PIDC August Newsletter

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PIDC - Driving growth to every corner of Philadelphia

AUGUST 2026 NEWSLETTER

 

FEATURED STORIES

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PIDC Community Capital Receives $6.5 Million Commitment from JPMorganChase to Strengthen Philly’s Maritime Ecosystem

Philadelphia’s maritime industry—anchored by the historic Philadelphia Navy Yard—has played a vital role in the city’s economy for generations, creating jobs, supporting businesses, and connecting communities to opportunity. A new $24 million investment from JPMorganChase will help strengthen this ecosystem by expanding access to capital, supporting workforce development, and building pathways to economic growth across the Philadelphia region.

As part of the commitment, PIDC Community Capital will receive a $5 million loan to expand flexible financing for businesses in the maritime, defense, and manufacturing sectors. An additional $1.5 million grant, in partnership with DVIRC, will provide technical assistance to as many as 100 maritime suppliers, helping local businesses build capacity and compete for new opportunities.

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Uniform Gear Secures Its Philadelphia Home After 25 Year

For more than 25 years, Uniform Gear has been outfitting the people who serve Philadelphia and the surrounding region. Founded in 2001 by Philadelphia police officer James Weldon Jr., the family-owned business has grown from selling shoes and accessories out of a garage to operating three locations across the region. After graduating from college, his daughters joined their father in the business, eventually taking over ownership.

Today, the sisters continue their father’s vision by supporting the people who serve their communities, providing the uniforms, gear, and personal service that public safety professionals rely on every day. With support from PIDC, they’ve also taken a major step in securing the company’s future by purchasing the Philadelphia location they’ve called home for 25 years.

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Applications for City's Boost Your Business Program Close August 31

The City of Philadelphia's Department of Commerce, in partnership with PIDC, is accepting applications for the latest round of Boost Your Business, a program to help businesses grow, obtain new contracts, increase revenue, and create jobs for Philadelphians. Through the program, 20 businesses will be selected to receive a $50,000 forgivable loan. The loan will be forgiven when the business meets its stated growth goals, with additional business support assistance provided throughout the process. 

An eligible business must have annual revenue of $350,000 or more. Each application will be evaluated based on the impact and feasibility of their growth plan.

Applications close August 31. Submit your application today! 

Apply Today
 
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How Business Ownership Can Help Build Generational Wealth for Philadelphia Families

For many entrepreneurs, owning a business is about more than making a living—it’s about building a future. A successful business can create financial stability today and lay the foundation for greater opportunities tomorrow. It can become an asset that grows in value, supports a family, and is passed down to children and grandchildren, giving the next generation a head start that previous generations may not have had.

For families who have faced systemic barriers to building wealth, business ownership can be a powerful way to break the cycle of poverty and create a different financial future. When entrepreneurs have the resources and support to build thriving businesses, they can create lasting wealth—not just for themselves, but for the generations that follow.

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Creating a Mentally Healthy Workplace: Practical Steps for Small Businesses

Running a small business means juggling a lot—from keeping customers happy to managing day-to-day operations. But an important area that’s often overlooked is the wellbeing of you and your employees. While larger companies often have dedicated HR teams or employee wellness programs, small business owners may be working on tight budgets and limited knowledge. But creating a mentally healthy workplace doesn’t require a large budget or sourcing experts. It begins with intention, awareness, and simple, practical steps. We've put together some key way that you can foster a mentally healthy workplace. 

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Get Discounted Phillies Tickets for Navy Yard Night

Join us for the final Navy Yard Night of the season as we head to Citizens Bank Park for an evening of baseball, great food, and plenty of fun. Whether you’re bringing your coworkers, family, or friends, or both, it’s the perfect way to enjoy a summer night together and cheer on the Phillies!

Before first pitch, meet us at Gatehouse for a pre-game tailgate featuring exclusive food and drink specials. 

Discounted tickets are available using the code: NAVYYARD.

Don’t miss our final Navy Yard night of the season– grab your tickets, bring your crew, and let’s go Phillies!

Grab Your Tickets
 
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Celebrate MED Week by Investing in Your Business

Join PIDC on October 7th for a special MED Week workshop to learn about the financing products and services available to help Philadelphia businesses grow and achieve their goals.

During this session, business owners will get an overview of PIDC's services, learn what to expect throughout the application process, and dive into the steps that follow after submitting an application. Whether you're looking to expand, invest in your business, or explore new opportunities, this session will help you navigate the process with confidence.

Register Now
 
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PIDC's 5th Annual New Markets Tax Credits Conference

Explore the world of the New Markets Tax Credit (NMTC) program at PIDC's  Building Blocks: Connecting Capital to Community Impact on September 29th. These valuable resources will help you prepare to use New Markets Tax Credit (NMTC) financing as a funding source for your projects, whether for real estate development, construction, or operating business needs such as working capital and equipment financing. In addition, a subject matter expert will discuss strategies for utilizing NMTC financing in both for-sale housing and affordable housing developments, highlighting key opportunities, considerations, and best practices for structuring these projects.

Register Now
 

FEATURED CLIENTS

Celebrate Black Business Month with a few of our #PIDCClients! From Detroit-style pizza and electrical and home services to vintage finds you’ll want to take home, check out some of the Black-owned businesses making our community great.  

Image of person picking shoes.

Bargain Thrift
Center

Bargain Thrift, located in Philadelphia’s historic Germantown neighborhood, is a thrift store filled with unique vintage and secondhand clothing, home goods, furniture, and more. What began as a furniture store in 1985 has grown into one of Philadelphia’s go-to thrift stores, offering something for everyone.

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FMJ Electrical Contracting

FMJ Electrical provides long-lasting solutions for electrical and home safety needs, including electrical installation and replacement, smoke detector installation, and more. FMJ has grown into a team of skilled professional delivering reliable, high-quality service throughout Greater Philadelphia.

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Down North
Pizza

Down North Pizza is a Philly pizza shop serving Detroit-style pizza, created by a team dedicated to second chances. They hire individuals impacted by the justice system, using food and employment as a way to create opportunity and strengthen the community.

 

NEWS AT A GLANCE

Navy Yard News:

Navy Yard’s $6 billion plan bets on turning offices into a neighborhood | Northeast Times

SEPTA celebrates new Navy Yard bus service in the rapidly changing Philadelphia neighborhood | WHYY

A Walk Up Broad Street | WHYY

How a Philadelphia nonprofit plans to fuel Hanwha Philly Shipyard's growth with immigrant workers | The Philadelphia Business Journal

Hanwha vs. Holt: How New Jersey lost a shipyard | The Philadelphia Inquirer

PhilaPort to move HQ to Navy Yard with $22.6M real estate deal | The Philadelphia Business Journal

Is Philly’s Next Hot Neighborhood … the Navy Yard? | Philadelphia Magazine

Philadelphia News:

Was the World Cup good for Philly’s economy? The early signs are in | The Philadelphia Inquirer

Treasury ends ownership reporting rules for U.S. companies | The Philadelphia Inquirer

ICE workplace enforcement is increasing. Here’s what Philadelphia employers should do | Expert Opinion | The Philadelphia Inquirer

Philly's extraordinary decline in violent crime continues | Axios

Small-business owners stay optimistic amid inflation concerns, rising costs | The Philadelphia Business Journal

36 Hours: Philadelphia | The New York Times

Financial assistance for Philly microburst damage now available, officials say | NBC 10

Can Dive Bars and Michelin Stars Save the Same Neighborhood? | Food & Wine

Pa. election 2026: Voter guides, key races and more | WHYY

The Small Business Administration is offering new grants and up to $10 million in financing | The Philadelphia Inquirer

The Bond Market Is Signaling Rising Risks. Investors Should Listen. | The New York Times

SBA preps $20M grant program for these 'critical' suppliers | The Philadelphia Business Journal

Nonprofit buys 14 homes and warehouse on same block to create 'microcosm of a community' |  The Philadelphia Business Journal

Company grows almost 12,000% to lead 143 Philadelphia-area firms on the 2026 Inc. 5000 list | The Philadelphia Business Journal

How Officials Are Picking Which Parts Of Philly Will Benefit From Opportunity Zones 2.0 | Bisnow

SBA boosts loan guarantees for this data center-adjacent industry | The Philadelphia Business Journal

 
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PIDC is Philadelphia's public-private economic development corporation. We provide financing and real estate products to businesses, nonprofits, and developers to help drive growth to every corner of Philadelphia.

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