Philadelphia Growth, Resiliency, Independence, Tenacity Fund (PHL GRIT Fund)

Q: When is the deadline for Philadelphia Growth, Resiliency, Independence, Tenacity Fund (PHL GRIT Fund)?

This grant has a rolling deadline or the deadline has not been announced.

PENNSYLVANIA CDFI NETWORK

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Funding Amount

$100,000,000

Deadline

Rolling / Open

Grant Type

foundation

Overview

Philadelphia Growth, Resiliency, Independence, Tenacity Fund (PHL GRIT Fund)

Status: Active (launched February 2022)

Geographic Scope: Philadelphia region and Greater Philadelphia

Focus Areas:

Support for Black and Brown-owned small businesses

Access to capital and working capital financing

Business counseling and technical assistance

Professional advisory services

Overview:
The PHL GRIT Fund is a $100 million program launched by the Greater Philadelphia Financial Services Leadership Coalition (GPFSLC), a coalition of approximately 30 financial institutions, the Federal Reserve Bank of Philadelphia, Pennsylvania CDFI Network, and Urban Affairs Coalition. The fund aims to build capacity of Philadelphia's community development financial institutions (CDFIs) and increase access to capital while providing business counseling through professional services.

Key Achievements:

Since program launch in February 2022, 525 loans approved

70% of loans for Black and Hispanic/Latino-owned businesses

30% of loans for Asian, multi-racial, and other minority-owned businesses

Over 50% of five-year goal of 1,000 loans reached in under two years

How It Works:

Regional bank commitments partner with CDFIs to provide lending and advisory services

CDFIs provide initial advisory work and technical assistance

Businesses can graduate from CDFI relationships to conventional commercial bank customers

Increased CDFI capacity in three areas: back-office loan operations, capital for investing, and professional advisory services

Member Financial Institutions:
Asian Bank, Bank of America, Customers Bank, Citizens Bank, Fulton Bank, JPMorgan Chase & Co., M&T Bank, PNC Bank, TD Bank, Univest, United Bank of Philadelphia, Wells Fargo, WSFS Bank

Coalition Partners:
City of Philadelphia, The Chamber of Commerce for Greater Philadelphia, Federal Reserve Bank of Philadelphia, Urban Affairs Coalition

Participating Philadelphia CDFIs:

Beech Capital Venture Corporation

Community First Fund

Entrepreneur Works

The Enterprise Center

Neighborhood Progress Fund

PIDC

Reinvestment Fund

VestedIn Women's Opportunities Resource Center

IMPACT LOAN FUND INC

Contact Information:
PA CDFI Network
50 S. 16th Street, 17th Floor
Philadelphia, PA 19102
Phone: 717-844-1035
Email: info@pacdfinetwork.org