by PIDC
February 23, 2022
Categories: News,
Designed to support small businesses and nonprofits that need financing to purchase buildings that they either currently occupy or intend to relocate to, PIDC’s Commercial Mortgage Loan is targeted to small and midsize businesses owned or controlled by minorities, women, immigrants, veterans, LGBTQ+ people, or other disadvantaged populations.
Loan Amount: $50,000 to $750,000
Term: 5, 10, or 15 year term with a max amortization of 25 years
Interest Rate: Fixed rate – approximately 5.5% based on current interest rates. Interest rate review in year five for longer term loans
Uses: commercial property acquisition, construction, and renovation
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FEATURED CLIENTS
PIDC piloted this product in 2018 with two great neighborhood businesses. Since then, the program has expanded to include a multitude of diverse businesses and nonprofits. Here are a few of their stories.
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LUHV Food LLC
LUHV Food LLC is a woman- and Hispanic-owned manufacturing company dedicated to producing 100% nutritional vegan foods. The company has a vegan deli in Reading Terminal Market, wholesale in various stores, two storefronts, and is now further expanding with the help of PIDC’s Commercial Mortgage Loan.
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Custom Arts Studio
Custom Arts Studio is an award-winning, woman-owned company in Philadelphia specializing in custom art and design. The business is expanding from a studio-based operation to a 20th century Victorian property in Germantown. PIDC’s Commercial Mortgage Loan is assisting with the acquisition and renovation of the property. The Germantown ArtHaus, a nod to the early 20th Century German Bauhaus design school and Germantown’s German roots, will be housed in the new location. It is a creative hub with an art cafe, artist studios, and commercial office space for the creative community.
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Eatible Delights Catering
Eatible Delights Catering is a Black-owned full service, off-premise catering company that specializes in classic cuisine with a modern flair. With the help of PIDC’s Commercial Mortgage Loan, the owner, David Simms, was able to purchase a building on Wadsworth Avenue where the business relocated in November 2019.
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Learn more about the Commercial Mortgage Loan and submit an inquiry to PIDC.
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