civus
ResolutionADOPTED

Resolution 040145

Authorizing the Committee on Commerce and Economic Development to hold hearings examining small business lending in low and moderate income and minority areas within the City of Philadelphia, and calling on the Small Business Lending Task Force of the Community and Economic Development Committee of the Greater Philadelphia Urban Affairs Coalition, to present testimony on several potential solutions to lending disparity, including a loan guarantee fund, alternative loan programs, and an information and referral system for small businesses.

Introduced Feb 19, 2004Committee on Commerce & Economic DevelopmentOfficial record: City of Philadelphia via Legistar

Introduced by

Councilmember GoodeCouncilmember MarianoCouncilmember CohenCouncilmember O'NeillCouncilmember RizzoCouncilmember ClarkeCouncilmember NutterCouncilmember DiCiccoCouncilmember TascoCouncil President VernaCouncilmember MillerCouncilmember KenneyCouncilmember KrajewskiCouncilmember BlackwellCouncilmember Reynolds BrownCouncilmember RamosCouncilmember Kelly

From the floor

Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.

  1. “The vote on Bill No. 040145 is 16 to nothing. A majority of all Members having voted in the affirmative, the bill passes. The record will also reflect that Councilman Mariano has voted in the affirmative on Bill Nos. 041004 and 040701. The Chief Clerk will please read the title of the Bill No. 040326. THE”

    Council President Verna · Stated Meeting, January 25, 2005 · Jan 25, 2005 · official transcript, this passage

Status timeline

  1. Feb 19, 2004ADOPTED & REFERRED · CITY COUNCIL
  2. Feb 19, 2004READ · CITY COUNCIL
  3. Feb 19, 2004Introduced · CITY COUNCIL
  4. Mar 25, 2004HEARING NOTICES SENT · Committee on Commerce & Economic Development
  5. Mar 25, 2004HEARING HELD · Committee on Commerce & Economic Development
  6. Mar 25, 2004RECESSED · Committee on Commerce & Economic Development
  7. Jun 2, 2004HEARING NOTICES SENT · Committee on Commerce & Economic Development
  8. Jun 2, 2004RECESSED · Committee on Commerce & Economic Development
  9. Jun 2, 2004HEARING HELD · Committee on Commerce & Economic Development
  10. Nov 16, 2005HEARING NOTICES SENT · Committee on Commerce & Economic Development
  11. Nov 16, 2005RECESSED · Committee on Commerce & Economic Development

Full text

Read the full text as published

..Title Authorizing the Committee on Commerce and Economic Development to hold hearings examining small business lending in low and moderate income and minority areas within the City of Philadelphia, and calling on the Small Business Lending Task Force of the Community and Economic Development Committee of the Greater Philadelphia Urban Affairs Coalition, to present testimony on several potential solutions to lending disparity, including a loan guarantee fund, alternative loan programs, and an information and referral system for small businesses. ..Body WHEREAS, In the fall of 2002, based on Resolution 020522, introduced by Councilman W. Wilson Goode, Jr., the Council of the City of Philadelphia held hearings on the issue of community reinvestment within the City of Philadelphia, spurring the creation of the Small Business Lending Task Force of the Community and Economic Development Committee of GPUAC; and WHEREAS, A study of Community Reinvestment Disclosure data by the National Community Reinvestment Coalition showed that such areas do not receive the number and dollar volume of loans from traditional financial institutions that are proportionate to the percentage of small businesses located in those areas; and WHEREAS, A number of factors contribute to this disparity, including lack of bank branches in those areas, lack of advertising by banks, a lack of aggressive outreach for business development in those areas, and lending standards that effectively screen out borrowers; and WHEREAS, Traditional lenders contend that those areas contain a disproportionate percentage of small businesses with poor credit histories and lack of equity/collateral, thus marking them as high risk markets; and WHEREAS, The Small Business Lending Task Force of the Community and Economic Development Committee of GPUAC, in its February 6th draft report on the state of small business lending in Philadelphia's low and moderate income and minority communities, has set forth several potential solutions, including a loan guarantee fund, alternative loan programs, and an information and referral system for small businesses; and WHEREAS, These potential solutions should be incorporated into the development of the $500 million Economic Development Capital Fund proposed by the Street administration; now therefore, be it RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the Committee on Commerce and Economic Development is hereby authorized to hold hearings examining small business lending in low and moderate income and minority areas within the City of Philadelphia. ..End