Title
Calling for hearings into microenterprise development and neighborhood self-employment as an economic development strategy in the City of Philadelphia.
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WHEREAS, Small businesses are the backbone of the U.S. economy, accounting for fifty-three percent of all jobs and forty-seven percent of all sales; and
WHEREAS, Although often-overlooked, the smallest of these firms – microenterprises – are playing an increasingly vital role in both the national and regional economies; and
WHEREAS, The Philadelphia Development Partnership (PDP) recently conducted research on the state of microenterprises in the City of Philadelphia; and
WHEREAS, This research found that ninety-one percent of respondents to their survey of microenterprises reported a lack of capital and resources as presenting the greatest barrier to their microenterprise’s success; and
WHEREAS, Microentrepreneurs are typically unable to conform to the standards of conventional financial institutions that require traditional collateral and strict measures of creditworthiness; and
WHEREAS, The Philadelphia Development Partnership is implementing a 3-pronged approach to serving the large number of microenterprises in Philadelphia’s neighborhoods that combines micro-loans, peer support and training; and
WHEREAS, The Philadelphia Development Partnership has also founded Community Capital Works, one of the City’s only U.S. Treasury certified Community Development Financial Institution devoted to microenterprise finance and development; and
WHEREAS, In the past year alone, the Philadelphia Development Partnership has outreached to over 20,000 people and hosted over 1,000 microenterprise owners; and
WHEREAS, PDP has in this past year successfully organized and developed over 20 peer groups of microentrepreneurs as part of its community capital initiative; and,
WHEREAS, Despite this organization’s success in leading the effort in advocating on behalf of microenterprises, there is a need to build an infrastructure for these underserved neighborhood businesses; now therefore
BE IT RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That Council hold hearings into microenterprise development and neighborhood self-employment as an economic strategy in the City Philadelphia.
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