Funding supports first-time homebuyer & financial literacy program, Entrepreneurship Center
PHILADELPHIA (August 2023) – Penn Community Bank, the largest independent mutual bank in eastern Pennsylvania, today announced a $100,000 contribution to the Urban League of Philadelphia. The partnership will support the Philadelphia-based nonprofit’s first-time homebuyer and financial literacy program, as well as expand access to its Entrepreneurship Center.
“We’re committed to building thriving communities throughout the region through relationship-based financial services and dynamic partnerships with nonprofits like with the Urban League of Philadelphia,” said Jeane M. Vidoni, president and CEO of Penn Community Bank. “From supporting affordable access to housing to encouraging the entrepreneurial spirit that drives economic growth, we take our responsibility to the communities we serve seriously. We’re grateful for this opportunity to support the work of the Urban League of Philadelphia and combine our strengths to truly make an impact in neighborhoods across the city.”
“The Urban League of Philadelphia has a long and storied history of serving communities in need across the Philadelphia region,” said Urban League of Philadelphia President and CEO Darrin W. Anderson Sr, PhD, MS. “Central to that service has been our commitment to supporting homeownership and economic development. The programs funded by this historic donation will support that work and allow us to expand our efforts to serve even more individuals. We are grateful to Penn Community Bank for this generous contribution and look forward to our continued work together.”
For more than 106 years, the Urban League of Philadelphia (ULP) has been one of the leading civil rights and community service organizations serving the Philadelphia region. The ULP promotes economic empowerment through education and job training, housing and community development, workforce development, entrepreneurship, health equity, and reentry programs, supporting nearly 20,000 individuals and families each year, approximately 78-percent of whom are African American and reside in low-income communities.
Supporting First-Time Homebuyers & Increasing Financial Literacy:
Penn Community Bank’s support of the first-time home buyer and financial literacy program is anticipated to produce:
- 35 additional first-time homeowners located within majority-minority and majority Black communities.
- 75 additional individual counseling sessions geared towards future home attainment, budgeting for unexpected homeownership costs, and home ownership retention.
- Financial literacy education for an additional 250 individuals to include one on one budgeting and money management counseling, workshops on the rights and responsibilities of homeownership from experts in the housing industry, informational classes on the home buying process, credit repair instructions, educational workshops on Fair Housing Laws, and how to choose a lender.
Growing Minority-Owned Businesses:
The Urban League of Philadelphia’s Entrepreneurship Center elevates minority-owned businesses by addressing historic disparities in business growth, development, and profitability. Approximately 98% of clients identify as African American, 57% are female, and more than 90% are between the ages of 30 and 55 years of age. Since its inception, the program has supported 779 aspiring and experienced business owners who obtained $4.9 million in contracts and $2.6 million in financing, creating over 100 jobs and 15 new businesses.
With Penn Community Bank’s support of the Entrepreneurship Center, the program is expected to provide customized coaching, legal organization counseling, technical assistance, and tax preparation assistance for 30 additional small business owners.
About Penn Community Bank: Penn Community Bank holds more than $2.6 billion in assets, employs more than 300 people, and offers banking and lending services at 20+ bank branches and three administrative centers throughout southeastern Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves. In support of this mission, Penn Community Bank’s charitable arm, the Penn Community Bank Foundation, contributes 5% of the institution’s net income each year to area nonprofits and community groups making a difference in the region.
About the Urban League of Philadelphia: Since 1917, the Urban League of Philadelphia has worked to bend the arc of history. We are an affiliate of the National Urban League, one of the nation’s oldest and largest community-based movements dedicated to empowering underserved urban communities. Our mission is to empower African Americans and other underserved people to secure economic self-reliance, parity, power and civil rights. We believe our common dreams are stronger than the things that divide us. Economic independence and social mobility are only possible when individuals, civic organizations, corporations, and public officials can build bridges and work together. As a nonprofit, civil rights and advocacy organization, this is what we do.