The Emerging Business Guarantee Program (EBGP) was developed by the Philadelphia Industrial Development Corporation (PIDC) with the support of the City of Philadelphia Commerce Department. East River Bank, United Bank, and Valley Green Bank are the first partners in this program.
The EBGP is available to any small business or nonprofit located or planning to locate in Philadelphia that is having difficulty accessing conventional financing. Funds are eligible for a broad range of activities including lines of credit for working capital and term loans for machinery and equipment, renovations, new construction, and property acquisition. PIDC works with our banking partners to provide up to a 50% guarantee for term loans or lines of credit up to $500,000 (with a maximum guarantee amount of $250,000) for small businesses throughout all of Philadelphia’s neighborhoods.
PIDC is proud to partner with each of these banks and was excited to learn they will be expanding their services by opening new branch locations in Philadelphia.
East River Bank
Last summer,East River Bank expanded into Philadelphia’s Old City and its arts and technology corridor with the acquisition of a new branch at 36 North 3rd Street. The new East River Bank branch serves as a business hub in the heart of Philadelphia’s Old City District.
“East River Bank is committed to locating our offices in the high-density, stable and urban neighborhoods of the Philadelphia region, and then rooting ourselves in those neighborhoods to best serve our customers and the community as a whole. Old City fits that strategy perfectly,” said East River Bank President and Chief Executive Officer Christopher McGill.
“We recently launched our own mobile banking technology and Go Anywhere accounts to complement the reach our customers have with online banking, 43,000 no-fee ATMs and no-charge interbank fund transfers,” McGill added. “We expect this ‘go anywhere, bank anywhere’ attitude will be very attractive to the creative and technology-driven customers of Old City. It’s in this same spirit that we’re planning for this branch to serve as a business hub, creating a ‘work anywhere’ destination for the neighborhood.”
On April 15th, United Bank opened a Center City location at 30 S. 15th Street (15th & Ranstead Streets) in the Graham Building. This branch is now at the bank’s “Main Branch Office” in addition to the existing branch locations in Mount Airy (1620 East Wadsworth Avenue) and on North Broad Street at Progress Plaza (1501 North Broad Street). This is an opportunity to have better utilization of staff with the corporate headquarters in the same building as this branch.
Additionally, United Bank has re-focused its strategic direction as a “business bank” dedicated to supporting small businesses more aggressively and at the same time impacting job creation in the region. United Bank will continue to support the not-for-profit sector as well through gap financing.
United Bank president Evelyn Smalls said, “The goal now is to continue the Bank’s continuity of products and services to its clients, increase earnings, and acquire new capital. The Center City location of our new branch will improve United Bank’s visibility in the marketplace and allow us to better serve our customers.”
Valley Green Bank
Valley Green Bank is one of the fastest growing banks in the Delaware Valley. It’s locally owned and operated; and prides itself on being community-oriented, relationship-focused, and responsive.
Valley Green Bank provides experienced bankers who are based in the Delaware Valley and who understand their customers’ needs. The bank offers a complete range of deposit and credit products to their business, professional and individual customers through highly personalized and responsive service.
Valley Green Bank is excited about their new South Philadelphia branch opening in June at the corner of Broad Street and Tasker Avenue. The community can expect exceptional customer service and great financial products for both personal and business banking—just like you do at their other locations in Mt. Airy, Chestnut Hill, Radnor and Center City.
For more information and how East River Bank, United Bank, and Valley Green Bank can support your financial needs please visit their website or stop into a branch today. For more information about PIDC’s Emerging Business Guarantee Program, please contact Chamor Hollinger at 215.496.8157 or firstname.lastname@example.org.