WHEREAS, There is a need for the City of Philadelphia to recognize the significant underutilized economic value inherent in the city’s minority population, which comprises 56.5 percent of the city’s total population, and in the city’s minority businesses as sources of quality goods and services, job creation and tax revenues; and
WHEREAS, Minorities in Philadelphia constitute 72.9 percent of the region’s total minority population, with 27.1 percent of the region’s minorities situated in the other four counties; and
WHEREAS, 15,535 minority businesses, or 53.6 percent of the regional total, are located in Philadelphia county; and
WHEREAS, While 82.2 percent of minority owned firms are sole proprietorships, those with employees produce 19,392 jobs in Philadelphia; and
WHEREAS, Minority businesses in southeastern Pennsylvania support a $780 million annual payroll, about 1.5 percent of the region’s total payroll of about $52.9 billion; and
WHEREAS, While minorities constitute 56.5 percent of Philadelphia’s population and 24.7 percent of all Philadelphia businesses, minority businesses in Philadelphia County generate just 2.2 percent of all gross receipts; and
WHEREAS, The Minority Business Development Subcommittee of the 21st Century Review Forum reviewed a broad number of financial institution models for providing working capital support to emerging minority businesses, citing important tools such as The Capital Access Report by Councilman W. Wilson Goode, Jr.; and
WHEREAS, The Subcommittee also recommended that a $50 million portion of the Mayor’s proposed $500 million Economic Development Investment Fund be devoted to the creation of a capital source for the development of emerging minority businesses; now therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the Committee on Commerce and Economic Development is hereby authorized to hold hearings to review the findings and recommendations of the Minority Business Development Subcommittee of the 21st Century Review Forum.
End