Pidc Community Capital

PIDC COMMUNITY CAPITAL IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION CREATED TO ATTRACT RESOURCES FOR COMMUNITY LENDING & TECHNICAL ASSISTANCE IN UNDERSERVED NEIGHBORHOODS.

SEE SCHEDULE OSUPPORTING GROWING BUSINESSES: PIDC CC INVESTS FLEXIBLE, AFFORDABLE CAPITAL IN GROWING LOCAL BUSINESSES BECAUSE THEY CREATE JOBS, BUILD WEALTH FOR ENTREPRENEURS, AND STABILIZE NEIGHBORHOODS. WE RECOGNIZE THAT LOCAL SMALL BUSINESSES ARE THE BACKBONE OF PHILADELPHIA'S ECONOMY AND THAT MANY OF THEM WERE MOST AFFECTED BY THE PANDEMIC. PIDC CC FILLS CRITICAL FUNDING GAPS FOR BUSINESS OWNERS WHO MIGHT LACK ACCESS TO TRADITIONAL CAPITAL. PIDC CC'S LOAN PORTFOLIO COMPRISES THE FOLLOWING LOAN PRODUCTS: (1) WORKING CAPITAL AND EQUIPMENT LOANS: DESIGNED TO SUPPORT SMALL AND MIDSIZE BUSINESSES AND NONPROFITS THAT NEED TERM FINANCING FOR WORKING CAPITAL, EQUIPMENT, OR LEASEHOLD IMPROVEMENTS. (2) CAPITAL PROJECT LOANS: SUPPORT BUSINESSES AND NONPROFITS UNDERTAKING CAPITAL PROJECTS SUCH AS BUILDING ACQUISITION, RENOVATION, LEASEHOLD IMPROVEMENTS, OR EQUIPMENT THAT NEED ADDITIONAL FINANCING TO COMPLETE THE PROJECT. (3) CONTRACT LINES OF CREDIT: SUPPORT SMALL, MINORITY, WOMEN AND DISABLED OWNED BUSINESSES THAT NEED LINES OF CREDIT TO FUND CONTRACT RELATED WORKING CAPITAL. (4) NEIGHBORHOOD DEVELOPMENT LOANS: PROVIDE AFFORDABLE FINANCING TO FILL FUNDING GAPS FOR DEVELOPERS OF MIXED-USE, COMMERCIAL, AND INDUSTRIAL PROJECTS LOCATED THROUGHOUT PHILADELPHIA'S NEIGHBORHOODS. THIS PRODUCT TARGETS SMALL-SCALE DEVELOPERS THAT ARE COMPLETING DEVELOPMENT PROJECTS, WHICH GENERALLY HAVE PROJECT COSTS UNDER $5 MILLION. (5) COMMERCIAL MORTGAGE LOANS: PROVIDES SUPPORT TO SMALL BUSINESSES AND NONPROFITS THAT NEED FINANCING TO PURCHASE BUILDINGS THAT THEY EITHER CURRENTLY OCCUPY OR INTEND TO RELOCATE. THE COMMERCIAL MORTGAGE LOAN PRODUCT IS TARGETED TO SMALL BUSINESSES OWNED BY MINORITIES, WOMEN, IMMIGRANTS, VETERANS, OR OTHER DISADVANTAGED POPULATIONS, AS WELL AS NONPROFITS AND BUSINESSES LOCATED IN LOW-INCOME COMMUNITIES.THROUGHOUT 2021, PIDC INVESTED MORE THAN $10M OF CAPITAL TO SMALL AND MIDSIZE BUSINESSES IN EVERY CORNER OF PHILADELPHIA. WE SUPPORTED THE GROWTH OF COMPANIES SUCH AS TORRADO CONSTRUCTION, A MINORITY BUSINESS ENTERPRISE (MBE) AND COMMERCIAL CONSTRUCTION FIRM, THROUGH PIDC'S REBUILD CONTRACT LINE OF CREDIT, WHICH PROVIDES SUPPORT TO SMALL-, MINORITY-, WOMEN-, AND DISABLED-OWNED BUSINESSES IN NEED OF A LINE OF CREDIT TO FUND REBUILD CONTRACT-RELATED RECEIVABLES. RIVERWARDS PRODUCE MARKET, A NEIGHBORHOOD PRODUCE MARKET, LEASED AND RENOVATED A 3,000 SQUARE FOOT HISTORIC WAREHOUSE IN OLD CITY WITH THE HELP OF A PIDC WORKING CAPITAL AND EQUIPMENT LOAN - A LOAN FOR SMALL AND MIDSIZE BUSINESSES AND NONPROFITS THAT NEED AFFORDABLE TERM FINANCING TO SUPPORT OPERATING CASH FLOW, INVENTORY, OR LEASEHOLD IMPROVEMENTS. FRANNY LOU'S PORCH, A BLACK-OWNED AND WOMEN-OWNED KENSINGTON-BASED CAF THAT INVITES COMMUNITY ACTIVISM AND CULTURAL AWARENESS, PURCHASED A BUILDING USING PIDC'S COMMERCIAL MORTGAGE LOAN, A FINANCING SOLUTION FOR SMALL BUSINESSES AND NONPROFITS SEEKING TO PURCHASE NEW OR EXISTING LOCATIONS. THE SHEWARD PARTNERSHIP, AN AWARD-WINNING ARCHITECTURE, PLANNING, URBAN DESIGN, AND SUSTAINABILITY CONSULTING FIRM LOCATED IN CENTER CITY, RENOVATED A 10,000 SF HISTORIC BUILDING IN CENTER CITY PHILADELPHIA WITH THE PIDC CAPITAL PROJECT LOAN.IN 2020, PIDC CREATED NEW FINANCIAL RELIEF PRODUCTS, LEVERAGED TECHNOLOGY TO DELIVER BUSINESS SUPPORT SERVICES TO MORE BUSINESSES THAN WE EVER HAD BEFORE, AND FORGED NEW PARTNERSHIPS WHILE STRENGTHENING EXISTING ONES. IN JULY 2020, PIDC LAUNCHED THE RESTART PHL LOAN PROGRAM DESIGNED TO PROVIDE FLEXIBLE LOW-COST CAPITAL TO SMALL BUSINESSES WITH LESS THAN $5M IN REVENUE AS THEY RE-IMAGINED, PIVOTED, AND SUSTAINED THEIR BUSINESSES DURING THIS UNPRECEDENTED TIME. THIS PROGRAM PROVIDES FINANCIAL SUPPORT FOR COSTS ASSOCIATED WITH IMPROVED BUSINESS RESILIENCE OR GROWTH, INCLUDING WORKING CAPITAL, FIT-UP, INVENTORY, TECHNOLOGY, MOBILIZATION, RE-HIRING, AND EMPLOYEE TRAINING. THE FUND AIMS TO INVEST IN HISTORICALLY DISADVANTAGED COMMUNITIES WITH A SPECIFIC FOCUS ON MINORITY, WOMEN, AND IMMIGRANT-OWNED BUSINESSES LOCATED ON COMMERCIAL CORRIDORS IN LOW-INCOME AREAS. IN 2021, PIDC PROVIDED A TOTAL OF $3.3M IN FINANCING FOR 29 SMALL BUSINESSES THROUGH THE RESTARTPHL LOAN, WHICH RANGED FROM $25,000 TO $250,000.NEW RESOURCES HAVE BEEN NECESSARY TO ADDRESS THE SEVERE ECONOMIC IMPACTS OF THE PANDEMIC. PIDC CREATED NEW FINANCIAL RELIEF PRODUCTS, LEVERAGED TECHNOLOGY TO DELIVER BUSINESS SUPPORT SERVICES TO MORE BUSINESSES THAN WE EVER HAD BEFORE, AND FORGED NEW PARTNERSHIPS WHILE STRENGTHENING EXISTING ONES. WE WERE INCREDIBLY PROUD TO LAUNCH MANY INNOVATIVE PROGRAMS TO SUPPORT ENTREPRENEURS AND SMALL BUSINESS OWNERS ACROSS PHILADELPHIA AND THE MANY PEOPLE WHO RELY ON THESE EMPLOYERS FOR THEIR LIVELIHOOD DURING THIS UNPRECEDENTED CRISIS.IN ADDITION TO PROVIDING CAPITAL INVESTMENT, PIDC CC ALSO PROVIDES BUSINESS SUPPORT SERVICES INCLUDING EDUCATIONAL WORKSHOPS, ONE-ON-ONE COUNSELING, AND NETWORKING EVENTS DESIGNED TO CONNECT BUSINESS OWNERS TO THE KNOWLEDGE AND NETWORKS THEY NEED TO SUPPORT GROWTH. IN 2021, WE FURTHER EXPANDED OUR BUSINESS SUPPORT SERVICES - EDUCATIONAL WORKSHOPS, ONE-ON-ONE COUNSELING, AND NETWORKING EVENTS - DESIGNED TO SUPPORT BUSINESS GROWTH. IN 2021, PIDC HOSTED 59 WORKSHOPS WITH MORE THAN 1,900 ATTENDEES. TOPICS INCLUDED EMERGENCY FUNDING PROGRAMS FROM THE U.S. SMALL BUSINESS ADMINISTRATION, NEW PIDC FUNDING PROGRAMS, BUSINESS EDUCATION AND MENTORING PROGRAMS. PLUS, WE PARTICIPATED IN GLOBAL ENTREPRENEURSHIP WEEK WITH A PANEL OF THOUGHT-LEADERS DISCUSSING THE TOPIC, "WHAT THE FUTURE HOLDS FOR FUNDING ENTREPRENEURS OF COLOR."

SEE SCHEDULE ONEW MARKETS TAX CREDIT (NMTC) PROGRAM: PIDC CC SUPPORTS HIGH IMPACT, TRANSFORMATIONAL PROJECTS THROUGH THE NMTC PROGRAM. THE NMTC PROGRAM IS A FEDERAL TAX CREDIT PROGRAM DESIGNED TO GENERATE PRIVATE-SECTOR CAPITAL INVESTMENT IN LOW-INCOME AREAS. THE PROGRAM PERMITS INDIVIDUAL AND CORPORATE TAXPAYERS TO RECEIVE CREDIT AGAINST THEIR FEDERAL INCOME TAXES FOR MAKING QUALIFIED EQUITY INVESTMENTS IN PROJECTS THAT FINANCE COMMUNITY DEVELOPMENT, STIMULATE GROWTH, AND CREATE JOBS. IN 2021, PIDC INVESTED $32.6M THROUGH 23 LOANS IN 13 CATALYTIC PROJECTS IN NEIGHBORHOODS THROUGHOUT PHILADELPHIA. HERE ARE A FEW TRANSFORMATIONAL PROJECTS WITH PIDC INVESTMENTS:SUPRA | EMSCO, A MINORITY BUSINESS ENTERPRISE (MBE) AND DISADVANTAGED BUSINESS ENTERPRISE (DBE), ACQUIRED 9.6 ACRES OF INDUSTRIAL LAND FROM PIDC WITHIN A FEDERAL HUBZONE AND OPPORTUNITY ZONE TO CONSTRUCT A NEW OFFICE, CRYOPRESERVATION FACILITY, AND SAFETY STOCK WAREHOUSE IN WEST PARKSIDE. THE PROJECT HAS RECEIVED ONE OF THE LARGEST ALLOCATIONS OF NEW MARKETS TAX CREDITS IN PIDC'S HISTORY AND THE LARGEST ALLOCATION PIDC HAS COMMITTED TO ANY PROJECT WITHIN THE LAST 10 YEARS.UJIMA DEVELOPERS, A BLACK-OWNED REAL ESTATE DEVELOPMENT COMPANY, WILL ACQUIRE AND RENOVATE A 16,352 SF MIXED-USE PROPERTY ON AN IMPORTANT CORNER OF EAST PARKSIDE. THE PROPERTY WILL INCLUDE NINE AFFORDABLE RESIDENTIAL UNITS, 3,800 SF COMMERCIAL SPACE FOR A BLACK-OWNED PHYSICIAN'S GROUP PROVIDING CHIROPRACTIC AND PHYSICAL THERAPY, AND 4,000 SF OF ADDITIONAL EXTERIOR SPACE FOR OUTDOOR FOOD RETAIL BY BLACK-OWNED CHEFS AND OPERATORS. PIDC FUNDED THE RENOVATION OF TWO MIXED-USE TWO-STORY BUILDINGS LOCATED AT 4663 AND 4665 PAUL STREET FOR FRANKFORD COMMUNITY DEVELOPMENT CORPORATION, A NONPROFIT ORGANIZATION THAT PROVIDES AFFORDABLE HOUSING AND BUSINESS DEVELOPMENT RESOURCES TO THE FRANKFORD SECTION OF PHILADELPHIA. FRANKFORD COMMUNITY DEVELOPMENT CORPORATION WILL USE THE FUNDS TO CREATE EIGHT AFFORDABLE HOUSING UNITS AND TWO GROUND FLOOR COMMERCIAL SPACES. SINCE ITS INCEPTION, FRANKFORD CDC HAS WORKED ENDLESSLY TO PROVIDE INCREASED JOB OPPORTUNITIES, AFFORDABLE HOUSING, AND SUPPORT OF THE DEVELOPMENT OF INCREASED FINANCIAL RESOURCES THROUGH GROWING STABLE BUSINESSES.