City of Philadelphia - File #: 020256

• File #: 020256
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 4/25/2002
• In control: Committee on Commerce & Economic Development
• Final action: 6/6/2002
• Title: Amending Chapter 21-800 of The Philadelphia Code, entitled "Advancement of Economic Opportunities," by amending Section 21-802 by adding subsection on Targeted Investments in Women's Business Development Finance.
• Sponsors: Councilmember Goode, Councilmember Reynolds Brown, Councilmember Miller, Councilmember Krajewski, Councilmember Blackwell, Council President Verna, Councilmember Tasco
• Code sections: 21-800 - Advancement of Economic Opportunities, 21-802 - The Philadelphia Community Reinvestment Commission

Date	Ver.	Action By	Action	Result	Tally
9/12/2002	0	MAYOR	NO ACTION TAKEN
6/6/2002	0	CITY COUNCIL	PASSED	Pass	17:0
6/6/2002	0	CITY COUNCIL	READ
5/30/2002	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
5/30/2002	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
5/30/2002	0	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
5/16/2002	0	Committee on Commerce & Economic Development	HEARING NOTICES SENT
5/16/2002	0	Committee on Commerce & Economic Development	HEARING HELD
5/16/2002	0	Committee on Commerce & Economic Development	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
4/25/2002	0	CITY COUNCIL	Referred
4/25/2002	0	CITY COUNCIL	Introduced	Pass

Title
Amending Chapter 21-800 of The Philadelphia Code, entitled "Advancement of Economic Opportunities," by amending Section 21-802 by adding subsection on Targeted Investments in Women's Business Development Finance.
Body
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, th...