Pidc Financing Corp

Organization Overview

Pidc Financing Corp is located in Philadelphia, PA. The organization was established in 2011. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pidc Financing Corp is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.

For the year ending 12/2021, Pidc Financing Corp generated $18.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 43.1% each year . All expenses for the organization totaled $18.4m during the year ending 12/2021. While expenses have increased by 51.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2021, Pidc Financing Corp has awarded 774 individual grants totaling $16,350,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

PIDC FINANCING CORPORATION (PIDC FC) ADMINISTERS LOAN PROGRAMS THAT ARE FUNDED BY THE COMMONWEALTH OF PENNSYLVANIA, INCLUDING THE PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY (PIDA) LOAN PROGRAM.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SUPPORTING GROWING BUSINESSES: INCLUDES THE SERVICING AND ADMINISTRATION OF THE PIDA LOAN PROGRAM THAT ARE FUNDED BY THE COMMONWEALTH OF PENNSYLVANIA. AT DECEMBER 31, 2021 THE PIDA LOAN PORTFOLIO TOTALED $6 MILLION.


THE PENNSYLVANIA COVID-19 HOSPITALITY INDUSTRY RECOVERY PROGRAM (CHIRP) IS THE $145M STATEWIDE FUND CREATED BY THE COMMONWEALTH OF PENNSYLVANIA TO ALLEVIATE REVENUE LOSSES AND PAY ELIGIBLE OPERATING EXPENSES FOR CERTAIN BUSINESSES IN THE HOSPITALITY INDUSTRY SEVERELY IMPACTED BY THE COVID-19 PANDEMIC. PHILADELPHIA COUNTY RECEIVED APPROXIMATELY $17M IN FUNDING TO PROVIDE GRANTS TO ELIGIBLE BUSINESSES THROUGH THIS PROGRAM.GRANTS WERE AVAILABLE IN THE RANGE FROM $5,000 - $50,000. PIDC ADMINISTERED THIS PROGRAM FOR BUSINESSES LOCATED IN PHILADELPHIA IN PARTNERSHIP WITH THE PHILADELPHIA DEPARTMENT OF COMMERCE. PIDC ALSO COLLABORATED WITH OTHER COMMUNITY PARTNERS TO DELIVER THIS PROGRAM. (CONTINUED IN SCHEDULE O)MORE THAN $17.4M WAS AWARDED TO 977 HOSPITALITY BUSINESSES IN PHILADELPHIA.


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Board, Officers & Key Employees

Name (title)Compensation
Salvatore J Patti
Chair
$0
Andrea R Allon
Vice Chair
$0
Terry Booker
Secretary
$0
Sam Rhoads
Svp- Executive Vice President
$0
Anne Nevins
President
$0
Thomas Queenan
Treasurer/svp-Coo
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $17,947,910
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$17,947,910
Total Program Service Revenue$448,033
Investment income $714
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $7,825
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $18,403,713

Grants Awarded

Over the last fiscal year, Pidc Financing Corp has awarded $16,350,000 in support to 774 organizations.

Grant RecipientAmount

12 STEPS DOWN LLC

PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT

$25,000

1225 RAW INC

PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT

$25,000

11TH STREET PRETZEL FAC

PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT

$25,000

1318 BRAUHAUS INC

PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT

$25,000

1311 SANSOM ENTERPRISES

PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT

$25,000

12TH STREET CANTINA INC

PURPOSE: HOSPITALITY INDUSTRY RECOVERY GRANT

$25,000
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