PIDC-COMMUNITY CAPITAL
Programs
Program 1 [2020]
SEE SCHEDULE OSUPPORTING GROWING BUSINESSESPIDC 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 IS COMPRISED OF 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 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 THE YEAR, PIDC INVESTED MORE THAN $7.2M OF CAPITAL TO SMALL AND MID-SIZED BUSINESSES IN EVERY CORNER OF PHILADELPHIA. WE SUPPORTED THE GROWTH OF COMPANIES SUCH AS MILLIGAN GROUP LLC, A MINORITY- AND WOMEN BUSINESS ENTERPRISE (MBE/WBE) AND TELECOMMUNICATIONS COMPANY IN EAST MOUNT AIRY, THROUGH OUR CONTRACT LINE OF CREDIT DESIGNED FOR SMALL, MINORITY, WOMEN, AND DISABLED-OWNED COMPANIES NEEDING CAPITAL TO BRIDGE CONTRACT RECEIVABLES. FELT AND FAT, A CERAMIC TABLEWARE MANUFACTURER IN KENSINGTON, WAS ABLE TO FUND THE PURCHASE OF MACHINERY AS WELL AS WORKING CAPITAL REQUIREMENTS WITH THE HELP OF A WORKING CAPITAL AND EQUIPMENT LOAN - A LOAN FOR SMALL AND MIDSIZE BUSINESSES AND NONPROFITS THAT NEED TERM FINANCING FOR WORKING CAPITAL, EQUIPMENT, OR LEASEHOLD IMPROVEMENTS. PHILLY FOODWORKS, AN ONLINE MARKET AND FARM SHARE PROGRAM IN ALLEGHENY WEST, PURCHASED A WAREHOUSE FOR ITS OPERATIONS WITH A COMMERCIAL MORTGAGE LOAN DESIGNED FOR SMALL BUSINESSES AND NONPROFITS TO PURCHASE THEIR EXISTING LOCATIONS.IN 2020, IT BECAME CLEAR THAT NEW RESOURCES WOULD BE 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. 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 2020, PIDC PROVIDED A TOTAL OF $1.5M IN FINANCING FOR 13 SMALL BUSINESSES THROUGH THE RESTARTPHL LOAN, WHICH RANGED FROM $25,000 TO $250,000.THE 2020 STATE BUDGET INCLUDED $2.6 BILLION IN FEDERAL STIMULUS FUNDS THROUGH THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES). WITHIN THIS ALLOCATION, THE DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT (DCED) WAS ALLOCATED $225M FOR COVID-19 RELIEF TO SMALL BUSINESSES THROUGH DISTRIBUTION TO COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS). THE PROGRAM PROVIDED GRANTS RANGING FROM $5,000 TO $50,000 TO SMALL BUSINESSES THAT HAVE BEEN ECONOMICALLY IMPACTED BY COVID-19. THESE BUSINESSES ARE AT LEAST 51% OWNED AND OPERATED BY BLACK, HISPANIC, NATIVE AMERICAN, ASIAN AMERICAN, OR PACIFIC ISLANDER INDIVIDUALS WHO HAVE TRADITIONALLY BEEN DISCRIMINATED AGAINST AND DISADVANTAGED WHEN SEEKING FINANCIAL SERVICES AND FINANCIAL PRODUCTS.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 2020, WE FURTHER EXPANDED OUR BUSINESS SUPPORT SERVICES - EDUCATIONAL WORKSHOPS, ONE-ON-ONE COUNSELING, AND NETWORKING EVENTS - DESIGNED TO SUPPORT BUSINESS GROWTH. IN MARCH 2020, ALL IN-PERSON SERVICES TRANSITIONED TO A VIRTUAL ENVIRONMENT AS WE CONTINUED TO CONNECT PHILADELPHIA'S SMALL BUSINESS COMMUNITY TO TRUSTED KNOWLEDGE AND RESOURCES. PIDC HOSTED 46 WORKSHOPS WITH MORE THAN 2,700 ATTENDEES. TOPICS INCLUDED NAVIGATING LEGAL MATTERS AS A BUSINESS OWNER, MANAGING BUSINESS IMPACTS AND RESPONSES TO COVID-19, MANAGING CASH FLOW, BUILDING CREDIT, ACCESSING FINANCIAL RESOURCES, AND MAINTAINING EMOTIONAL WELL-BEING DURING THE PANDEMIC AND CIVIL UNREST.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$7.2MProgram 2 [2020]
SEE SCHEDULE ONEW MARKETS TAX CREDIT (NMTC) PROGRAMPIDC 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 TAX PAYERS 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 2020, PIDC INVESTED $40M THROUGH 16 LOANS IN CATALYTIC PROJECTS IN NEIGHBORHOODS THROUGHOUT PHILADELPHIA. HERE ARE A FEW TRANSFORMATIONAL PROJECTS WITH PIDC INVESTMENTS:IN OCTOBER 2020, A GROUNDBREAKING CEREMONY WAS HELD FOR SHARSWOOD RIDGE. LOCATED AT 2077 RIDGE AVENUE IN THE NORTH PHILADELPHIA NEIGHBORHOOD OF SHARSWOOD, THE PROJECT IS A 234,000-SQUARE-FOOT MIXED-USE DEVELOPMENT THAT WILL CONSIST OF 45,000 SQUARE FEET OF RETAIL SPACE, INCLUDING A GROCERY STORE, AN URGENT CARE CENTER, AND OTHER COMMUNITY-SERVING RETAIL. THE PROJECT WILL ALSO INCLUDE 98 MIXED-INCOME RESIDENTIAL UNITS. SHARSWOOD RIDGE WILL ASSIST THE PHILADELPHIA HOUSING AUTHORITY (PHA) IN ITS ONGOING SHARSWOOD/BLUMBERG CHOICE NEIGHBORHOOD INITIATIVE, A COMPREHENSIVE NEIGHBORHOOD TRANSFORMATION PLAN DESIGNED TO ELEVATE THE QUALITY OF LIFE FOR LOCAL RESIDENTS THROUGH IMPROVED HOUSING, LOCAL JOB CREATION, NEIGHBORHOOD-SERVING RETAIL, COMMERCIAL SERVICES, AND PUBLIC GREEN SPACE. THE PROJECT DEVELOPER, SHARSWOOD PARTNERS, LLC, IS A PARTNERSHIP BETWEEN PIDC CLIENTS MOSAIC DEVELOPMENT PARTNERS AND SHIFT CAPITAL, TWO PHILADELPHIA-BASED COMMUNITY-FOCUSED DEVELOPERS COMMITTED TO DELIVERING SOCIAL IMPACT IN UNDER-INVESTED AND MARGINALIZED URBAN NEIGHBORHOODS. PIDC HELPED FUND THE ACQUISITION AND RENOVATION OF A 37,848-SQUARE-FOOT COMMERCIAL BUILDING AT 100 N 63RD ST. IN WEST PHILADELPHIA INTO A SPACE FOR GROWING MBE COMPANIES. PIDC FUNDING ENABLED THE OWNER OF AMERICAN POWER ELECTRICAL SUPPLY, A FULL-SERVICE, FULL-LINE MBE ELECTRICAL SUPPLY WHOLESALE AND RETAIL COMPANY, TO PURCHASE THE SPACE IT HAD BEEN RENTING AND TO COMPLETE NEEDED CAPITAL IMPROVEMENTS. OTHER OCCUPANTS INCLUDE PRIDE ENTERPRISES, A MINORITY BUSINESS ENTERPRISE (MBE) CONSTRUCTION CONTRACTOR; TEAM CLEAN, AN MBE/WBE COMMERCIAL JANITORIAL SERVICES COMPANY; AND A COMMUNITY CHURCH. THE PROJECT RECEIVED FUNDING FROM PIDC'S IMPACT DEVELOPMENT FUND, AN INNOVATIVE LOAN PROGRAM CAPITALIZED WITH NEW MARKETS TAX CREDITS. WITH LOW-COST, FLEXIBLE LOAN TERMS, THE IMPACT DEVELOPMENT FUND PROVIDES CAPITAL FOR NEIGHBORHOOD-BASED DEVELOPMENT, DRIVING REVITALIZATION IN UNDER-INVESTED URBAN NEIGHBORHOODS THAT ARE OFTEN OVERLOOKED BY TRADITIONAL LENDERS.IN JANUARY 2020, THE CLAY STUDIO BROKE GROUND ON ITS NEW SOUTH KENSINGTON CERAMIC FACILITY, WHICH IS SLATED TO OPEN IN FALL 2021. THE GROUNDBREAKING WAS THE CULMINATION OF A $13.7M CAPITAL CAMPAIGN, SUPPORTED BY AN ALLOCATION OF NEW MARKETS TAX CREDITS FROM PIDC AND ADDITIONAL FUNDING FROM LISC, REINVESTMENT FUND, AND WELLS FARGO. LOCATED AT 1425 N. AMERICAN STREET, THE NEW FACILITY IS A MILESTONE FOR THE NEARLY 50-YEAR-OLD CLAY STUDIO THAT WILL BE ABLE TO BETTER SERVE PHILADELPHIA'S THRIVING ARTISTS AND ARTS COMMUNITY WITH STATE-OF-THE-ART STUDIOS, NEW GALLERY SPACES, LARGER CLASSROOMS, AND MORE.WITH THE HELP OF NEW MARKETS TAX CREDITS FROM PIDC AND CAPITAL ONE BANK, THE BOYS AND GIRLS CLUB OF PHILADELPHIA IS CREATING THE RALPH J. ROBERTS BOYS & GIRLS CLUB. LOCATED IN GERMANTOWN, THE PROJECT WILL CREATE THE RALPH J. ROBERTS BOYS & GIRLS CLUB BY TRANSFORMING THE ENTIRE INTERIOR OF THE EXISTING HISTORIC STRUCTURE INTO A MODERN 64,405 SQUARE FOOT FACILITY. COMMITTED TO MAINTAINING THE HISTORICAL INTEGRITY OF THE BUILDING, THE BOYS AND GIRLS CLUB PLANS TO LEAVE THE EXTERIOR OF THE BUILDING AS IS AND PRESERVE THE HISTORICAL APPEARANCE AND NATURE OF THE BUILDING. THE 100+ YEAR OLD YOUTH-SERVING NONPROFIT ORGANIZATION PROVIDES EMPLOYMENT, RECREATION, LEADERSHIP, ARTS EDUCATION, AND HEALTHY MEALS TO LOW-INCOME YOUTH.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$832.1KNew Markets Tax Credit Program
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. PIDC ALLOCATED $25.7M OF NEW MARKET TAX CREDITS TO SIX HIGH-IMPACT PROJECTS IN PHILADELPHIA. THE NMTC PROGRAM IS A US TREASURY PROGRAM WHICH UTILIZES FEDERAL TAX CREDITS TO ATTRACT PRIVATE INVESTMENT IN LOW-INCOME COMMUNITIES. THESE PROJECTS CREATE QUALITY JOBS, PROVIDE ESSENTIAL GOODS AND SERVICES, AND STIMULATE ADDITIONAL INVESTMENT IN OUR NEIGHBORHOODS. PIDC HAS WON OVER $418 MILLION IN NMTC ALLOCATION BETWEEN 2007 AND 2023 AND DEPLOYED $373 MILLION IN TAX CREDIT ALLOCATION SINCE 2007.WEAVERS WAY CO-OP - WEAVERS WAY CO-OP, A NATURAL FOOD STORE, EXPANDED INTO THE GERMANTOWN NEIGHBORHOOD, WITH THE GOAL OF PROVIDING FRESH FOOD AND IMPROVING ACCESS TO HEALTHY AND LOCAL FOODS IN A HIGH POVERTY AREA. THIS NATURAL FOOD STORE WILL HELP REVITALIZE THE CHELTEN AVENUE COMMERCIAL CORRIDOR AND PROVIDE JOBS FOR LOCAL RESIDENTS.THE PROJECT RECEIVED $4 MILLION IN NMTC ALLOCATION FROM PIDC CC TO SUPPORT THE FULL $8.95 MILLION PROJECT.GeographiesNot indicatedDatesJan 1, 2023 – Dec 31, 2023Source990No causes providedNo populations provided–$3.4M
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