PHILADELPHIA—On Tuesday, July 27, 2021, from 4:30 to 5:00, the sixth program in the “Financing Philadelphia’s Future with Councilmember Derek Green” series will be presented by the Philadelphia Public Banking Coalition. The general public is invited to participate in this interactive discussion with a guest plus responses to attendee questions, moderated by Vanessa Lowe, on Zoom https://us02web.zoom.us/j/85835928783 and livestreamed on the Facebook and Instagram accounts of Councilmember Green and Philadelphia Neighborhood Networks. Those wishing to attend the program are requested, but not required, to register at https://actionnetwork.org/forms/philadelphia-public-bank-coalition-presents-financing-philadelphias-future-with-derek-green?source=direct_link&. All Financing Philadelphia’s Future programs can be viewed on the Coalition’s website at https://philapublicbanking.org/?page_id=249.
James Burnett, Executive Director of VestedIn (formerly named West Philadelphia Financial Services Institution – WPFSI) since 1999, will be our guest. Burnett has over 30 years of experience in the financial services industry. As Burnett explains his mission, “VestedIn was founded as West Philadelphia Financial Services Institution to provide economic development leadership and resources to the West Philadelphia Empowerment Zone. Since our founding, we have expanded our reach to seven counties in Pennsylvania, New Jersey, and Delaware; but we will always remain committed to the goals of enriching the lives and businesses of West Philadelphia.” VestedIn is a Community Development Financial Institution (CDFI) that provides loans of up to $100,000 to businesses and entrepreneurs for purposes such as equipment purchases, inventory acquisition, and business expansion. In addition to lending, VestedIn offers grants, technical services, and other programs to enhance local business success and strengthen the foundation of the community.
Green and Burnett will discuss the roles that CDFIs such as VestedIn play in generating economic growth and opportunity in historically disadvantaged communities. Banks, credit unions, loan funds, microloan funds, or venture capital providers can be CDFIs. CDFIs are distinguished from other entities that employ a market-based business model within a similar legal structure because they are mission-driven rather than profit-driven. Their mission is to foster economic opportunity and revitalize neighborhoods. They help finance home ownership and business startups; they invest in local health centers, schools, and community centers. A robust and growing sector within the larger financial services industry, over 1,000 CDFIs are currently in operation across the country, channeling private and public investment into low-income communities.
The prospective Philadelphia Public Banking Authority (PPBA) may become qualified as a CDFI. In furtherance of the PPBA mission to support the local financial ecosystem, a PPBA that is a CDFI would be well positioned to partner with other CDFIs, such as VestedIn. Green and Burnett will explore some of the ways such relationships may work to promote the rapid transformation of our community.
Councilmember Green introduced Bill #210005 on January 28, 2021 to authorize organization of the Philadelphia Public Banking Authority. This Bill is currently before the City Council Finance Committee. Green will report on and answer questions about the status of the Bill and the research being performed for the City by the law firm Holland & Knight.
All previous Financing Philadelphia’s Future programs can be viewed on the Philadelphia Public Banking Coalition website.
