PIDC-Local Development Corporation

Support growth & resilience of businesses and developers: pidc-ldc invests flexible, affordable capital in growing local businesses - the backbone of our economy - because they create jobs, build wealth for entrepreneurs, and stabilize neighborhoods. Pidc-ldc also supports developers in financing community-oriented projects. Through a variety of funding resources, educational programs, and one-on-one technical support, pidc-ldc fills critical gaps for business owners and nonprofit leaders who lack access to traditional capital. In addition, pidc-ldc supports developers producing transformative projects that have a positive, lasting impact across the city - providing jobs, services, and amenities.see schedule oin 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- ldc provides financing solutions for small businesses and nonprofits seeking to purchase new or real estate to build wealth, limit displacement, and support long-term growth in philadelphia. During 2022, pidc-ldc provided a commercial mortgage loan of $750,000 to penn scale manufacturing company, a nearly 100-year-old family-owned manufacturer of commercial food and kitchen scales in frankford, which was used to relocate the companies' headquarters to a nearby building, retaining 16 jobs. In addition, penn scale manufacturing company used the funds for necessary improvements to the facility, including the addition of a 2,000 sf office, which also complemented three other businesses on-site. Pidc- ldc also provided spectrum health services, a black-led federally qualified health center (fqhc) that provides affordable, high quality medical and mental health services and support to low-income people in philadelphia with a commercial mortgage loan of $750,000 to purchase the building they occupied.

Contract management: manage various loans and grant programs on behalf of the city of philadelphia, commonwealth of Pennsylvania and federal agencies that serve to retain and grow employment in philadelphia.

Investing in high impact revitalization: pidc-ldc plays a critical role as a trusted conduit to increase access, reduce complexity, and successfully deliver economic Development resources from our partners to a broad range of clients to support high impact community revitalization projects in philadelphia. Pidc-ldc structures and deploys public and private capital for clients and projects by administering grant programs on behalf of the city and commonwealth and issuing tax-exempt bonds to help nonprofits raise private capital for major projects. See schedule oin 2022, pidc administered 54 grants totaling $55 million for projects on behalf of the commonwealth of Pennsylvania, see schedule ocity of philadelphia, and the philadelphia water department. During 2022, pidc-ldc continued its administration of the philadelphia water department green infrastructure grant, which provides funds for the design and construction of stormwater retrofit projects on commercial, industrial, multifamily, and institutional properties. In 2022, pidc-ldc structured the second largest shared stormwater management project in philadelphia for the parking lots near hyperlink httpswwwmlbcomphilliesballparkcit... bank park, which comes one year after also structuring an even larger stormwater project in 2021 on the site of a vacant warehouse near citizens bank park.