Bill 020256
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.
Introduced by
From the floor
Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.
“Aye. 6/6/02 STATED - SECOND REDING, BILL 020256 The ayes are 17, the nays are 0. A majority of all members having voted in the affirmative, the bill passes. The next bill to be called for consideration is Bill No. 020256.”
Council President Verna · Stated Meeting, June 6, 2002 · Jun 6, 2002 · official transcript, this passage
“Councilman Goode? 6/6/02 STATED - SECOND REDING, BILL 020256”
The Clerk · Stated Meeting, June 6, 2002 · Jun 6, 2002 · official transcript, this passage
“Aye. 6/6/02 STATED - SECOND REDING, BILL 020256”
Councilwoman Tasco · Stated Meeting, June 6, 2002 · Jun 6, 2002 · official transcript, this passage
“To the President and members of the Council of the City of Philadelphia: The Committee on Commerce and Economic Development, to which was referred Bill No. 020256, an ordinance amending Chapter 21-800 of the Philadelphia Code, entitled "Advancement of Economic Opportunities," by amending Section 21-802 by adding a subsection on been targeted investments in women's business development finance, respectfully reports it…”
The Clerk · Stated Meeting, May 30, 2002 · May 30, 2002 · official transcript, this passage
“Thank you, Madam President. I move that the rules of Council be suspended so as to permit first reading this day Bill No. 020256. (Duly seconded.)”
Councilman Nutter · Stated Meeting, May 30, 2002 · May 30, 2002 · official transcript, this passage
“It has been moved and properly seconded that the rules of Council be suspended so as to permit first 5/30/02 STATED - COMMITTEE REPORTS reading this day of Bill No. 020256. All in favor will indicate by saying aye. Opposed? The ayes have it, and Bill No. 020256 will be placed on today's first-reading calendar. This concludes our committee reports. 5/30/02 - BILLS ON FIRST-READING CALENDAR”
Council President Pro Tem Blackwell · Stated Meeting, May 30, 2002 · May 30, 2002 · official transcript, this passage
Status timeline
- Apr 25, 2002Referred · CITY COUNCIL
- Apr 25, 2002Introduced · CITY COUNCIL
- May 16, 2002HEARING NOTICES SENT · Committee on Commerce & Economic Development
- May 16, 2002HEARING HELD · Committee on Commerce & Economic Development
- May 16, 2002REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Commerce & Economic Development
- May 30, 2002ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- May 30, 2002SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- May 30, 2002ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR · CITY COUNCIL
- Jun 6, 2002PASSED · CITY COUNCIL
- Jun 6, 2002READ · CITY COUNCIL
- Sep 12, 2002NO ACTION TAKEN · MAYOR
Official documents
Documents open on the City of Philadelphia’s legislative site.
Full text
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..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, therefore THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Chapter 21-800 of The Philadelphia Code is hereby amended to read as follows: CHAPTER 21-800. ADVANCEMENT OF ECONOMIC OPPORTUNITIES * * * §21-802. The Philadelphia Community Reinvestment Commission. * * * (4) Targeted Investments in Women's Business Development Finance. The Commission shall target no less than 51% of the Philadelphia Community Development Financial Institution Fund for small business capital investments; and no less than 51% of small business capital investments for women's business development finance. SECTION 2. This Ordinance shall take effect immediately. ___________________________________ Explanation: Italics indicate new matter added. ..End