PIDC-LOCAL DEVELOPMENT CORPORATIONPub 78
Pub 78
Programs
Program 1 [2020]
SEE SCHEDULE OSUPPORTING GROWING BUSINESSES: PIDC-LDC PROVIDES INVESTMENT CAPITAL TO PHILADELPHIA'S GROWING TECHNOLOGY-BASED, SEED STAGE BUSINESS COMMUNITY. PIDC-LDC ACTIVELY WORKS TO CULTIVATE PHILADELPHIA'S ENTREPRENEUR CLIMATE AND PROVIDES FINANCING TO BRIDGE THE PERIOD BETWEEN THE EARLY DEVELOPMENT OF INTELLECTUAL PROPERTY AND THE POINT AT WHICH A COMPANY ATTRACTS THE ATTENTION OF VENTURE CAPITAL. A COLLABORATIVE EFFORT BETWEEN THE CITY OF PHILADELPHIA'S DEPARTMENT OF COMMERCE AND PIDC, STARTUPPHL AIMS TO SUPPORT ENTREPRENEURS IN THE CITY WHO BRING ENERGY, IDEAS, AND VITALITY TO PHILADELPHIA AS WELL AS FURTHER ENABLE THE EXISTING ENTREPRENEURIAL TALENT THAT RESIDES IN THE CITY'S DIFFERENT NEIGHBORHOODS TO FLOURISH. BEN FRANKLIN TECHNOLOGY PARTNERS IS THE INVESTMENT FUND MANAGER FOR THE STARTUPPHL SEED FUND. WITH CAPITAL FROM PIDC AND BEN FRANKLIN TECHNOLOGY PARTNERS, THE FUND HAD MADE 11 INVESTMENTS IN A DIVERSE RANGE OF ENTREPRENEURS BY THE CLOSE OF 2020.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$334KProgram 2 [2020]
INVESTING IN HIGH IMPACT COMMUNITY REVITALIZATION: PIDC-LDC INVESTS IN HIGH-IMPACT COMMUNITY REVITALIZATION PROJECTS TO BRING CRITICAL GOODS AND SERVICES, CREATE JOBS, AND ELIMINATE BLIGHT THROUGHOUT THE CITY OF PHILADELPHIA. IN 2020, PIDC INVESTED $40M THROUGH 16 LOANS IN CATALYTIC PROJECTS IN NEIGHBORHOODS THROUGHOUT PHILADELPHIA.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$4.6MProgram 3 [2020]
CONTRACT MANAGEMENT: MANAGE VARIOUS LOANS AND GRANT PROGRAMS ON BEHALF OF THE CITY OF PHILADELPHIA, COMMONWEALTH OF PENNSYLVANIA AND FEDERAL AGENCIES THAT SERVE TO RETAIN AND GROW EMPLOYMENT IN PHILADELPHIA. IN MARCH, THE CITY OF PHILADELPHIA AND PIDC LAUNCHED THE PHILADELPHIA COVID-19 SMALL BUSINESS RELIEF FUND AS A TIERED GRANT AND LOAN PROGRAM DESIGNED TO SUPPORT PHILADELPHIA SMALL BUSINESSES THAT MAKE UNDER $5M IN ANNUAL REVENUE TO HELP MAINTAIN PAYROLL OBLIGATIONS AND PRESERVE JOBS. THIS FUND WAS DESIGNED TO SUPPORT BUSINESSES THAT WERE AFFECTED BY SHUTDOWNS DURING THE PANDEMIC. MORE THAN $13.3M WAS AWARDED TO 2,083 SMALL BUSINESSES IN PHILADELPHIA.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$2.6M
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