WHEREAS, The United States Small Business Administration estimates that 13 percent of nonagricultural workers are self employed; and
WHEREAS, Philadelphia statistics indicate that an estimated 78,000 Philadelphians between the ages of 19 and 70 are engaged in microenterprise; and
WHEREAS, Such microenterpreneurs, according to a United States Agency for International Development-funded study, face multiple barriers to securing the capital required to grow their businesses; and
WHEREAS, The aforementioned study has determined that innovative financial methodologies must be developed in order to better serve microentrepreneurs; and
WHEREAS, Until such strategies are developed, there will be an insufficient number of non-traditional loan products available to meet the needs of microentreprenuers; and
WHEREAS, The Commerce Department is best positioned to measure the local growth, and subsequent needs, of this vital segment of Philadelphia's economy; now therefore
RESOLVED, THAT THE COUNCIL OF THE CITY OF PHILADELPHIA, Calls upon the Philadelphia Commerce Department to conduct a needs assessment related to microenterprise development and neighborhood self-employment in the City of Philadelphia, develop a comprehensive strategy, and issue a report of findings and recommendations to City Council's Committee on Commerce and Economic Development.
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