The Philadelphia Inquirer
WWR Article Summary (tl;dr) As Erin Arvedlund reports, “Philadelphia community aid groups and commercial banks have joined to fund a new loan program for Black and brown business owners, who have long been denied loan and investment money to help their enterprises grow, with the goal of lending $100 million over the next four years.”
The Philadelphia Growth, Resiliency, Independence, Tenacity (GRIT) Fund has so far received commitments of loans and grant money totaling $13.5 million, according to Varsovia Fernandez, executive director of the Pennsylvania CDFI Network, which helped organized the new fund.
“It’s the first phase in a four-year program,” she said Tuesday. “We believe that this is the only program of its kind in the country where banks have come together to collaborate collectively for the good of Black and brown small businesses,” Fernandez added.
Philly’s biggest employers spend billions outside the city. Inside a new effort to bring that money home.
The new fund is the brainchild of roughly 30 financial institutions, including the Federal Reserve Bank of Philadelphia and the Urban Affairs Coalition, which joined the Chamber of Commerce of Greater Philadelphia’s Recharge and Recovery initiative to help ease the impact of the pandemic on small businesses.