PIDC ANNOUNCES NEW PARTNERSHIP WITH YOUR OUTSOURCED CFO TO OFFER FINANCIAL GUIDANCE TO HELP SMALL BUSINESSES SUCCEED AND GROW
New partnership allows participating firms to benefit from financial intelligence, operational clarity, and key metrics for measuring growth during critical time in development
PHILADELPHIA, PA (April 20, 2018) — PIDC, Philadelphia’s public-private economic development corporation, announced a new partnership with Philadelphia-based firm Your Outsourced CFO (YOCFO) to provide technical, financial, strategic assistance to select PIDC clients. YOCFO is a leader in providing financial process, structure, and strategy to businesses in the Philadelphia region. This new partnership will bring YOCFO services to small businesses at a critical time in each company’s development.
Over the last 5 years, PIDC has made over 340 loans for $103M to growing business located in 96% of the city’s zip codes. More than half of PIDC’s business loans are to minority and women- owned businesses that traditionally experience difficulty accessing the capital they need. In addition, PIDC offers a variety of business support services including educational workshops, one-on-one counseling, and networking events designed to support business growth. This new partnership with YOCFO will expand and deepen the technical assistance for selected PIDC clients.
“PIDC is thrilled to partner with Your Outsourced CFO to provide in-depth information and support services to our clients,” said Wanda Speight, Senior Credit Officer and Senior Vice President, Credit and Portfolio Management at PIDC. “Our pilot work with Your Outsourced CFO has already shown tangible results for our small business clients and we are excited to expand our partnership to benefit more business owners.”
PIDC clients will benefit from monthly reports generated via the FIGS® (Financial Intelligence Growth Score) process, with analysis and assessments of their financial operations, financial reporting, financial metrics, and business intelligence. This gives the client, PIDC, and YOCFO a clear assessment of the client’s financial and operational position, as well as understanding how well leadership is doing at meeting their current and future growth targets. During the engagements YOCFO benefits the client via a needs-based assessment that evolves as the company grows. For example, YOCFO has helped clients manage and improve monthly cash flow, designed a strategic plan for expansion, and has helped pair the client with PIDC products as the organization began to grow.
“We’re honored to have been chosen by PIDC to assist these Philadelphia businesses in making better-informed financial decisions as they continue to grow within the community”, said Jeff Bruno, Founder & CEO of Your Outsourced CFO. “We are helping to guide them to clear and company-specific financial intelligence that allows them to monitor and measure their progress on a monthly basis. Using our proprietary FIGS® “scorecard”, we’ve found a way to quantify how these companies progress and improve over the first year of an engagement.”
PIDC chose to partner with Your Outsourced CFO due to the company’s vast experience with the intricacies of running small & medium sized businesses and their knowledge of and connections to complimentary service companies within the region. For more information about Your Outsourced CFO, please visit us online at www.youroutsourcedcfo.com, or connect with us on LinkedIn, or call (215) 480-2075.
About PIDC: PIDC is Philadelphia’s public-private economic development corporation. A non-profit founded in 1958 by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC’s mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. For more information about PIDC, visit www.PIDCphila.com and follow @PIDCphila on Twitter and Facebook.