PIDC-Community Capital

See schedule onew 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 $35.6m 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 2022.h&mcare, a black- and immigrant-owned home care support services business, acquired a vacant former funeral home and an adjacent vacant lot on woodland avenue in southwest philadelphia, with the goal of renovating and expanding into a two-building 37,805 square foot mixed-use healthcare facility with affordable senior housing. The project will bring an urgent care facility and pharmacy to a medically underserved area, along with housing to more than 22 seniors, while creating nearly 20 full-time jobs. The project was one of two nmtc investments made in 2022 through our impact development fund, an innovative loan product. The pidc loan filled a critical gap in the project. It was capitalized by new markets tax credit and a loan from pidc community Capital to fill a critical gap in the project.

See schedule osupporting growing businesses: pidc cc invests flexible, affordable Capital in growing local businesses because they create jobs, build wealth for entrepreneurs, and stabilize neighborhoods. We recognize that local small businesses are the backbone of philadelphia's economy and that many of them were most affected by the pandemic. Pidc cc fills critical funding gaps for business owners who might lack access to traditional Capital. 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 2022, pidc originated $35.3 million in new loans to 76 small and mid-sized businesses, nonprofits, and developers through catalytic projects in neighborhoods in philadelphia. $20.1 million was invested in minority businesses. $7.9 million was invested in women-owned businesses. 62% of all pidc core lending went to diverse/minority business enterprises. Pidc cc provides financing solution for small businesses and nonprofits seeking to purchase new or real estate to build wealth, limit displacement, and support long-term growth in philadelphia. Mickie davis hair studio a full service, black-, woman-owned salon in the growing point breeze avenue commercial corridor purchased an existing location using a commercial mortgage loan at the amount of $465,000. Given the option to purchase, the owner of mickie davis hair studio was able to gain property ownership, ensure permanence in the neighborhood, and build wealth. 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. Cicada, a woman-owned architecture firm operating in philadelphia for three decades, is providing the architectural and planning services for a new project in grays ferry that will house townhomes, a mixed-use property, and a community center for the women's community revitalization project (wcrp). Cicada used pidc's contract line of credit (cloc) at the amount of $125,000. As a multicultural, diverse, collaborative firm of like-minded people who love urbanism, cicada is committed to reducing waste and its carbon footprint through its services. The restart phl loan, a specialty version of pidc cc's working Capital and equipment loan, provided flexible Capital at 0% interest to small businesses with less than $5 million in revenue as they re-imagined or pivoted their business operations during the pandemic. In 2022, pidc provided a total of $3.3 million in financing for 33 small businesses through the restart phl loan, which ranged from $25,000 to $500,000. Overall, 75% of our working Capital and equipment loans were closed to businesses at 0% interest using this program. Since 2020, pidc closed a total of $8.1 million in restart phl loans to support local businesses.in 2022, pidc cc's restart phl loan provided pandemic relief to diversified human solutions inc, an asian-owned employee benefits and human resources consulting business in south/olde kensington; boricua restaurant a family-owned puerto rican food restaurant with locations in northern liberties and port richmond; grant blvd, a black-, woman-owned sustainable fashion retailer and wholesale designer in west philadelphia; and chu shang spicy, an asian-owned chinese food restaurant in chinatown. In 2022, we further expanded our business support serviceseducational workshops, one-on-one counseling, credit repair, and networking eventsdesigned 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 27 workshops with more than 781 attendees. 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.in 2022, pidc continued a series of spanish-language workshops as a part of our strategy to better serve spanish-speaking entrepreneurs, one of the fastest growing business groups in philadelphia. Pidc partnered with balance consulting group llc, a hispanic woman-owned company, to produce business builder workshops en espaol to address a variety of key business topics. All workshops are led by hispanic and latino(a) subject matter experts. 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. Plus, we participated in global entrepreneurship week with a fully spanish language workshop discussing preparation for tax season.