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WHEREAS, The lending practices of financial institutions have a measurable impact on the City’s tax base, quality of life and overall economic viability and competitiveness; and
WHEREAS, Economic viability and competitiveness comes from strengthening, and providing opportunities within, all areas of the City; and
WHEREAS, The Greater Philadelphia Capital Access Report has shown that disparities in lending existed by neighborhood income level within the Philadelphia Metropolitan Statistical Area in 1998; and
WHEREAS, The Philadelphia Community Reinvestment Commission was created as a permanent agency in the City of Philadelphia in December of 2000 and is comprised of the Presidents of the six (6) City depositories with the largest share of the City's small business lending market in low- and moderate-income areas; and
WHEREAS, The Philadelphia Community Development Financial Institution Fund, being created by the Commission to invest in financial intermediaries to under-served communities, was capitalized in November of 2001; and
WHEREAS, The March 2002 edition of The Black Professional News included an article by Iola Carter, a local business developer, on the economic impact of the female entrepreneur; and
WHEREAS, According to research presented in the article from the National Foundation of Women Business Owners and the Business Women’s Network, female entrepreneurs experience lending discrimination beyond the bank redlining of poor and minority communities; and
WHEREAS, While the research presented states that 9.1 million women owned businesses employ 27.5 million people and contribute 3.6 trillion dollars to the national economy, just over half (52%) of women-owned businesses had bank financing as of 1998; now, therefore
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1.
Chapter 21-800 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 21-800. ADVANCEMENT OF ECONOMIC OPPORTUNITIES
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§21-802. The Philadelphia Community Reinvestment Commission.
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(4)
Targeted Investments in Women’s Business Development Finance.
The Commission shall target no less than 51% of the Philadelphia Community Development Financial Institution Fund for small business capital investments; and no less than 51% of small business capital investments for women’s business development finance.
SECTION 2.
This Ordinance shall take effect immediately.
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Explanation:
Italics
indicate new matter added.
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