PHILADELPHIA, June 14, 2022 – City Council recently launched the website and online application for the Philadelphia Public Financial Authority (“PPFA”)’s board members. Earlier this spring, Council passed nearly unanimous legislation introduced late last year by Councilmember Derek Green (At-Large), to establish the PPFA, an entity that permits the City of Philadelphia to create the nation’s first municipal public bank.
The current available leadership positions are nine mayor-appointed positions on the Board of Directors, which will collectively appoint the Investment and Lending Policy Advisory Board, which will also consist of nine members. The start of this application process coincides with a formal written request by Councilmembers to the Kenney Administration for $3 million for operating costs and $75 million for capitalization.
“We must not waste any more time making the necessary, long overdue investments in our most underserved neighborhoods, that will afford small business owners and entrepreneurs – primarily minority-owned and businesses of color – the wealth-building opportunities that have remained inaccessible for decades,” said Councilmember Green.
The PPFA will provide much needed financial support and resources to hard-to-lend-to businesses and organizations and local commercial development financial institutions (“CDFIs”). Black and Brown businesses are fewer in number, employ fewer workers, and have more difficulty growing, all of which are directly connected to their owners’ lack of access to credit. More jobs, greater wealth, and more equity are the right way to alleviate the inextricably linked issues of the City’s 23.1% poverty rate, Philadelphia’s violence epidemic, and critical for moving our City forward in a just, sustainable way.
Interested applicants have until Thursday, June 30, 2022, to apply and may contact Duwayne Terry with any questions related to the application process.
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