Restart PHL Loan Fund
Last year, PIDC launched the Restart PHL Loan Fund — a program that provides flexible low-cost capital to small businesses with less than $5M in revenue for costs associated with improved business resilience or growth. The Restart PHL Loan program provided flexible financing to small businesses to meet the needs related to reopening after COVID-19, and/or adapt business models to new conditions and opportunities as a result of COVID-19.
So far, we have provided a total of $1.5M in funding for 13 small businesses through the RESTART PHL Loan; 69% of the businesses funded are a minority business enterprise (MBE) and 23% are a women business enterprise (WBE).
Recently, PIDC was one of three local Community Development Financial Institutions (CDFIs) selected by Wells Fargo to join its Open for Business Fund (OFB), a nationwide small business recovery effort which includes over $2.5M in new Wells Fargo Relief Aid. PIDC received a total of $1.5M of the $2.5M in new funding to Philadelphia which will help underserved small businesses stay open and preserve jobs through short- and long-term COVID-19 resiliency efforts, support to businesses impacted by civil unrest that took place in the summer, and expanded micro lending activities and programming for diverse business owners. PIDC will use its $1.5 million OFB award as lending capital and operational support to capitalize the Restart PHL Loan Fund.
Throughout 2020, PIDC partnered with various organizations to deliver funding relief to businesses that needed it most. Here are a few of those partnerships and the initiatives we collaborated on.