Organization: PIDC-Local Development Corporation
Mission: PIDC-LDC administers various federally funded grant programs. These programs assists in the economic development intiatives of the City of Philadelphia.
Activities: SUPPORTING GROWING BUSINESSES: PIDC-LDC PROVIDES INVESTMENT CAPITAL TO PHILADELPHIA'S GROWING TECHNOLOGY-BASED, SEED STAGE BUSINESS COMMUNITY. PIDC-LDC ACTIVELY WORKS TO CULTIVATE PHILADELPHIA'S ENTREPRENEUR CLIMATE AND PROVIDES FINANCING TO BRIDGE THE PERIOD BETWEEN THE EARLY DEVELOPMENT OF INTELLECTUAL PROPERTY AND THE POINT AT WHICH A COMPANY ATTRACTS THE ATTENTION OF VENTURE CAPITAL. PIDC HAS PARTNERED WITH FIRST ROUND CAPITAL, DREAMIT, AND BEN FRANKLIN TECHNOLOGIES AS FUNDS MANAGERS TO SUPPORT EARLY STAGE ENTREPRENEUR INVESTMENTS. IN 2019, THE FUNDS MADE 24 INVESTMENTS FOR A TOTAL OF $420K WITHIN THE PHYSICAL SCIENCE, IT, AND DIGITAL/HEALTH SECTORS, OF WHICH 50% WERE MINORITY AND/OR WOMEN OWNED BUSINESSES.
INVESTING IN HIGH IMPACT COMMUNITY REVITALIZATION: PIDC-LDC INVESTS IN HIGH-IMPACT COMMUNITY REVITALIZATION PROJECTS TO BRING CRITICAL GOODS AND SERVICES, CREATE JOBS, AND ELIMINATE BLIGHT THROUGHOUT THE CITY OF PHILADELPHIA. IN 2019, PIDC AND ITS AFFILIATES (INCLUDING PIDC-LDC) INVESTED $47 MILLION THROUGH 16 LOANS IN CATALYTIC PROJECTS IN NEIGHBORHOODS THROUGHOUT PHILADELPHIA.
CONTRACT MANAGEMENT: MANAGE VARIOUS LOANS AND GRANT PROGRAMS ON BEHALF OF THE CITY OF PHILADELPHIA, COMMONWEALTH OF PENNSYLVANIA AND FEDERAL AGENCIES THAT SERVE TO RETAIN AND GROW EMPLOYMENT IN PHILADELPHIA.
NTEE category: Community Improvement & Capacity Building
Secondary category: Philanthropy, Voluntarism & Grantmaking Foundations