by PIDC
September 15, 2020
Categories: Restart Action Plan,
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1. RESPOND
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2. RESTART
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3. RECHARGE
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4. REIMAGINE
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In July, we announced our full recovery plan, detailing each phase in the blog, Racism, Equality, & Restarting our Economy.
The second phase, PIDC’s RESTART Action Plan, focuses on how we are adapting the following three core strategies to meet Philadelphia’s needs to drive an equitable economic recovery and “reopen with care” at this critical time:
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Support Growth & Resilience of Businesses
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Invest in High-impact Community Revitalization
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Catalyze Opportunities for Inclusive Growth
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Throughout the year, we are keeping you updated on progress toward our RESTART Action Plan by highlighting various examples of what we have done, so far, to support our strategies.In case you missed it, last month, we shared an update on how we are catalyzing opportunities for inclusive growth with the announcement that PIDC selected a team comprised of Ensemble Real Estate Investments and Mosaic Development Partners as its development partners for 109 acres of the Navy Yard. Below are a few more actions we’ve taken to support our RESTART Action Plan.
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[av_heading heading=’Business Builder Webinars’ tag=’h3′ style=” size=” subheading_active=” subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”][/av_heading]
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Over the past few months, PIDC hosted multiple webinars linking Philadelphia’s small business community to trusted knowledge and resources. 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. To deliver these workshops, we partnered with Lendistry, Scattergood Foundation, City of Philadelphia Commerce Department, Philadelphia Department of Public Health, SBA, Women’s Business Enterprise Center (WBEC), The O’Connor Group, Vedere Group, Team Clean, C.H. Bonnett & Company, Saul Ewing Arnstein & Lehr, Faegre Drinker Biddle & Reath LLP, PACDC, and more. Check our events web page for upcoming fall webinar announcements.
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PIDC launched a website specifically for helpful business resources during this COVID-19 pandemic. This includes a list of funding resources for small businesses that is updated on a regular basis with new programs and status updates as availability of resources changes.
The site also includes resources for business support, employment & unemployment information, taxes, public health alerts, and city updates. The site is using a web-based translate function to make this critical content available in 10 languages for wider accessibility.
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[av_heading heading=’PAID Receives CARES Act Funding for P.A. Small Businesses’ tag=’h3′ style=” size=” subheading_active=” subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”][/av_heading]
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Recently, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $35.5 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic across Pennsylvania. Philadelphia Authority for Industrial Development (PAID) will receive a $7.45M EDA CARES Act Recovery Assistance grant. Managed by PIDC, PAID serves as a conduit for governmental contract and grant program funding for economic development projects throughout the City.
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In July, PIDC launched the Restart PHL Loan program which provides flexible low-cost capital to small businesses with less than $5M in revenue for costs associated with improved business resilience or growth, including working capital, fit-up, inventory, technology, mobilization, re-hiring, and employee training. The fund was targeted to historically disadvantaged communities with a specific focus on minority, women, and immigrant-owned businesses located on commercial corridors in low-income areas.
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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 $5 million in annual revenue to help maintain payroll obligations and preserve jobs.The Relief Fund was made possible thanks to funding from the City of Philadelphia and PIDC, as well as generous contributions from the Daniel B. and Florence E. Green Foundation, Citizens Bank, PNC Foundation, the Knight Foundation, M&T Bank, and BB&T Bank (now Truist). An initial findings report on the fund was released in June.
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[av_heading heading=’COVID-19 Relief Pennsylvania Statewide Small Business Assistance program’ tag=’h3′ style=” size=” subheading_active=” subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”][/av_heading]
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PIDC partnered with 17 other CDFIs to administer the recently closed COVID-19 Relief Pennsylvania Statewide Small Business Assistance program which provides grants ranging from $5,000 to $50,000 to small businesses that have been economically impacted by COVID-19. The program gives additional consideration to women-owned businesses, communities targeted for business investment by state government programs like Main Street and Elm Street, and rural communities. Plus, at least 50% of the grants to small businesses will be awarded to historically disadvantaged businesses. Historically disadvantaged businesses are at least 51% owned and operated by persons who are Black, Hispanic, Native American, Asian American, or Pacific Islander because they have traditionally been discriminated against and disadvantaged when seeking financial services and financial products.
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READ THE FULL ACTION PLAN
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Check out our RESTART Action Plan for more details on how we will continue to respond to the needs of our community. We welcome new ideas and opportunities for partnership.
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READ MORE OF OUR THOUGHTS ON RACISM, EQUALITY, & RESTARTING OUR ECONOMY
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READ MORE ABOUT PHILADELPHIA’S BROADER PLAN FOR INCLUSIVE ECONOMIC RECOVERY
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Philadelphia’s full Economic Recovery Plan, which includes PIDC’s RESTART Action Plan, is based upon a broader recovery framework set by the City of Philadelphia. The City’s Economic Recovery Plan provides strategic, sustained solutions to address problems caused, or in many cases exacerbated, by the pandemic.
Learn More
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