Overview
What is Pidc-Local Development Corporation?
Pidc-Local Development Corporation, based in Philadelphia, Pennsylvania, is a nonprofit organization that plays a crucial role in supporting the growth and resilience of local businesses and developers. By offering flexible, affordable capital, Pidc-LDC helps establishments, such as small and medium-sized businesses, nonprofits, and developers, create jobs, build wealth, and strengthen neighborhoods. The corporation also aids developers in financing community-oriented projects. Through various funding resources, educational programs, and one-on-one technical support, Pidc-LDC fills gaps for business owners and nonprofit leaders lacking traditional capital. In 2022, Pidc-LDC originated $35.3 million in new loans, investing a significant portion in minority and women-owned businesses. The organization provides financing solutions for small businesses and nonprofits seeking to purchase or improve real estate, promoting long-term growth in Philadelphia. During the year, Pidc-LDC offered a commercial mortgage loan to Penn Scale Manufacturing Company and Spectrum Health Services, supporting their expansion and funding necessary improvements.
Official website here: www.pidcphila.com
Is Pidc-Local Development Corporation legitimate?
Pidc-Local Development Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. Pidc-Local Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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Official website here: www.pidcphila.com
What is the mission statement of Pidc-Local Development Corporation?
The Pidc-Local Development Corporation, in its role as a subrecipient of the City of Philadelphia, administers various federally funded grant programs to assist in the economic development initiatives of the city. Its mission is to support the growth and resilience of businesses and developers by investing flexible and affordable capital in local businesses and developers, creating jobs, building wealth for entrepreneurs, and stabilizing neighborhoods. The corporation also offers funding resources, educational programs, and one-on-one technical support to fill critical gaps for business owners and nonprofit leaders who lack access to traditional capital. Furthermore, the Pidc-Local Development Corporation supports developers producing transformative projects that have a positive, lasting impact on the city. In 2022, the corporation originated $35.3 million in new loans to various businesses and developers, with a significant portion going to diverse and minority-owned enterprises.
Official website here: www.pidcphila.com
Who is the CEO of Pidc-Local Development Corporation?
Anne Nevins is the President of Pidc-Local Development Corporation.
Official website here: www.pidcphila.com
What is the revenue of Pidc-Local Development Corporation?
Pidc-Local Development Corporation's revenue in 2022 was $11,504,902.
Official website here: www.pidcphila.com
Who are the executives of Pidc-Local Development Corporation and what are their salaries?
There 30 volunteers at Pidc-Local Development Corporation.
Here are 46 key members and their salaries:
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Official website here: www.pidcphila.com
Where can I find the form 990 for Pidc-Local Development Corporation?
Pidc-Local Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.pidcphila.com
Learn more at the official website: www.pidcphila.com
Mission Statement of Pidc-Local Development Corporation
Pidc-Local Development Corporation, in its mission, serves as a subrecipient of the City of Philadelphia, administering various federally funded grant programs. This nonprofit organization assists in the economic development initiatives of the city, focusing on providing flexible and affordable capital to growing local businesses and developers. By investing in these businesses, Pidc-Local Development Corporation supports job creation, wealth building for entrepreneurs, and neighborhood stabilization.
In addition to financing, Pidc-Local Development Corporation offers educational programs and one-on-one technical support to business owners and nonprofit leaders who may lack access to traditional capital. This organization also supports developers in financing community-oriented projects. The nonprofit's mission is to fill critical gaps in financing, education, and support, thereby promoting the growth and resilience of businesses and developers in the city.
In 2022, Pidc-Local Development Corporation originated $35.3 million in new loans to 76 small and mid-sized businesses, nonprofits, and developers. The organization demonstrated a strong commitment to diversity, investing $20.1 million in minority businesses and $7.9 million in women-owned businesses. Pidc-Local Development Corporation's lending efforts significantly contribute to the economic development of the city, supporting long-term growth and retaining jobs. The organization also provided financing solutions to small businesses and nonprofits seeking to purchase real estate, thereby limiting displacement and building wealth in Philadelphia.
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Impact
October, 2024
Pidc-Local Development Corporation significantly impacts the economic landscape of Philadelphia by administering various federally funded grant programs aimed at supporting local businesses and developers. By investing affordable capital into these entities, Pidc-LDC fosters job creation, wealth building for entrepreneurs, and neighborhood stabilization.
In 2022, Pidc-LDC originated over $35 million in new loans to small and mid-sized businesses and developers, with a substantial focus on minority- and women-owned enterprises, which received 62% of its core lending. This targeted investment underlines its commitment to enhancing economic diversity and resilience within the community.
For instance, they provided commercial mortgage loans to longstanding local businesses like Penn Scale Manufacturing Company, helping the firm relocate and retain jobs while making necessary improvements. They also supported vital health services with similar funding, ensuring affordable healthcare access to low-income populations.
Overall, Pidc-LDC plays a crucial role in financing community-oriented projects that drive transformative changes, offering not only financial resources but also educational programs and one-on-one technical support to fill critical gaps for business owners and developers. Through these efforts, Pidc-LDC contributes to the long-term economic growth and stability of Philadelphia.
This information is meant to be a general summary of Pidc-Local Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $1,139,421
- Program Service Revenue: $5,071,344
- Gross Receipts: $11,504,902
Assets and Liabilities:
- Total Assets: $223,227,512
- Total Liabilities: $130,920,279
- Net Assets: $92,307,233
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INVSTMT-REVITALIZATION
Revenue
$3,557,498
ECONOMIC DEVELOPMENT
Revenue
$1,457,568
CONTRACT MANAGEMENT
Revenue
$56,278
Organization Details
Founding Year
1977
Phone
(215) 496-8020Principal Officer
Anne Nevins
Main Address
1500 MARKET STREET 3500W, PHILADELPHIA, PA, 19102
Website
www.pidcphila.comNTEE Category
Code: S30 - Community improvement
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