NMTC
May 23, 2019
PIDC Announces a $45 Million Allocation in U.S. Treasury New Markets Tax Credits
The sixth award for PIDC Community Capital for a total of $313 million in New Markets Tax Credit allocations over eleven years PHILADELPHIA (May 23, 2019) – PIDC today announced its CDFI subsidiary, PIDC Community Capital, was awarded $45 million in New Markets Tax Credit (NMTC) allocation from the U.S. Treasury Department’s Community Development Financial Institutions
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May 15, 2019
City of Philadelphia and PIDC Announce $5 Million Investment to Expand Entrepreneurial Resources for People of Color, Women, and Immigrants
[av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”] The City of Philadelphia and PIDC, Philadelphia’s public-private economic development corporation, today announced a $5 million investment to fund a significant expansion of resources to support entrepreneurship and business growth by people of color, women, and immigrants. The new initiative—listed as a priority in the City’s
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April 27, 2019
PIDC IMPACT DEVELOPMENT ADVISORY COMMITTEE
For nearly two years, PIDC has been working with a 100+ member Advisory Committee on Impact Development that includes for-profit and nonprofit developers, community development organizations, bankers, investors, philanthropic leaders, and city officials. The committee plays an important role in helping PIDC to understand challenges, gaps, and opportunities for impactful real estate projects so that
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April 26, 2019
PIDC HAS MOVED!
[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”] PIDC has moved up, literally, and we couldn’t be more excited! We’ve packed up and moved to a not-so-distant location within our same Centre Square building on
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April 26, 2019
HOME HERO
[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”] Known as the only “super-powered handyman service” in the city, Home Hero specializes in performing repairs that are “too small for mere mortal contractors,” hence the name.
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March 28, 2019
PERSPECTIVES ON THE WORKFORCE IN NORTH PHILADELPHIA
[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”] Temple University’s Lenfest North Philadelphia Workforce Initiative (LNPWI) seeks to strengthen the earning potential of local communities by providing programs and training that result in outcomes that
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March 28, 2019
SPOTLIGHT ON WOMEN-OWNED BUSINESSES
PIDC is proud to support women-owned businesses in Philadelphia. In 2018 alone, 22% of PIDC’s business lending went to women-owned businesses. In celebrating Women’s History Month, we are highlighting just a few of our many PIDC client businesses owned by women. We encourage you to shop at and support these clients and other women-owned businesses
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March 28, 2019
HAND IN HAND
[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”] PIDC client, Hand in Hand, is a beauty & body care company that produces natural, vegan, cruelty-free, palm oil free products, including bar soaps, body wash, sugar
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February 27, 2019
PIDC LOANS SUPPORT NEIGHBORHOOD IMPACT AND DEVELOPMENT
Over the past three years, PIDC has created two new loan products to spur impact commercial revitalization in Philadelphia’s low income communities. The Impact Development Fund, established in April of 2018, is an innovative use of New Markets Tax Credits that finances neighborhood development projects and operating businesses in communities often overlooked by lenders. The
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February 27, 2019
THE FUTURE OF WORK
PIDC engaged the Urban Land Institute of Philadelphia’s Technology and Competitiveness Council as a lead partner in this initiative. Together, we have convened a steering committee of external stakeholders to help us think about this topic and what some next steps and outcomes might look like. In addition to convening thought-leaders and stakeholders, this initiative
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February 26, 2019
SHIFT CAPITAL & IMPACT SERVICES TO JUMPSTART KENSINGTON
[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”] Recently, PIDC attended the first ever Jumpstart Kensington Developers’ Network Event. The event offered an opportunity to build meaningful relationships with community developers and learn about the
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February 26, 2019
WELCOME BRYN MAWR TRUST
[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”] Welcome to our newest investor, The Bryn Mawr Trust Company. Bryn Mawr Trust recently invested $2M in PIDC Community Capital. This new capital will allow PIDC to
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February 26, 2019
TRUE HAND
[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_image src=’https://pidcphilablog.com/wp-content/uploads/2019/02/true_hand_society_Credit_StaceySalterMoore_1100x456.jpg’ attachment=’6732′ attachment_size=’full’ align=’center’ styling=” hover=” link=” target=” caption=” font_size=” appearance=” overlay_opacity=’0.4′ overlay_color=’#000000′ overlay_text_color=’#ffffff’ animation=’no-animation’ custom_class=” admin_preview_bg=”][/av_image] [/av_one_full] [av_one_half first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=”
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February 26, 2019
PIDC WANTS TO SUPPORT IMPACT PROJECTS IN OPPORTUNITY ZONES
[av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”] PIDC has flexible debt designed to support for-profit and nonprofit borrowers with real estate projects located in designated Opportunity Zones in Philadelphia. The intent is to pair this financing with equity from certified Opportunity Funds to fill the gap in the capital stack for real estate
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January 30, 2019
MY INDEPENDENCE AT HOME
[av_one_half first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”] Pennsylvania has consistently been ranked as one of the top five “oldest” states in the nation, and is home to more than two million individuals 60 years
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January 30, 2019
NEW COMMERCIAL MORTGAGE LOAN AVAILABLE
As we kick off the New Year, PIDC is glad to announce a new product — the Commercial Mortgage Loan — supporting small businesses and nonprofits that need financing to purchase buildings that they either currently occupy or intend to relocate to. The Commercial Mortgage Loan was developed out of a capital need that PIDC
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January 30, 2019
BITTENBENDER CONSTRUCTION & BFW GROUP
[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” custom_class=” admin_preview_bg=”] PIDC’s Contract Line of Credit Loan is focused on getting small, minority, women, and disabled-owned contractors the funds they need to allow them to take on larger
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January 29, 2019
PIDC WRAPS UP 2018 & 60 YEARS
In 2018 PIDC celebrated its 60th anniversary—six decades of driving growth to every corner of Philadelphia. The Chamber of Commerce for Greater Philadelphia and City of Philadelphia came together 60 years ago to found PIDC. Since then, PIDC has worked with a diverse range of over 4,000 clients in which we have settled over 7,150
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