PIDC-COMMUNITY CAPITAL
1500 MARKET ST STE 3500W, PHILADELPHIA, PA 19102 www.pidcphila.com

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Organizations Filed Purposes: MISSION STATEMENT PIDC COMMUNITY CAPITALS (PIDC CC) MISSION IS TO BUILD SUSTAINABLE NEIGHBORHOODS BY MAKING INVESTMENTS THAT CREATE JOBS, GROW SMALL BUSINESSES, LEVERAGE OUTSIDE CAPITAL, ELIMINATE BLIGHT, AND PROVIDE GOODS AND SERVICES TO LOW INCOME COMMUNITIES THROUGHOUT PHILADELPHIA. PIDC CC ACHIEVES ITS MISSION BY DEPLOYING CAPITAL AND BUSINESS SUPPORT SERVICES TO UNDERSERVED AREAS.

PIDC COMMUNITY CAPITAL IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION CREATED TO ATTRACT RESOURCES FOR COMMUNITY LENDING & TECHNICAL ASSISTANCE IN UNDERSERVED NEIGHBORHOODS

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 tax payers to receive credit against their federal income taxes for making qualified equity investments in projects that finance community development, stimulate growth, and create jobs. 2019 was another significant year for the NMTC program, as PIDC CC invested $47 million through 16 loans in catalytic projects in neighborhoods throughout Philadelphia. We invested in anchor projects like Golaski Labs, a mixed use development from Mosaic Partners, located in a designated Opportunity Zone census tract in historic Philadelphia community of Germantown; the new construction of Drexels P-SLAM K-9 school campus that will co-locate Powel Elementary School and Science Leadership Academy Middle School in one facility in the Powleton Section of Philadelphia; a new Northeast Philadelphia based campus for not-for-profit corporation, PATH (People Acting to Help) Inc, to better serve persons needing mental, behavioral health, and/or intellectual disabilities services; and a new South Kensington ceramic facility for the Clay Studio. The Impact Development Fund is an innovative use of New Market Tax Credits to finance neighborhood development projects and businesses in communities that are often overlooked by lenders. In 2019, PIDC lent $3.3 million to two borrowers in the second round of the fund. PIDC CCs first investment was to an equitable real estate development company, the Spak Group, for the construction of a mixed-use, mixed-income building. The second investment was to real estate development firm, U3 Ventures, for the acquisition and historic renovation of a commercial building.

Supporting Growing Businesses PIDC CC delivers business support services and finances to growing businesses because they create jobs, build wealth for entrepreneurs, and stabilize neighborhoods. PIDC CC fills critical funding gaps for business owners who lack access to traditional capital. PIDC CCs small business lending targets borrowers/projects in low income communities, minority and women owned businesses, and other small businesses that are unable to obtain financing from traditional lenders. PIDC CCs loan portfolio is comprised of 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 Philadelphias 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 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 2019, PIDC CC provided 73 loans totaling nearly $11.3 million of capital to small and midsized businesses and small-scale developers in Philadelphia. In addition to providing capital investment, PIDC CC also provides business support services including educational workshops, one-on-one counseling, and networking events designed to connect business owners to the knowledge and networks they need to support growth. During 2019, PIDC held 55 workshops with more than 1,300 attendees.

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