Working Capital for Rebuild Contracts

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One major hurdle for small but growing contractors is maintaining a positive cash flow to fund costs and payroll especially as they look to take on bigger projects and grow. Those larger contracts can have payment terms up to 60 or 90 days, which often does not work for smaller businesses.  PIDC’s Rebuild Contract Line of Credit – which provides support to small, minority-, women-, and disabled-owned businesses in need of a line of credit to fund contract-related working capital – helps businesses to meet this challenge.


REBUILD CONTRACT LINE OF CREDIT

Financing is available to qualified businesses that have been awarded  or are bidding on Rebuild contracts or subcontracts. To qualify, contracts must be for a Rebuild Project and be assignable to PIDC. The business must also be located or plan to locate in the city of Philadelphia. 

Funds can be used for labor, materials, and equipment costs directly associated with the contract being financed.  In addition to advancing funds for approved Rebuild contract invoices, there is an additional opportunity to access grant dollars for mobilization needs.

• Line of Credit Amount: $50,000 – $300,000
Financing of up to 90% of approved invoices under the Rebuild contract or subcontract(s).

• Term: 12 months.

• Interest Rate: Fixed interest rate at 1.5%

• Limited Time Offer:  PIDC is currently waiving the Rebuild CLOC application fee. Apply soon! 

We encourage you to apply early, even if you have yet to be awarded a Rebuild contract. 

For more information, click here to submit an inquiry or email Arthur Gimenez, PIDC’s director of business development, at agimenez@pidcphila.com. 


WEBINARS

PIDC is hosting a series of repeated information sessions on the Rebuild CLOC. Register now to join us and get your questions answered live in preparation of your Rebuild project. 

Register now:

ABOUT REBUILD

Made possible by the Philadelphia Beverage Tax, Rebuild is investing hundreds of millions of dollars in improving community facilities. Through its projects, Rebuild will 1) make physical improvements to parks, recreation centers, and libraries; 2) promote diversity and economic inclusion; 3) support minorities and women who work (or want to work) in the design and construction industries; and 4) engage with community members to leverage their knowledge, power, and expertise.