Philly Fund Looks to Diversify the Construction Industry
Amidst a building boom happening across the city, the Grow Philadelphia Fund is hoping to give minority-owned contractors a leg up.
At a time when affordable housing and job markets are at a crisis point, one organization in Philadelphia is tackling the challenge head-on — and centering women developers of color in the process.
A $900,000 specialty fund from The Enterprise Center, a nonprofit that supports small and mid-sized businesses in low-income communities throughout the Philadelphia region, is hoping to build capacity for Black and Latina construction contractors in the city by providing capital at a below-market interest rate of 1%. Called the Grow Philadelphia Fund, the initiative is a partnership between The Enterprise Center, Brandywine Realty Trust and local public officials.