PIDC-COMMUNITY CAPITAL

NEW 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.

SUPPORTING GROWING BUSINESSES: PIDC CC INVESTS FLEXIBLE, AFFORDABLE CAPITAL IN GROWING LOCAL BUSINESSES THE BACKBONE OF OUR ECONOMY BECAUSE THEY CREATE JOBS, BUILD WEALTH FOR ENTREPRENEURS, AND STABILIZE NEIGHBORHOODS. THROUGH A VARIETY OF FUNDING RESOURCES, EDUCATIONAL PROGRAMS, AND ONE-ON-ONE TECHNICAL SUPPORT, PIDC FILLS CRITICAL GAPS FOR BUSINESS OWNERS AND NONPROFIT LEADERS WHO LACK ACCESS TO TRADITIONAL CAPITAL. IN ADDITION, WE SUPPORT DEVELOPERS PRODUCING TRANSFORMATIVE PROJECTS THAT HAVE A POSITIVE, LASTING IMPACT ACROSS THE CITYPROVIDING JOBS, SERVICES, AND AMENITIES. PIDC CC'S LOAN PORTFOLIO COMPRISES 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 TO 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. IN 2023, PIDC ORIGINATED $57.5 MILLION IN NEW LOANS TO 69 SMALL AND MID-SIZED BUSINESSES, NONPROFITS, AND DEVELOPERS THROUGH CATALYTIC PROJECTS IN NEIGHBORHOODS IN PHILADELPHIA. $35.6 MILLION WAS INVESTED IN MINORITY BUSINESSES. $11.5 MILLION WAS INVESTED IN WOMEN-OWNED BUSINESSES. 62% OF ALL PIDC CORE LENDING WENT TO DIVERSE/MINORITY BUSINESS ENTERPRISES. CC PROVIDES FINANCING SOLUTION FOR SMALL BUSINESSES AND NONPROFITS SEEKING TO PURCHASE NEW OR EXISTING REAL ESTATE TO BUILD WEALTH, LIMIT DISPLACEMENT, AND SUPPORT LONG-TERM GROWTH IN PHILADELPHIA. ANGELA WOLF VIDEO - A CERTIFIED WOMEN-OWNED BUSINESS, PURCHASED AN EXISTING , 1400 SF MIXED-USE PROPERTY LOCATION USING A COMMERCIAL MORTGAGE FINANCING FOR ANGELA WOLF QUAINTANCE, A VIDEOGRAPHY AND EDITING BUSINESS. THIS FINANCING ALLOWED FOR THE BUSINESS TO EXPAND FROM A HOME-BASED BUSINESS TO A COMMERCIAL FACILITY LOCATION, IN THE HEART OF PHILADELPHIA. CC ALSO PROVIDES AFFORDABLE WORKING CAPITAL FOR SMALL-, MINORITY-, WOMEN-, AND DISABLED-OWNED BUSINESSES SEEKING A LINE OF CREDIT TO FUND CONTRACT-RELATED WORKING CAPITAL, INCLUDING LABOR, MATERIALS, AND EQUIPMENT COSTS. IN 2023, WE FURTHER EXPANDED OUR BUSINESS SUPPORT SERVICES EDUCATIONAL WORKSHOPS, ONE-ON-ONE COUNSELING, CREDIT REPAIR, AND NETWORKING EVENTS DESIGNED TO SUPPORT BUSINESS GROWTH. WHILE ALL IN-PERSON PROGRAMMING TRANSITIONED TO A VIRTUAL ENVIRONMENT BEGINNING IN MARCH 2020 DUE TO THE PANDEMIC, WE CONTINUED TO CONNECT PHILADELPHIA'S SMALL BUSINESS COMMUNITY TO TRUSTED KNOWLEDGE AND RESOURCES VIA VIRTUAL WORKSHOPS. PIDC BUSINESS BUILDER WORKSHOPS ARE YEAR-ROUND WORKSHOPS WHICH PROVIDE CRITICAL BUSINESS EDUCATION TO ENTREPRENEURS AND ORGANIZATIONS FROM EVERY INDUSTRY. PIDC HOSTED 47 WORKSHOPS WITH MORE THAN 700 HOURS DEDICATED TO COACHING AND CONSULTING SUPPORT FOR PIDC CLIENTS. TOPICS INCLUDED BUYING AND FINANCING COMMERCIAL REAL ESTATE, FEDERAL GOVERNMENT CONTRACTING, TAX SEASON PREPARATION, THE HIDDEN ISSUES OF USING REAL ESTATE AS BUSINESS LOAN COLLATERAL, AND BUSINESS EDUCATION AND MENTORING PROGRAMS. OF THE HOSTED WORKSHOPS, ELEVEN (11) WERE HELD IN SPANISH WHEREBY PIDC CONTINUED A SERIES OF SPANISH-LANGUAGE WORKSHOPS, AS STARTED IN 2022, AS A PART OF OUR STRATEGY TO BETTER SERVE SPANISH-SPEAKING ENTREPRENEURS, ONE OF THE FASTEST GROWING BUSINESS GROUPS IN PHILADELPHIA. THE SERIES IS PART OF PIDC'S BUSINESS BUILDER WORKSHOPS. TOPICS IN THE SERIES INCLUDE BUDGETING, BUILDING CREDIT, CITY RESOURCES, BUYING AND FINANCING COMMERCIAL REAL ESTATE, LEADERSHIP, AND MORE.