PIDC's fundamental objective is to leverage public financing and real estate resources to maintain and grow private employment by retaining and attracting businesses to Philadelphia. Over the years, the profile of our clients has evolved from a heavily industrial concentration to the more balanced composition which reflects the city's economy today. Philadelphia's economy is driven by innovation with industry-leading companies and institutions across a wide variety of sectors such as life sciences, healthcare, telecommunications, advanced manufacturing, warehouse and transportation logistics, and education.
Industrial Sector: Philadelphia's Industrial Sector is comprised of an eclectic mix of traditional manufacturing, regional/national distribution and warehousing operations, and logistics and transportation services. With firms of all sizes, Philadelphia's robust industrial sector employs over 100,000 people and contributes almost $50 billion dollars of direct economic output to the City and Region annually.
Throughout its history, PIDC has provided financing and real estate services to industrial companies moving into or expanding within Philadelphia. For companies that are buying or improving a building, PIDC can provide subordinate, low-cost financing for up to 45% of the total cost for acquisition or new construction, fit-out and improvements, and related soft costs (legal, environmental, title, etc.). Financing is also available for the acquisition and installation of industrial machinery and equipment.
Additionally, PIDC sells land in industrial parks throughout the City for industrial businesses interested in new construction.
For more information, please contact: Michael Cooper at 215-496-8183 or mcooper@pidc-pa.org
Center City Sector: Center City Philadelphia is the regional epicenter for business, culture and entertainment, as well as the country's third largest downtown residential population center which supports dynamic restaurant and retail markets. With 42 million square feet of commercial office space, Center City is home to a diverse corporate, entrepreneurial and non-profit economy that provides a broad array of employment opportunities for neighborhood and regional residents. The $786 million expansion of the Pennsylvania Convention Center in March 2011 and the addition of new cultural and tourism infrastructure such as the relocation of the Barnes Foundation to the Benjamin Franklin Parkway will continue to drive the success of Center City's hospitality and retail markets.
PIDC supports all of these interrelated commercial activities with particular attention to the office, retail and hospitality sectors. Our clients include individual office-based and retail businesses, as well as small and large-scale development projects such as new hotels, office towers, retail developments and mixed-use projects.
For more information, please contact: Anne Nevins at 215-496-8151 or anevins@pidc-pa.org
Neighborhood Sector: Historically, 85% of all PIDC loans are to neighborhood clients, most of which are smaller privately owned businesses and civic and community development organizations — the foundations of the vibrant and diverse communities.
PIDC partners with Community Development Corporations (CDCs), private developers and private businesses to provide subordinate debt that fills a project funding gap, for new and expansion projects where a blighting effect may be eliminated, new jobs will be created and neighborhood stabilization and revitalization will occur. Project types include owner-occupied buildings, retail, mixed-use commercial, office space, and capital projects of small neighborhood based non-profit organizations.
Emerging Business Loan Program - Designed specifically for small and mid-sized minority, women, and disabled owned businesses (MBE, WBE and DS-BE) seeking to minimize high outstanding receivables on executed contracts, PIDC offers a low-interest working capital line-of-credit that bridges outstanding payments due for services performed and helps the business stay cash-flow positive. The line-of-credit is secured by an assignment of the contract proceeds.
For more information, please contact: Marla Hamilton at 215-496-8125 or mhamilton@pidc-pa.org
Non-Profit Sector: The nonprofit sector serving the City of Philadelphia is substantial, diverse and growing. Philadelphia's nonprofit sector ranges from large health care systems and hospitals, higher education institutions, private and charter schools, research organizations, cultural organizations, museums and performing arts groups, historical societies, multi-community retirement center providers, and large city-wide social service organizations. Employment in the educational, health, and social services sectors constitutes 28% of Philadelphia's economy, with arts and entertainment, and recreation adding another 8%. Approximately seventy percent of the region's nonprofit arts institutions are concentrated in the city, and account for over 80 percent of the sector's total spending recently estimated to be $1.3 Billion.
For many years PIDC has supported the city's great non-profit institutions with its core capabilities of land conveyance and low cost financing as well as a variety of financial assistance including state and city grants and tax-exempt debt issued through PAID.
For more information, please contact: Carol de Fries at 215-496-8150 or cdefries@pidc-pa.org
