Last week PIDC hosted its 3rd Annual Year End Celebration at Mercer Café’s Navy Yard location, honoring Mayor Nutter, Goldman Sachs, and Community College of Philadelphia.
The theme this year was celebrating small businesses, more specifically thanking our partners for supporting small business growth and entrepreneurship in Philadelphia through the 10,000 Small Businesses initiative. In January of 2013, PIDC was delighted to join Mayor Nutter and the national and local leadership of Goldman Sachs and the Goldman Sachs Foundation when they announced their $20 million commitment to entrepreneurs in Philadelphia.
Since that time, the impact of this program on the small business community in Philadelphia has been profound. Utilizing a $10 million investment from Goldman Sachs, PIDC was able to capitalize and develop a new, flexible lending product focused on filling the gap for Working Capital and Equipment loans starting at $50,000 for businesses that were unable to qualify with a traditional commercial lender.
On the education side, the Community College of Philadelphia has run 7 cohorts of the 10,000 Small Businesses education program and has graduated nearly 200 business owners. Of those businesses, 57% are located in Philadelphia and more than two dozen are also clients of PIDC. There are another 33 business owners in Cohort 8 who are getting ready to graduate later this month. We have seen the tremendous impact of the education program as many of PIDC’s clients have gone through the program and come out with a growth plan that is taking their businesses to new levels. None more exemplifies that than Liza Bello, the owner of Mercer Café at The Navy Yard.
During the event, PIDC President John Grady led a speaking program which featured Mayor Michael Nutter, Goldman Sachs Managing Director, Nicole Pullen Ross, Community College of Philadelphia President Dr. Donald “Guy” Generals, and Mercer Café owner Liza Bello.
The partner organizations honored that night were presented with gifts made by PIDC clients and Goldman Sachs 10,000 Small Businesses scholars. The gifts included a bag custom-designed for this event by PIDC client and 10KSB scholar Amy Voloshin of Printfresh and includes: soap and lotion from 10KSB scholar and borrower Hand In Hand Soap, a very Philadelphia LOVE candle from 10KSB borrower Duross & Langel, and a chalk tablet from 10KSB scholar Peg + Awl. Please keep those great local businesses in mind for your holiday shopping this year!
All the guests enjoyed themselves as they networked and dined on delicious Tacconelli’s pizza and other noshes provided by Mercer Café. It was truly a night to celebrate and we look forward to another year driving growth to every corner of Philadelphia!