PIDC is Philadelphia’s public-private economic development corporation founded by the City of Philadelphia and the Chamber of Commerce for Greater Philadelphia. Our mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. Armed with flexible financing products, a targeted portfolio of industrial and commercial real estate, and 60 years of Philadelphia-based knowledge, PIDC provides the resources and expertise to help you invest, develop, and grow.
Innovation from the Start
It was 60 years ago that the seed for PIDC was planted. Then-Mayor Richardson Dilworth proposed a new model: It would be a non-profit, independent entity, equal parts public and private, a 50-50 collaboration between the city and business community. While other cities had government-run or privately driven economic redevelopment engines, the Philadelphia Industrial Development Corporation (PIDC) would be uniquely a partnership. It was a revolutionary idea.
“There were no public-private partnerships then. The experience in the city was public sector doing urban renewal, private sector leading developments like Penn Center,” says PIDC President John Grady. “The whole idea of creating a private organization that has shared governance between the public sector and private sector was in itself innovative. It was very progressive at the time.”
City-wide Impact
Over the past 60 years, PIDC has made a tremendous impact in the city. We settled over 7,150 transactions with a diverse range of clients—including more than $16 billion of financing and more than 3,200 acres of land sales—which leveraged over $28.6 billion in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia.
PIDC’s influence is evident. Since 2012, PIDC has made over 400 loans in 96% of the city’s zip codes, pumping $130 million into growing businesses and creating or retaining more than 10,000 jobs. Over half of those business loans have gone to women-, minority-, or disabled-owned businesses, many of which have improved their credit scores and increased their bottom lines.
A Vision for the Future
PIDC is building on its 60-year history of developing innovative strategies for attracting and deploying capital to support business growth and development throughout Philadelphia. An example of this includes supporting the thriving start-up sector, funding brilliant entrepreneurs with initiatives like the StartupPHL Seed Fund I & II. PIDC is also the master developer of the Navy Yard, a former Philadelphia Naval Shipyard which is now a vibrant, waterfront home for over 13,500 employees and more than 160 companies in the office, industrial/manufacturing, and R&D sectors.
How Can We Help You?
Whether you are a current business owner, developer, investor, or interested partner, PIDC can help with financing options, real estate opportunities, or general information as we work collectively in driving growth to every corner of Philadelphia. Call PIDC at 215.496.8020, email us at [email protected], or visit www.pidcphila.com to get started right away.
