Thank you to our Investors
The new year is off to a great start as PIDC recently closed four major investments, totaling more than $4.8M, at the end of 2019. The funds will provide additional lending capital and funding to support needed resources in neighborhood development and growing small businesses.
New investor, PNC Bank, provided a $3M lending facility, which will be used to make small business loans. We also received funding from two existing investors. Wells Fargo Regional Foundation will be renewing a $350,000 investment, which will support our small business lending activities. Plus, the CDFI Fund provided a $1,029,000 grant to support our small business lending and business support services programs.
PIDC is extremely grateful to all investors for supporting our mission in driving growth to every corner of Philadelphia through investment in the city’s small businesses.