Launch of Philadelphia Business Builder Loan Program

Posted by on January 8, 2007

We invite you to join us for the launch of the Philadelphia Business Builder Loan Program, on:

Thursday, January 11
10:30 a.m.
The African American Museum in Philadelphia
701 Arch Street

Sponsored by the Small Business Lending Task Force of the Greater Philadelphia Urban Affairs Coalition (GPUAC), the Philadelphia Business Builder Loan Program is designed to reduce the gap in lending to small businesses in low- and moderate-income and predominantly minority areas of the City of Philadelphia. This new program ? in the planning stage for some time ? will open the credit door more widely to small business owners whose credit histories and business plans fall below the standards banks normally require to make loans to small businesses. The specifics of who qualifies for the new loan product, and business support services to be offered to the small business applicants, will be revealed at the meeting.

Please RSVP to event@gpuac.org, or call 215-851-1909 upon receipt of this message.

The Builder Program was developed in response to the concerns raised by community and government representatives. This concern led to the creation of GPUAC?s Small Business Lending Task Force, a partnership of banks, government and community groups formed in 2004, with the mission of closing the gap between the readiness of borrowers to qualify for bank loans and the willingness of lenders to make loans.

The new program is the second in a three-tiered strategy developed by GPUAC?s Small Business Lending Task Force. The history and goals of all three strategies will be discussed at the January 11 meeting, as well as ? for the first time – the details of the new Philadelphia Business Builder Loan Program. Speakers will be: William Smith, co-chair, GPUAC Committee on Community and Economic Development and senior vice-president, Citizens Bank of Pennsylvania; Sharmain Matlock-Turner, president, GPUAC; Leslie Benoliel, chair, GPUAC Small Business Lending Task Force, and executive director, Philadelphia Development Partnership (PDP); Steven L. Sanders, CEO and chairman, First Genesis Financial Group; John T. Childress, executive director, African American Chamber of Commerce; and City ?ouncilman W. Wilson Goode Jr., chair of City Council?s Commerce and Economic Development Committee.

Lending partners in the program include: Beneficial Savings Bank, Citizens Bank, Commerce Bank, PNC Bank, and United Bank of Philadelphia. Community partners, who will be providing business support services to loan applicants, include Consumer Credit Counseling Service of Delaware Valley, Philadelphia Development Partnership, and Temple University Small Business Development Center.