotions.
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When hockey returns to the Wells Fargo Center, the ads will be displayed in the arena on the LED signage.
At least two of the advertising packages will be prioritized for Black-owned businesses.
"We want to hear their story. We want to tell the Philadelphia and the greater Philadelphia community, the story of these businesses," said Valerie Camillo, President of Business Operations for the Philadelphia Flyers and Wells Fargo Center.
"Our goal is to drive them customers and sales. They need that right now. And so, we recognize as well that so many of these small businesses may not have robust marketing capabilities: the ability to record a radio spot, or develop a digital marketing app. And so in addition to just the advertising package, they're also going to get the support of our marketing team to help them tell that story and bring it to life," Camillo added.
To be eligible, businesses must be independently owned and operated, have reported no more than $3 million in annual revenue over the past three years, directly impacted by COVID-19, and operated within the Greater Philadelphia area.