►
Description
The Committee on Commerce & Economic Development of the Council of the City of Philadelphia held a Public Hearing on Monday, October 16, 2017, at 10:00 AM, in Room 400, City Hall, to hear testimony on the following items:
160957 Resolution authorizing the Committee on Commerce & Economic Development to hold hearings regarding the Philadelphia Capital Consortium.
161118 Resolution authorizing the Committee on Commerce & Economic Development to hold hearings regarding the JumpStart initiatives throughout the City of Philadelphia.
Committee on Commerce and Economic Development
Chair: Councilman Curtis Jones Jr. (4th District)
Vice Chair: Councilwoman Cherelle Parker (9th District)
A
Public
hearing
is
to
hear
testimony
or
resolutions
number
one:
six:
zero,
nine,
five,
seven
and
one
six
one
one
one:
eight
I'm
recognizing
a
qualm
in
the
configuration
of
councilman
Daum,
councilman,
green
myself,
councilman
Johnson
in
president
Clark,
who
is
always
our
pitch
hitter.
So
with
that,
can
you
please
read
the
title
of
the
resolution.
Miss.
A
C
C
In
addition,
the
Capra
contortions
created
a
LendingTree
type
initiative
for
small
businesses
going
through
our
Commerce
Department,
an
opportunity
for
individual
business
owners
who
are
interested
in
directing
getting
credit
to
apply
through
the
Catholic
consortium,
and
that
information
is
sent
to
various
lenders
who
are
part
of
the
consortium
and
in
those
lenders,
respond
back
in
a
Commerce
Department
and
the
Commerce
Department
then
connects
with
that
applicant,
letting
them
know
the
various
lenders
who
are
interested
in
providing
them
with
financing.
To
me,
the
biggest
issue
in
our
city
is
poverty.
C
The
best
way
to
address
that
is
by
growing
jobs
in
our
city
and
the
best
creative
jobs
is
entrepreneurship.
So
I
think
the
capital
consortium
is
providing
a
great
opportunity
to
address
this
issue,
and
one
of
the
major
issues
for
small
businesses
is
access
to
credit.
So
I'm
glad
we
had
an
opportunity
to
have
this
hearing.
In
fact,
the
Catholic
consortium
just
had
their
quarterly
meeting
this
morning
in
a
caucus
room
on
the
other
side
of
this
hallway.
C
A
So
we
should
take
advantage
of
this
in
a
way
that
we
do,
that
is
through
access
to
capital,
for
small
businesses
and
what
I'm
glad
about?
Is
this
not
a
democratic
thing?
It's
not
a
Republican
thing.
It
is
the
right
thing
to
do
for
the
city
or
not
I.
Thank
you
for
putting
that
forward.
I
want
to
also
recognize
councilman
Tollan
Berger,
who
is
here.
Are
there
any
other
comments
from
members
of
the
panel
seeing
none
miss
Williams?
Would
you
please
give
the
first
panel
that
is
testifying.
A
D
Good
morning,
chairman
Jones
councilman,
derek
green
and
members
of
the
committee
on
commerce
and
economic
development,
my
name
is
Jonathan
Schneider
and
I
serve
as
the
director
of
business
financial
resources
within
the
office
of
neighborhood
economic
development
of
the
Philadelphia
Commerce
Department
and
I
direct
the
capital
Consortium.
It
is
my
honor
to
be
here
today
to
discuss
resolution
number
one,
six,
zero,
nine,
five,
seven
on
the
consortium.
The
capital
consortium
is
a
simple
way
for
businesses
to
access
capital.
A
business
owner
completes
a
simple
two-page
application
that
asks
basic
information
about
the
business.
D
Then
it
sends
it
off
to
a
network
of
more
than
30
lenders.
If
a
lender
is
interested
in
working
with
a
business
owner,
they
contact
them
directly
within
10
business
days.
If
an
owner
is
not
contacted
by
a
lender,
they
are
directed
towards
our
business
technical
assistance
resources.
The
consortium
is
designed
to
save
business
owners,
the
time
and
expense
of
searching
for
loans.
In
a
sea
of
lenders,
the
consortium
began
as
an
idea
discussed
by
several
of
our
community
partners,
who
were
engaged
in
working
the
promise
zone
in
2015.
D
These
meetings
included
partners
like
PID
C.
The
enterprise
center
women's
opportunities,
Resource
Center,
a
fine
anta
entrepreneur,
works,
West,
Philadelphia
financial
services,
institution,
the
merchants
fund,
the
Small
Business
Administration
and
the
Office
of
Community
and
Economic
Opportunity.
Excuse
me:
community,
empowerment
and
opportunity.
All
of
the
community
partners
commented
that
the
small
businesses
they
worked
with
were
overwhelmed
by
the
number
of
applications
they
had
to
put
together
in
pursuit
of
a
loan,
the
issue
transcended
the
promise
zone,
other
applications
for
banks
for
credit
unions
for
Community
Development
financial
institutions
and
further
nonprofit
lenders.
D
This
was
further
complicated
because
banks
were
closing
many
Bank
branches.
Even
if
a
small
business
owner
wanted
to
talk
to
their
local
branch,
they
may
not
have
had
the
opportunity.
We
all
wanted
a
simplified
way
for
businesses
to
obtain
and
fund
the
funding
they
needed
for
their
business
to
grow.
The
Commerce
Department,
in
conjunction
with
the
Enterprise
Center
P,
IDC
and
other
CDFI
partners,
began
the
work
of
bringing
lenders
together
to
discuss
the
best
way
to
simplify
the
loan
process.
We
met
quarterly
to
discuss
how
to
best
achieve
this
goal.
D
Initial
thoughts
were
to
create
a
common
application,
but
this
improved
excuse-me
proved
to
be
impractical.
Every
lender
has
their
own
underwriting
process
and
required
slightly
different
information.
Having
borrowers
put
together
a
loan
application,
including
attachments
to
share
with
a
network,
would
not
have
been
a
seamless
process.
Instead,
we
created
a
process
of
making
a
warm
virtual
handshake
introduction,
using
a
simple
form
that
asked
information
which
is
required
of
our
all
lenders
named
business
type
years
of
operation
annual
revenue.
D
How
much
is
being
requested
how
the
money
is
to
be
used
and
are
there
any
credit
issues
that
we
should
know
about
in
advance?
This
document
has
been
submitted
to
you
for
your
review.
Once
we
receive
an
application,
it
is
shared
with
the
network
of
lenders.
Vilandra
wishes
to
work
with
the
business
owner.
They
contact
them
directly
and
notify
us
at
commerce
if
a
lender
and
borrower
complete
alone,
they
also
notify
us
here.
D
At
commerce
the
capital
consortium
members
have
grown
to
over
30
lenders
and
I've
provided
the
names
of
the
organizations
as
an
additional
document.
Since
the
capital
consortium
launched
in
July,
2016
commerce
is
forwarded,
74
applications
through
October
11th
of
this
year
64
had
been
contacted.
These
are
updates
from
what
you'd
received
in
the
written
testimony.
D
64
have
been
contacted
by
at
least
two
lenders
and
41
have
been
contacted
by
three
or
more
lenders.
Ten
loans
have
been
made,
not
the
nine
that
are
listed
and
at
least
one
is
in
process
towards
settlement.
The
10
applicants,
who
were
contacted
by
only
one
lender,
were
connected
with
business
technical
assistance
providers
to
help
develop
their
businesses
and
help
them
be
ready
to
access
capital
in
the
future.
We
have
worked
to
publicize
the
consortium
through
Commerce's
network
of
neighborhood
organizations.
D
We
have
had
articles
featured
on
philly.com
in
the
philly
tribune,
generosity
or
next
city,
org
city,
Palooza,
comm,
and
the
consortium
has
also
been
featured
in
web
videos,
an
opportunity,
finance
networks,
site
venture
eyes,
org
more
recently,
commerce
is
partnered
with
rebuild
on
their
outreach
to
local
contractors
to
let
them
know
about
the
forthcoming
opportunities
to
bid
on
rebuild
projects.
We
have
completed
five
of
the
ten
scheduled
outreach
meetings
for
vendors
and
we
anticipate
that
many
small
contractors
may
benefit
from
the
capital
consortium
when
they
need
to
obtain
working
capital
for
projects.
D
We
have
also
been
grateful
to
the
support
of
councilman
green
who's,
attended
the
quarterly
meetings
and
provided
resources
to
help
grow
the
initiative.
One
of
the
improvements
again.
This
is
not
on
the
written
testimony,
but
one
of
the
improvements
we've
recently
made,
as
we've
switched
to
an
an
online
forum
that
automatically
sends
applicants
off
to
the
network
of
lenders.
This
has
reduced
staff
time
of
commerce
and
has
sped
up
the
process.
D
Commerce
is
committed
to
helping
small
businesses
open,
grow
and
thrive
in
Philadelphia
access
to
capital
for
their
success,
and
the
capital
consortium
is
a
part
of
this
hustle
to
help
eliminate
barriers
for
small
businesses
to
grow.
Thank
you
for
your
time
and
consideration
I'd
be
happy
to
answer
questions
any
questions
you
may
have
at
this
time.
If.
E
My
name
is
Lynn
Ozar
and
I.
Am
the
president
of
the
Fulton
Bank
small
lending,
SBA
administration
lending
division
along
with
our
affiliates?
We
are
a
19
billion
dollar
bank
covering
Pennsylvania
and
New
Jersey,
Delaware,
Virginia
and
Washington
DC.
We
extend
government
guaranteed
loans
to
customers
who
Duck
do
not
meet
the
regular
commercial
lending
criteria
of
Fulton
Bank.
One
of
our
primary
missions
is
to
serve
businesses
in
low
moderate
income
areas
as
well
as
majority
minority
populations.
E
Fulton
Bank
has
recently
opened
a
loan
production
office
at
1601,
Market
Street,
as
well
as
a
home
mortgage
operation
on
North
Broad
Street
in
Philadelphia,
as
I
am
responsible
for
commercial
loans.
Only
I
will
not
be
addressing
our
efforts
in
the
low-income
housing
mortgage
programs.
I
was
fortunate
enough
to
hear
about
the
capital
Consortium
from
Jonathan
Snyder,
who
I
met
at
SBA's,
meet
the
lender
program
in
October
of
2016,
as
fulton
bank
was
making
its
existence
known
in
the
city.
The
timing
of
this
meeting
was
fortuitous.
E
The
lending
programs
offered
by
the
Small
Business
Administration
are
well
suited
for
the
exact
target
audience
of
the
consortium.
We
agreed
that
Fulton
banks
should
join
and
I
attended
the
first
meeting
in
January
of
this
year.
The
biggest
challenge
to
lending
in
LMI
mm
populations
is
finding
qualified
small
businesses
to
lend
to
the
capital.
Consortium
identifies
prospects,
which
is
one
of
the
most
costly
aspects.
E
Excuse
me
of
small
business
lending,
since
joining
I
have
had
the
opportunity
to
review
47
applications
which
are
sent
to
me
electronically.
Each
consortium
member
has
the
opportunity
to
reach
out
to
potential
clients
to
potentially
offer
financing
based
on
the
organization's
appetite
for
the
specific
client
profile.
I
have
successfully
closed
two
loans
to
two
different
businesses
and
have
a
third
one
in
the
works.
The
prospects
applications
indicate
how
long
they've
been
in
business,
which
is
very
important
when
screening
prospects.
It
gives
us
information
on
collateral,
available
and
total
debt
of
the
business.
E
In
addition
to
the
dollar
request,
request
and
the
use
of
funds,
the
process
allows
interested
lenders
to
speak
directly
to
the
prospective
borrower
and
puts
everyone
on
a
level
playing
field,
allowing
the
prospect
to
choose
their
own
potential
lending
partner.
Volton
Bank
considers
this
an
extremely
valuable
process
prospecting
vehicle
to
reach.
The
exact
target
audience
we
would
otherwise
have
difficulty
identifying
the
capital
consortium
has
also
had
various
speakers
and
our
meetings
regarding
new
programs
in
the
economic
development
world
that
are
extremely
informative
and
potentially
very
useful.
Thank
you.
A
F
Good
morning
my
name
is
Michael
Allison,
vice
president
of
lending
at
fine
anta
on
behalf
of
finances,
clients,
Board
of
Directors,
Advisory,
Committee
and
staff.
Thank
you
for
the
opportunity
to
discuss
the
Commerce
Department's
capital
consortium
initiative.
Ananta
is
a
nonprofit
lending
institution
facilitating
access
to
capital
and
consultation
services
to
entrepreneurs,
first-time
homebuyers
and
consumers
in
the
Philadelphia
region.
F
Since
1996,
we
promote
the
growth
and
economic
expansion
of
diverse
communities
and
commercial
orders
to
the
infusion
of
capital
and
the
provision
of
business,
consumer
and
home
buyer
consultation
services
and
technical
assistance
in
a
manner
that
is
uniquely
conscious
of
the
cultural,
social
and
language
barriers
that
growing
immigrant
and
minority
populations
face.
We've
been
involved
in
the
capital
consortium
since
the
planning
stages
and
have
contributed
feedback
throughout
the
creation
process.
As
a
nonprofit
lender,
the
capital
consortium
common
application
has
been
helpful
to
us
as
it
as
it
has
provided
an
additional
inflow
of
referrals.
F
It
has
also
become
a
referral
source
from
us
for
those
businesses
whose
projects
do
not
fit
within
our
financing
guidelines.
Often
small
business
owners
come
to
Fein
anta's,
first-time
borrowers.
We
have
found
this
to
be
the
case
with
capital
consortium
applicants
as
well
through
the
capital
consortium.
The
city
is
providing
a
curated
list
of
vetted
lenders,
collectively
able
to
service
a
wide
array
of
project
sizes
and
loan
requests.
This
is
a
necessary
service
for
those
business
owners
who
require
technical
assistance
in
order
to
access
capital.
F
We
would
like
to
see
the
capital
consortium
to
continue
being
highlighted
by
the
city
as
a
unique
tool
for
small
businesses
to
access
capital.
We
encourage
the
city
to
continue
allocating
resources
for
this
program
and
that
more
initiatives
are
brought
to
the
program
to
increase
the
volume
of
new
applicants.
Thank
you.
G
My
name
is
Sophie
de
Pinto
I'm,
the
co-owner
of
dipinto
guitars
at
407,
East
Girard
Avenue
in
Philadelphia.
Thank
you
for
having
me
here
this
morning.
Dipinto
guitars
is
a
small
family-owned
company.
We
have
been
operating
out
of
Philadelphia
since
1995.
We
run
a
full-service
guitar
shop.
We
buy,
sell
trade
repair,
give
lessons,
but
we
also
have
our
own
brand
of
guitars
that
are
designed
by
my
husband,
Krista
Pinto.
The
guitars
are
sold
out
of
our
shop
in
Fishtown,
but
they're
also
wholesale
to
other
stores
nationwide.
G
G
Instead
of
switching
production
to
China
or
Indonesia,
we
decided
to
bring
our
manufacturing
back
home
and
we
found
a
production
fill
a
production
facility
in
lower
Bucks
County
that
we
could
work
with
between
this
facility
and
our
shop.
All
our
dipinto
brand
guitars
are
now
a
hundred
percent
made
in
the
United
States
at
this
transition
is
where
the
loan
comes.
In
initially
when
our
Factory
in
Korea
closed,
it
came
out
of
the
blue
and
we
had
a
year
with
no
production
at
all.
There
are
other
reasons
we
needed
funding.
G
The
cost
of
american-made
instruments
is
significantly
higher.
Also,
there
are
the
costs
of
marketing
and
rebranding.
Well,
my
husband
and
I
both
have
excellent
credit
and
have
a
successful
business.
We
are
still
a
very
small
company.
We
only
have
four
employees,
sometimes
five
at
the
size.
We
are
it's
hard
to
get
a
commercial
loan
and
I
was
dreading.
G
The
application
process
I
heard
about
the
consortium
from
NK
CDC,
which
is
the
New
Kensington
Community
Development
Corporation,
and
since
I
was
in
the
process
of
looking
for
funding
anyway,
I
had
the
information
handy
for
the
application
and
I
filled
it
out
and
submitted
it.
I
wasn't
sure
what
to
expect,
but
we
got
I
want
to
say
at
least
a
half
a
dozen
offers
back.
I'm,
not
I'm,
not
sure
that
number.
G
Although
I
knew
exactly
what
I
was
looking
for
before
the
consortium,
I'd
have
to
go
through
the
whole
loan
application
for
a
certain
lender
before
they
would
get
an
offer
from
them,
and
often
it
was
something
I
wasn't
looking
for,
like
a
line
of
credit
or
a
three-year
loan,
or
something
like
that,
and
then
I'd
have
to
start
again
with
the
different
lender,
and
it
was
a
very
time-consuming
process.
So,
after
reviewing
the
offers
I
received
from
the
consortium,
I
followed
up
with
three
or
four
lenders
and
eventually
settled
on
working
with
the
PID
C.
A
Thank
you
for
choosing
Philadelphia.
You
could
took
that
business
anywhere,
but
you
chose
Philadelphia
to
stay
and
it
speaks
to
our
vibrancy.
It's
one
thing
to
have
bread,
butter,
necessity,
businesses,
but
when
you
have
guitars
that
is,
that
is
not
a
purchase
that
people
have
to
make,
and
so,
therefore
it
speaks
well
of
the
neighborhood
and
and
the
local
economy.
I
look
just
a
history
point.
The
Philadelphia
plan
was
done
and
none
of
you
are
old
enough
to
know.
A
But
historically
the
Philadelphia
plan
was
designed
and
I
think
pH
PSFS
helped
sponsor
it,
and
it
was
to
look
at
the
lending
practices,
mostly
for
housing
in
Philadelphia
by
zip
code,
and
you
always
speak
Councilwoman
instead
or
my
bring
about
middle
neighborhoods
and
where
the
dollars
were
going,
and
that
was
a
companion
of
CRA
Community
Reinvestment
Act.
To
make
sure
that
deposits
received
were
investments
made
by
lending
institutions
which
is
a
precursor
to
my
old
organization,
P
CDs.
A
He
fell
for
commercial
Development
Corporation,
which
was
now
and
absorbed
into
PID,
Singh
Phillip
via
industrial,
so
I
want
to
thank
commerce
and
I
want
to
thank
P
IDC
for
this
concept
and
keeping
access
to
capital
as
a
priority,
but
the
question
I
would
have
for
commerce.
Are
we
keeping
track
of
how
much
dollars
for
small
businesses
and
the
federal
definition
of
small
business
is
what
two
million
twenty
five
two
point?
Five
million
I
think
my
definition
of
small
business
must
be
micro
and
you.
D
A
For
big
picture
people
like
at-large
council
people,
the
entire
city
is
their
district
before
us
lowly
district
council
every
our
district
is
the
United
States
everywhere
else
is
friends
right
there.
So
we
care
we
care
about
the
particulars
of
where
and
we
want
everybody
to
do
well,
but
we
particularly
what
our
districts
to
do
well,
so
that
kind
of
information
and
codification
of
that
data
would
be
helpful.
Absolutely.
D
C
Thank
you
all
for
testifying
this
morning.
It's
a
pleasure
to
be
here
and
mr.
Pinto
thank
you
for
being
here.
I
know
as
a
business
owner,
it's
very
challenging
to
take
time
out
of
your
day
to
actually
come
and
testify.
I
had
a
great
opportunity
to
visit
your
location
on
East
Girard
and
the
fact
you
came
from
Old
City
to
Easter
art
of
staying
within
the
city
of
that
office
is
great.
C
One
of
the
questions
I
have
not,
and
it
kind
of
touches
on
some
of
the
testimony
from
both
of
you,
mr.
Pinto,
there
Zoser
and
mr.
Ailes
is
that
you
talked
about
the
time-consuming
process
of
applying
for
loans
and
not
being
able
to
get
loans
that
fit
what
you're
trying
to
do.
I
think
one
of
the
benefits
of
the
Catholic
consortium
is
the
fact
that
it
is
providing
kind
of
like
a
Lending
Tree
type
of
initiative.
So
can
you
describe
that
process
and
in
Miso's,
or
you
talked
about
the
challenges,
I
think
mr.
C
ELLs
as
well.
The
challenge
is
trying
to
find
prospective
applicants
and
the
cost
of
money
that
you
spend
in
trying
to
identify
so
I
guess
from
both
perspectives.
Mr.
Pinto
and
Miss
as
ales
talked
about
the
challenge
in
trying
to
identify
loans
versus
the
challenge
of
trying
to
source
perspective,
businesses.
G
Thank
you
for
the
question.
So
when
you
you
know,
we've
all
applied
for
loans
and
they
always
ask
the
same
information,
but
every
bank
has
their
own
form.
You
know
it's
got
to
be
filled
out
just
so
so
this
is
just
kind
of
like
a
unified
form.
You
just
fill
out
one
form
and
it
goes
off
you
know
and
then
the
offers
come
back
rather
than
you
know,
here's
one
for
you
know
third
federal
and
here's
one
for
PNC
and
here's
one.
It's
all
that
same
information.
G
E
So
it's
very
difficult.
You
know
people
aren't
coming
to
us
and
Fulton
bank's
name.
Isn't
that
well-known
in
city
of
Philadelphia
at
all,
so
we're
trying
to
make
our
mark
and
trying
to
get
into
these
businesses
and
the
capital
consortium
has
been
a
perfect
marriage
for
us
to
identify
prospects
and
and
talk
to
people
that
we
are
interested
in
lending
to.
And
specifically
you
know,
if
you
blanket
the
world
with
advertising
and
so
forth,
that
you
do
small
business
lending,
you're
gonna
get
a
whole
variety.
E
You're
gonna
get
all
sorts
of
startup
businesses
which
are
wonderful
and
no
problem
with
startup
businesses.
But
if
that's
not
what
you're
looking
for
you
know,
you
can
quickly
tell
from
these
applications
if
it's
somebody
that
you
want
to
contact
just
like
Stacey
was
saying
there
there's
Sophie
excuse
me
was
saying
that
there's
you
know
a
bunch
of
different
banks
out
there.
Well,
there's
plenty
of
lenders
and
I
mean
borrowers,
so
we
don't
always
want
to
talk
to
all
of
them.
So
that's
great
and.
C
I
would
be
remiss
if
I
didn't
point
out
that
Fulton
is
a
new
bank
to
the
city,
but
not
quite
that
new
I
have
some
experience
of
Fulton
when
I
was
on
the
board
of
a
a
certain
charter
school
in
the
ninth
counter
district,
when
they
were
expanding
and
when
we
were
trying
to
expand
the
West
Oakland
charter
school,
and
we
looked
at
a
lot
of
different
financing
options
and
Fulton
was
very
creative
and
helping
the
West
Oakland
charter
school
to
expand.
And
then
there
was
another
religious
institution
in
a
a
the
district.
C
I
won't
say
the
name
of
the
institution,
but
they
had
been
a
part
of
a
that
had
a
long
term
banking
relationship
with
a
certain
institution
and
when
and
they
had
never
been
late
any
payments
and
always
had
strong
payment
history
and
when
they
were
trying
to
refile
on
that
institution
was
not
helpful.
We
were
able
to
reach
out
the
full
and
inform
was
able
to
make
that
work.
C
So
I
just
want
to
say
that
say
that
on
the
record,
but
one
of
the
things
I've
been
noticing
is
that
more
and
more
banks
are
coming
into
the
city
of
Adelphia
I
guess
because
I'm
as
a
former
Bank
I'm,
always
looking
for
branches
and
different
things
and
it's
expensive
to
have
a
branch.
Bricks-And-Mortar
branch,
but
I've
noticed
a
lot
of
newer
banks
that
are
not
traditionally
been
Philadelphia
market
men
coming
into
the
Philippine
market.
C
So
you
say:
Fulton
bank
mt,
b
b
mt,
I
remember
even
seeing
it
and
add
and
fill
up
business
journal
for
east
routes
were
saving
association
which
is
in
the
poconos
region.
So
clearly
people
are
looking
at
the
Greater
Philadelphia
region
as
a
way
of
coming
into
Philadelphia
and
I.
Think
it's
great
that
a
lot
of
institutions
are
joining
the
Catholic
insertion,
but
one
a
question:
I
have
for
you
Jonathan's.
C
How
do
we
grow
and
get
the
word
out
regarding
capital
source,
especially
to
commercial
corridors
all
throughout
the
city,
regardless,
if
you're,
the
fourth
district
or
the
six
district
or
the
ninth
district?
How
do
we
get
information
out
more
right
to
the
small
business
owners
on
commercial
Carter's?
That's.
D
A
great
question:
thank
you
for
the
opportunity
to
discuss
that
we
at
Commerce
work
with
a
number
of
partners
throughout
this
city,
so
we
are
focused
on
our
commercial
corridors.
We
are
focused
on
working
with
Community
Development
Corporation's
CDC's,
who
are
out
there
working
directly
with
the
businesses.
So
we
are
targeting
our
outreach
in
terms
of
talking
to
them
about
the
consortium
going
out
and
meeting
with
the
with
the
businesses
who
comprise
their
areas.
We
talk
directly
to
businesses.
D
We
go
to
any
meeting
that
is
possible,
which
is
one
of
the
reasons
why
we're
thrilled
to
go
to
all
of
the
rebuild
meetings,
because
it
helps
get
the
word
out.
We
have
are
trying
to
improve
the
online
experience
for
borrowers
and
to
create
a
forum
that
is
both
easy
to
use
and
easy
to
direct
people
to
in
order
to
make
that
another
way,
so
you
can
tell
them
hey
go
to
the
business
Philadelphia
capital
consortium
is
located
here.
D
We
are
working
to
see
if
what
torte,
what
types
of
targeted
reach
to
those
communities
might
look
like
and
how
expensive
it
might
be
to
advertise
and
local
papers.
We
have
not
done
that.
Traditionally,
we've
worked
with
our
partners
who
have
established
trust
relationships
with
the
businesses
in
order
to
spread
the
word
spread
by
word
of
mouth
and
have
it
happen
organically,
but
we're
continuing
to
look
at
other
ways
of
outreach
as
well.
Okay,.
C
C
D
H
You
and
I
thank
you,
Thank
You,
councilman
green,
for
bringing
this
resolution
to
our
attention
today
and
thank
you
for
your
testimony.
I
had
some
questions
on
the
data
I.
Guess
it's
for
Jonathan
Snyder!
First,
that's
what
I
make
sure
I
understand
the
information.
I
guess
on
the
second
page
middle
of
your
testimony,
it
says:
Commerce
is
forward
at
71
applications
through
October
11th
63
were
contacted
by
two
lenders,
41
contacted
by
three
or
more
then
it
says
nine
loans
have
been
made
with
those
closed.
Yes,.
D
H
D
So,
even
though
a
loan
didn't
close,
that
might
still
be
a
successful
resolution
because
they
had
access
to
the
information
they
needed
in
order
to
make
a
rational
decision.
But
we
will
have
more
information
from
that
after
we
do
our
follow-up
surveys
to
all
of
the
people
who
have
gone
through
the
capital
consortium.
What's.
D
D
H
E
First
of
all,
the
ones
that
were
pure
startups,
I
didn't
reach
out
to
that's
just
our
appetite
further,
not
doing
them,
so
that
was
I.
Don't
have
I'm,
sorry
that
I
don't
have
the
exact
amount,
but
I'll
be
honest
with
you
of
that
I
only
reached
out
to
two.
We
ended
up
doing
them.
So
the
reason
that
we
were
interested
in
them
is
they
met
the
criteria
of
the
Small
Business
Administration.
E
They
were
already
in
business
for
at
least
a
year,
so
I
had
one
year
of
tax
returns
to
to
look
at
and
they
had
experience.
I
talked
to
them.
One
of
them
was
one
of
the
best
that
I've
seen
it
was
a
graduate
of
Goldman,
Sachs,
10,000,
small
biz,
and
in
my
history
of
doing
small
loans,
everyone
that
I've
made
to
one
of
those
graduates
has
been
successful.
So
I
was
like
right
there
ready
to
do
that.
One.
E
The
other
one
was
an
existing
childcare
facility
where
they
were
moving
two
doors
down
because
they
needed
more
space
and
they
needed
money
for
leasehold
improvements.
So
again
with
SBA
lending.
You
know
we're
not
as
concerned
with
the
collateral.
We
want
to
make
sure
that
they
have
the
management
capability,
bring.
H
Up
you
bring
up
a
good
point,
cos
I,
come
out
of
a
small
business
background
and
I
never
really
wanted
to
borrow
money
from
a
bank
that
was
the
last
resort.
I'm
seriously,
you
don't
want
to
borrow
money
from
the
bank.
You
want
to
try
to
figure
out
how
to
do
it
on
your
own.
First,
as
you
go
to
a
bank,
and
so
my
question
is
the
ten
thousand.
You
know
the
goldman
sachs
program,
which
is
a
great
program
through
PID,
see
how
much
of
its
continuing,
but
it's
a
great
program.
Is
it
okay?
E
Couldn't
agree
with
you
more,
but
I
think
that
you
know
from
my
perspective
the
small
borrowers.
They
probably
don't
necessarily
even
know
about
GSA's
program,
but
gs
comes
to
banks
and
asks
us
to
help
identify
future
prospects
and
one
of
the
things
that
they
asked
for
is.
They
have
to
have
been
in
business
for
it's
either
one
or
two
years
when
campeius
startup
to
being
of
this.
But.
H
Can't
the
consortium
work
with
this
goldman
sachs
program
and
suggest
to
those
people
who
aren't
getting
loans
or
not
getting
approved,
that
they
consider
going
through
that
program
or
we
would
make
it
a
requirement
because
at
least
you
know,
you're
training
somebody
to
be
successful
as
an
entrepreneur.
Absolutely.
D
We
would
be
able
to-
and
we
already
connect
them
with
a
number
of
technical
assistance
resources
to
help
get
them
loan
ready.
So
they
can
take
a
look
at
their
financials
or
help
create
financials
that
they
have
never
done
that
before.
But
we
can
also
look
at
forwarding
them
directly
to
the
goldman
sachs
program,
especially
as
it
is
continuing.
Okay,.
I
You
mr.
chairman,
and
thank
you
councilman
green,
for
bringing
this
to
our
attention.
I
think
it's
very
important,
I
think
a
lot
of
people
know,
but
some
of
you
may
not
know
that
Philadelphia
is
the
largest
poorest
city
in
America,
and
if
we
in
this
council,
don't
do
something
about
us
about
that.
Shame
on
us
because
we
need
to,
and
that
has
motivated
me
from
the
very
moment-
I
took
the
oath
of
office
to
be
here
and
so
I.
Thank
you
all
for
participating
and
for
hearing.
Mr..
I
E
That's
one
of
the
beauties
of
being
in
the
capital
consortium
and
it
sort
of
works
like
I
know,
as
somebody
suggested
before,
like
lender
tree,
that
there's
a
group
of
us
and
Jonathan.
You
probably
talk
about
this
better
than
I
can
who
there's
all
the
members
get
to
look
at
the
application
and
if
you
are
interested
in
reaching
out
you
do
that
on
your
own
doctor
and
if
you
don't
reach
out
to
them,
they
don't
know
that
you
did
or
you
did
it
so
well.
I
Okay,
I
can
understand
that,
on
the
other
hand,
somebody
you
want
to
reach
out
somewhere
and
just
say
you
know
there
are
some
vehicles
that
can
help
you
that
can
make
you
a
better
business
and
knowing
when
to
borrow
money.
I
couldn't
agree
more
with
my
colleague,
councilman
Tom
on
this
subject.
I
agree.
D
With
you-
and
that
is
what
we
do
to
people
who
have
not
been
reached
out
to
buy
to
multiple
lenders,
we
sent
off
an
email
to
them
to
the
same
email
address
that
provided
to
us,
which
is
how
they
contacted
us,
listing
all
of
the
technical
assistance
resources
that
the
city
funds,
but
also
some
of
the
ones
that
we
don't
fund.
Like
the
small
business
development
centers
at
temple
and
at
Wharton.
We
can
also
direct
them
to
the
free
library
with
their
Business
Resource
and
innovation,
centers
or
so-called
brick.
J
I
Is
it
possible
that
you
could
send
us
one
of
those
rejection
emails
I
mean
make
me
pretend
that
I'm
applying
for
a
loan
and
you've-
not
no
one,
has
talked
to
me
about
it.
Just
so,
I
have
a
sense,
because
I
think
the
more
educated
our
businesses
are
our
startups
and
if
they
have
the
opportunity
to
get
into
10,000
businesses,
I
think
that's
what
we
need
to
do.
We
have
to
get
people
employed
and
through
that
is
starting
up.
I
Small
businesses,
that's
actually
the
major
employer
of
the
whole
United
States
and
has
also
been
something
that
has
always
done
Philadelphia.
Well,
the
fact
of
the
matter
that
we
start
businesses
here
that
the
diversity
of
the
thought
a
lot
of
and
some
of
them
turned
into
giants.
A
lot
of
people
don't
have
any
idea
that
Hershey
chocolate
started
in
the
city
of
Philadelphia.
He
started
here
and
he
had
to
grow
his
business.
I
He
needed
to
be
in
closer
contact
with
cows
with
dairy,
so
he
moved
out
to
where
he
is,
but
the
fact
that
the
fact
of
the
matter
is
started
in
Philadelphia
and
I
believe
it
was
on
Spring,
Garden
Street.
So
there's
a
lot
of
people
that
want
to
start
businesses
here,
the
more
educated
we
can
make
them
better
off
and
and
retaining
them
in
the
city
of
Philadelphia
I
think
is
very
important
that
we
want
to
do
as
a
council
you're.
D
Absolutely
correct,
and
one
of
the
things
that
we
do
is
when
we
send
off
our
initial
email.
It
tells
them
it
tries
to
education,
educate
them
about
the
borrowing
experience.
So
it
links
them
to
both
places
on
our
website,
but
also
to
opportunity
finance
networks,
venture
eyes,
org,
which
further
helps
to
educate
people
about
what
it
is
to
get
a
loan.
What
they're
going
to
need
to
provide
and
I'd
be
happy
to
share
with
you.
I
I
Pinto
I
I
have
a
really
quick
question
for
you,
because
you're
here,
one
I
want
to
thank
you
for
opening
your
business
or
keeping
your
business
in
in
Philadelphia.
But
when
you
brought
your
manufacturing
well,
how
many
approximately?
How
many
guitars
do
you
sell
a
year
that
you
manufacture
approximately
well.
G
G
I
G
G
G
G
I
G
Mean
I
haven't
really
I
I
mean
I,
have
somebody
from
the
Small
Business
Administration
who's
I
have
been
in
contact
with
and
I
didn't
reach
out
to
him.
But
we
we
found
this
this
plan
and
between
their
guitar
division
is
probably
like
810
people,
and
then
we
have
a
guy
in
Delaware.
Who
does
the
finishing
the
painting?
You
know
so
it's
its
lot.
So
it
goes
all
over
the
place
and
it's
lots
of
when.
I
You
brought
this
manufacturing
back
to
the
United
States
and
it's
in
Bucks
County,
but
lovely
get
them
closer
to
Philly
I'd
like
to
get
them
in
Philly,
but
it's
in
Pennsylvania
too.
What
the
fact
is:
I'm
very,
very
interested
in
what's
wrong
in
our
borders.
How
many
jobs
do
you
think
that
you
may
have
created
for
that
Bucks
County
company,
if
any
at
all?
I
G
I
G
K
You
mister
chair
and
if
anybody
has
ever
watched
a
short
tank,
you
noticed
that
when
some
people
start
up,
they
start
out
in
her
garage
and
they
don't
have
the
capital
and
they
don't
have
the
resources
or
the
knowledge
or
the
you
know.
In
addition
to
the
lending
sources,
you
have
power
up
and
you
have
the
goldman
sachs,
I
mean
they
don't
have
access
to
any
of
that
and
we're
hoping
that
you
know.
K
Maybe
this
concept
here
grows
all
right,
so
we're
we're
people,
you
know
start
off
with
two,
because
we
are
a
specialty
manufacturing
city.
Do
we
usually
don't
do
anything
at
both
which
I,
which
I
hope
we
do
when
we
attract
Amazon
here
to
Philadelphia
and
or
the
region
that
you
know
we,
you
know
we
had
specialties
in
this.
That's
it
had.
You
know,
I
have
a
manufacturing,
it's
on
the
corner
doors.
You
know
they
specialize
in
very
finite
and
special
orders
for
hardware
and
there's
38
people
in
38.
K
D
Terms
of
the
number
of
lenders
who
are
participating,
it
started
off
with
maybe
15
to
20
and
it's
up
to
30
that
15
to
20
numbers
for
my
memory,
so
it
might
be
off,
but
it's
it's
grown,
we've
added
to
it.
People
have
reached
out
to
us
to
be
members
of
the
consortium
like
Fulton,
Bank
and
I
also
have
to
take
one
opportunities
say
not
all
of
the
businesses
who
are
listed
or
not
all
the
lenders
or
banks.
K
F
K
F
K
D
It
really
has
run
the
gamut.
It
just
depends
on
how
you
come
and
how
you
come
to
the
program.
How
you
find
out
about
it.
A
lot
of
the
local
people
are
a
lot
of
the
retail
on
commercial
corridors,
find
out
about
it
and
have
applied,
but
there
hasn't
been
one
consistent
type
of
business
that
has
been
taking
advantage
so.
D
Is
correct?
A
lot
of
the
larger
businesses
and
a
lot
of
the
ones
who
are
then
very
established
have
already
established
banking
relationships,
and
this
is
a
referral
service
really
for
the
businesses
that
don't
know
where
to
go.
But
at
least
the
one
manufacturer
came
through
who
did
obtain
a
loan
did
so
coming
through
the
consortium,
as
opposed
to
going
directly
to
their
the
bank
that
they
have
an
established
relationship
with
okay.
K
D
Absolutely
we
we
work
with
the
people
who
manage
those
programs
directly.
We
work
with
corridor
managers
who
are
responsible
for
getting
businesses
to
apply
to
those
programs,
so
we've
been
working
very
closely,
we
actually
haven't
had
one
that's
come
through
the
consortium,
yet
that
has
taken
advantage
of
some
of
those
other
resources,
but
we
fully
anticipate
that
that
will
be
happening
in.
K
Do
you
think
it
will
happen,
because
maybe
we're
gonna
have
a
little
more
engagement
with
the
commercial
partners
and
offer
some
sort
of
some
sort
of
seminars?
You
know
as
we
reach
out
to
our
13
commercial
quarters
or
Howell
many
commercial
quarters.
We
have
over
13
bids
and
there
were
other
business
quarters
that
that
we
have
offering
and
putting
together
seminars
because
I'd
be
interested
in
my
district.
A
Can't
get
better
than
that
he
said
set
today,
don't
be
there,
I
think
it's
and
I'm
gonna
yield
to
my
colleague
but
I.
Think
what
you're
hearing
is
that
you've
been
discovered.
It's
a
great
idea,
it's
a
great
concept.
How
do
we
get
more,
and
there
are
you
know,
there's
a
need
and
people
are,
as
the
young
people
say,
thirsty
for
this
type
of
access
to
capital.
You
have
people
in
basements
that
have
been
operating
online
for
a
long
time
and
are
ready
to
make
that
next
step,
but
don't
know
you
exist.
A
Peanut
butter
doesn't
know
jelly.
It
exists
to
make
some
bread,
so
you
gotta
pull
the
other
piece.
Is
we
want
to
know
how
you
coordinate
this
with
the
existing
programs?
Pid
C
is
the
flagship
of
lending
for
Philadelphia
working
with
the
private
sector.
How
does
that
piggyback
one
to
the
other,
and
with
that
you
don't
have
to
answer
that
now.
You've
been
discovered,
but
by
budget
time
we're
going
to
take
a
deeper
dive
into
how
how
we
can
experience
that
in
every
zip
code
counts
one
partner,
Thank.
J
You,
mr.
chairman,
and
let
me
say
good
morning,
each
of
you
I
too,
want
to
start
by
just
saying
thank
you
to
counts
and
green
for
his
leadership
on
this
issue.
My
comment
in
question-
and
this
is
when
counsel
is
like
really
at
its
best,
so
it
is
a
follow-up
on
councilman
Tom,
Talbot
Burgers
chairmanship
owns
along
with
a
councilman
Heenan's
comments
relative
to
you
can't
have
in
essence
one
without
the
other.
J
When
you
talked
about
the
sort
of
localness
of
marketing
and
advertising,
if
there
were
sort
of
a
one-stop
shop,
something
I'm
always
like
for
one-stop
shop
if
it
was
10,000
small
businesses,
if
it
was
power
up,
if
it
was
the
capital
consortium,
if
it
was
jumpstart
germantown,
of
course,
the
work
that
we
always
partner
with
PIB
see.
Is
there
a
place
somewhere
sort
of
electronically?
You
know,
via
you
know,
a
website
that
you
know
we
can
literally
go
and
promote
because
I,
you
know
for
me:
I
can
see
it
now.
J
It's
ninth
district,
it's
for
all
of
our
small
businesses,
we've
gotten
to
our
business,
Association
presidents,
my
office
and
we're
canvassing
on
our
commercial
corridors.
Making
sure
that
businesses
have
access
to
this
document
does
something
like
that
exist
and
if
it
doesn't
because
I
know
printing
is
extremely
expensive,
even
if
we
can
have
it
electronically.
There
is
something
now
a
llama
dinosaur.
Well,
I,
don't
want
the
phone
book
anymore.
J
There
is
something
about
the
power
of
having
a
book
in
your
hand
that
you
can
literally
look
at
you
know,
I'm,
saying
I'm
still
reading
hardback
books,
I'm,
not
you
know
what
is
it
the
Kindle
mail
and
that
reading
electronically
right
I'm
still
reading
books?
Can
we
do
that
and
this
or
is
it
already
in
existence?
We.
D
Assistance
resources
that
are
out
there
all
the
people
that
we
partner
with
the
some
of
the
organizations
that
we
fund
directly
some
ones
that
again,
like
the
small
business
development
centers
that
just
exist.
We
are
constantly
trying
to
make
that
better
and
we're
continuing
to
make
that
improvement.
So,
hopefully,
we'll
have
even
a
better
and
more
robust
website
for
you
to
direct
people
towards
in
the
future.
D
D
J
Just
know
as
we
get
through
the
budget
process
when
I
think
of
you,
that
is
something
that
I
will
be
advocating
for.
In
addition
to
that,
I
would
hope,
and
maybe
we
can
see
if
our
Chambers
of
Commerce
is
if
that
is
something
that
they
would
be
willing
to
support
us
and
in
financing
our
all
of
our
chambers,
because,
as
you
noted
when
we
talked
about
the
diversity
of
the
applicants,
they're
from
the
neighborhood
base,
small
retailers
to
you
know
the
depend
tells
of
the
world
that
are
looking
to
grow
and
to
expand.
J
D
I,
do
also
want
to
say
a
special
thank
you
to
councilman
green,
who
has
been
instrumental
in
finding
the
resources
that
we
do
have
for
the
program
to
work,
as
it
has
so
finding
that
online
application
process
and
helping
to
make
it
accessible,
we're
still
working
on
doing
better
ways
to
reach
out,
especially
to
our
immigrant
community
that
may
not
have
have
as
much
of
an
online
knowledge
or
presence.
So
that's
why
the
paper
copies
always
come
in
handy
to
thank.
B
B
It's
distributed
to
those
30
or
so
members,
and
then
they
will
evaluate
whether
or
not
they
want
to
make
a
loan
based
on
collateral
history,
whatever
it
is
that
they
decide
to
make
a
loan
that
they
believe
they're
going
to
get
paid
back
on
things
like
venture
capital
angel
funding.
All
that
is
not
really
the
realm
of
this.
To
my
knowledge,
it
could
be,
but
this
is
more
like
a
small
business
that
has
a
history
that
has
real
estate,
for
example,
things
that
would
say
we're
going
to
we're
going
to
pay
this
loan
back.
D
Is
correct,
it
is
designed
for
businesses
that
have
cash
flow
that
can
be
measured,
and
so
it's
not
for
an
aspirational,
startup
business
that
hasn't
been
able
to
demonstrate
it.
Some
of
our
lenders
do
do
loans
to
startups,
but
they're
going
to
be
very
small
loans
that
they
know
will
be
repaid.
It
is
not,
it
hasn't
been
designed
for
venture
capital
or
angel
funders.
D
D
But
where
we're
focusing
my
attention
is
on
our
neighborhoods.
So
those
are
the
people
that
we
partner
with
when
we,
the
bids
in
the
neighborhoods
or
the
different
CDC's
that
exist.
We're
talking
with
them
to
make
sure
that
the
businesses
who
won't
have
that
traditionally
haven't
had
as
much
access
to
get
that
access.
So
you're.
B
D
We're
just
we're
applying
relying
upon
them
for
outreach,
so
they
talk
to
businesses,
say
hey.
We
have
this
great
program.
You
need
a
little
bit
of
capital.
This
is
the
where
to
go,
so
you
don't
have
to
run
around
to
ten
different
banks.
Here
know
ten
different
times
in
order
to
find
the
one.
That's
gonna
say
yes,
so
it's
a
way
of
saving
the
business
owner
time,
as
Sophie
discussed
earlier
of
not
having
to
submit
thirty
different
applications.
Okay,.
B
D
The
banks
make
a
decision
or
kasumi
the
lenders
make
a
decision
on
who
they're
going
to
reach
out
to
you
still
might
have
to
go
through
their
underwriting.
You
will
still
have
to
go
through
on
their
underwriting
process,
provide
the
additional
financial
financial
forms
and
tax
returns
that
any
business
has
to
provide
when
obtaining
a
loan.
This
just
saves
you
the
time
of
having
to
go
to
so
many
different
places.
I.
B
D
F
You
know
we
I
think.
Probably
all
of
the
lenders
treat
applicants
that
the
consortium
as
any
other
applicant
so
they'll
come
to
us
and
then
that
due
diligence
will
begin.
But
this
is
just
you
know,
an
easier
way
for
people
to
find
a
lender
and
an
easier
way
for
a
lender
to
just
take
a
preliminary
review
of
some
some
information
and
make
a
decision
as
to
whether
they
want
to
continue
that
conversation.
Okay,.
D
When
we
originally
began,
we
looked
at
banks
that
we're
doing
SBA
loans.
We
also
have
had
and
continue
to
have
relationships
with
the
other
lenders
in
the
area.
So
you'll
find
all
of
the
Community
Development
financial
institutions
who
do
small
business
lending
part
of
this
consortium.
We
also
work
with
organizations
like
North
Philadelphia,
financial
partnership
that
may
not
which
I
don't
think
were
listed
as
a
CDFI.
When
we
originally
did
our
outreach
and
then
other
banks
have
approached
us-
and
at
least
one
online
lender
approached
us
and
we
look,
are
they
going
to
be?
D
Are
they
in
this
just
to
make
money,
or
are
they
in
this
to
also
have
a
benefit
to
the
community,
so
that
online
lender
that
I've
mentioned
gives
their
interest
rates
upfront
there's
no
prepayment
penalty?
They
do
everything
that
they're
supposed
to
do
and
making
sure
that
the
business
is
not
getting
in
over
their
heads.
So
we
look
at
it
from
an
aspect
of.
Is
this
a
benefit
to
the
community
into
that
small
business?
So.
B
C
B
D
B
B
The
reason
is
that
the
Chinese
in
particular
and
Asian
population
could
not
get
loans
at
regular
banks
because
of
language
and
and
other
things,
but
the
board
the
the
bank
itself
knew
within
the
community
who
was
doing
business.
What
they're?
Well
quite
a
credit.
History
was,
and
was
able
to
basically
give
loans,
quite
frankly
at
higher
rates,
because
they
couldn't
get
a
loan
anywhere
else
and
had
and
developed
a
very
successful
Wendie
practice.
I.
B
Just
wonder
that
there
isn't
a
way
since
it's
in
the
neighborhood,
that
for
some
of
the
kind
of
system
that
the
that
the
the
folks
in
the
neighborhood
can
have
a
process,
the
banks
may
not
do
this.
They
may
not
reach
out
to
the
cdc's
or
to
the
District
Council
members
or
to
some
of
the
different
organizations
to
give
them
some
historical
background
or
credibility
that
this
program
might
be.
You
know
very
ideally
suited
for
I.
B
J
Mr.
chairman,
thank
you
so
very
much
for
just
allowing
me
to
come
back
with
one
comment.
That's
extremely
important
as
I
listened
to
councilman
Oh
talk
about
the
lack
of
access
and
one
bank
in
particular
and
again
I
won't
reference
the
name
because
we
all
have
a
right
share
of
an
opportunity
to
redefine
ourselves,
but
I.
J
You
know,
you're
excited!
You
know
your
plan
works,
you
hear
you
know
you
want
to
grow,
but
then,
before
you
know
it
you've
gotten
access
to
a
financial
product
that
is
literally
taking
you
out
of
business
because
you
can't
afford
it
so
I
ask
that
should
be
very
mindful
of
that
and
if
I
seem
a
little
passionate
about
it.
Let's
just
say:
I've
seen
small
business
owners
along
with
individual
home
owners
who
suffered
a
great
deal
from
someone
offering
a
product
that
is
supposed
to
save
our
community.
So
thank
you.
A
Councillor
Parker,
that's
really
good
insight,
along
with
what
councilman
DOM
said,
good
credit
or
less
than
good
credit.
You
pay
for
in
many
different
ways
and
I.
Think
councilman
Tom's
comment
is
that
sometimes,
when
we
are
so
desperate
to
take
on
debt,
it
actually
defeats
the
purpose
we
wind
up
going
under
so
good
comments.
I'm
gonna,
go
accounts,
Minh,
Green
and
then
back
to
Tommy,
burger
and
Thank.
C
C
But
what
I
wanted
to
say
that
reppin,
the
Catholic
consortium
seems
like
we've,
had
our
first
phase,
we're
just
coming
together,
getting
the
various
institutions
to
even
agree
to
a
uniform
application.
Now
we're
kind
of
in
the
second
phase,
where
we're
starting
to
now
get
to
automation.
The
next
step
is
a
third
phase,
and
that's
really
getting
the
word
out
about
the
Catholic
and
sorum
and
there's
a
couple
of
things.
I
want
to
get
your
thoughts
on
that
we've
discussed.
C
Reserve
can
be
used
for
some
of
the
subcontractors
through
rebuild
so
I'm
curious
about
that
aspect
from
you
and
then
the
two
final
points,
some
type
of
loan
fund,
with
all
the
new
banks
coming
into
the
city.
Is
it
maybe
some
way
of
creating
some
type
of
loan
at
the
various
institutions
in
the
Catholic
contortion
can
benefit
from
because,
if
I'm
a
fanatic
or
if
I'm,
North
without
fans,
partnership
for
Worc
and
I
want
I
could
do
lending
up
to
a
certain
level.
C
How
do
we
really
get
the
word
out
about
the
consortium
through
marketing
and
are
there
ways
that
we
could
partner
with
some
of
our
historical
banks
on
how
they
can
help
provide
resources
to
help
market
this
initiative,
because
the
city
is
limited
from
doubt
that
has
at
its
disposal,
but
maybe
there's
some
type
of
public
type
of
partnership.
We
can
work
on
with
our
marketing,
so
I'm
curious
about
your
thoughts
in
those
three
points.
Well,.
D
Thank
you
very
much
for
the
questions
for
the
first
one
about
our
outreach
with
rebuild.
We
are
talking
with
these
small
contractors
who
have
attended
those
outreach
sessions,
so
we
had
one
councilman
Parker's
district.
A
couple
of
weeks
ago
had
one
and
comes
to
president
Clark's
district
we've
had
we've
had
them
five
so
far,
and
then
we
have
another
one
coming
up
this
week
as
well.
D
So
that's
part
of
that
outreach
process
to
get
the
word
out
about
the
steps
that
the
contractors
are
going
to
need
to
undertake
in
order
to
access
capital
down
the
road
with
yours.
Second
question
about
actually
I'm
going
to
talk
about
outreach.
First,
I
think
that
that's
the
next
critical
step
for
the
capital
consortium
is
finding
out
the
best
ways
to
get
information
out
there
and
to
target
the
businesses
that
are
poised
to
take
advantage
of
this.
D
So
I
think
that
it's
still
going
to
be
just
my
personal
opinion,
mostly
local
papers,
because
you're
trying
to
engage
business
owners
who
aren't
subscribing
to
some
of
the
Philadelphia
Business
Journal
or
some
of
the
other
publications
that
are
out
there.
We
want
to
target
this
towards
the
businesses
in
the
community
so
that
they
can
take
advantage
of
the
program
but
I'm
happy
to
discuss
with.
D
K
Right
so
for
new
information
or
personal
privilege,
I
have
a
I
still
have
a
vendor
session
for
rebuild.
You
know
for
opportunities.
That's
in
my
district
I
would
rather
have
you
guys
that
could
sorghum
get
ahead
of
it
enjoined
as
opposed
to
follow
up
all
right.
This
way,
people
know
whatever
their
while
the
recipient
information
that
they
actually
had
the
information
that
there
are
other
opportunities
to
help
secure,
making
their
decision
or
move
them
forward
as
opposed
to
sitting
back
and
waiting
for
the
phone
to
ring.
K
So
that's
just
a
part
of
al
Philadelphia,
pressroom
network
works
and
really
given
people.
You
know
the
opportunity
to
grow
and
be
successful
by
using
the
great
resources
that
you
have
and
the
success
stories
I
think
is,
is
phenomenal,
but
partnering
with
the
city
and
being
a
true
partner
in
our
communities,
I
think
really
will
help
if
you're,
actually,
maybe
you
are
there-
I,
don't
know,
but
if
you're.
K
D
Will
be
there
I
gone
to
all
five
of
the
outreach
ones,
and
I
can
also
expand
a
little
bit
because
most
I
have
been
talking
about
the
capital
consortium.
But
I
can
talk
about
some
of
the
other
commerce
programs
that
the
contractors
might
want
to
take
advantage
of,
because
contractors
would
be
interested
in
doing
work
on
businesses
for
going
through
the
storefront.
As.
K
Well,
it
covers,
does
it
look?
Nothing
looks
like
to
anybody
else.
The
Commerce
does
a
fantastic
job
and
P
IDC
with
their
business
portal
coming
out
with
their
business
networks,
and
you
know
really
doing
a
fantastic
job
on
our
commercial
corridors
as
itself.
I
think
the
consortium
you
know
be
an
add-on
or
a
partner
in
this
really
sends
a
message
that
were
were
serious
about
yeah
opportunities
in
growing
here.
So
thanks,
Thank.
I
I
So
the
words
of
the
rest
of
the
world
is
beware
of
the
American
garage.
You
don't
know
what
can
come
out
of
it.
I
think
is
the
what
was
that
councilman
Heenan
had
said
earlier:
it
sort
it.
This
is
why
Ted,
oh
I'm,
sorry
it's
20
earth,
so
you
get
it
right.
Ford
motor
cover,
hewlett,
packard,
an
apple
computer,
all
started
in
garages,
I'm
interested
in
the
Philadelphia
garages
and
not
Pharrell
and
I've
is
not
an
Illinois
hearing,
but
mr.
Schneider,
what
is
the
one
thing
you're
doing
as
relates
to
this
program?
I
D
You
very
much
for
that
question.
The
capital
consortium
seems
to
work
best
for
those
existing
businesses
that
has
some
cash
flow
that
can
be
measured
so
that
they
can.
The
lending
institution
can
figure
out
how
much
of
a
loan
they
can
afford
to
take.
We
are
I'm,
also
working
with
some
of
our
maker
manufacturer
community
on
a
number
of
outreach
initiatives.
D
We've
hosted
different
lending
sessions
with
them
and
I
appreciate
councilman
green
for
having
the
hearings
on
the
maker
community
a
few
weeks
ago,
and
what
we've
heard
from
them,
one
of
the
first
ones
that
we
held
was
at
globe.
Dye
works
and
I
had
thought
that
the
businesses
would
be
all
about
the
capital
and
what
they
said
was
you
know
what
we
can
get
loans
for
capital
products.
D
What
we
can't
always
get
is
working
capital
money
to
go
to
a
vendor,
fair
or
another,
something
that's
not
tied
to
a
hard
fixed
asset
that
can
be
depreciated.
So
we
have
been
working
with
that
community.
Continuing
our
outreach
to
find
out
what
specific
other
things
that
they
need
in
order
to
figure
out
how
we
can
best
help
them.
D
So
the
capital
consortium
is
not
going
to
work
for
all
of
those
small
businesses,
but
I
would
like
to
turn
all
of
the
maker
businesses
that
don't
have
employees
into
employee
businesses
and
that's
another
part
of
what
I'm
working
on
and
don't
have
any
more
information.
But
I
am
aware
that
the
needs
of
that
community
are
a
little
bit
different.
I
think
we're
going
to
need
to
get
more
angel
investors
and
I
think
we're
going
to
try
and
find
a
way
to
connect
businesses
to
other
investors,
as
opposed
to
lenders.
D
I
You
there
mate,
there
may
be
some
businesses
that
are
working
at
a
garage
as
it
might
have
an
employee
or
a
half
of
employee.
Absolutely
you
know
don't.
This
kantham
is
as
well
they're
there
they're
real
and
Oh
ad.
This
has
always
been
a
great
city
for
entrepreneurism
and
they
have
to
start
somewhere
and
many
times
they
start
in
a
garage
and
the
three
companies
I
mentioned.
Look
them
up.
They
all
start
in
garages
absolutely.
D
I
D
H
Thank
You,
mr.
chairman,
my
comments
aren't
necessarily
for
the
panel,
but
it
has
to
do
with
my
theory
that
we
need
to
give
people
fish
or
we
can
teach
them
how
to
fish.
And
when
you
look
at
the
statistics
of
Philadelphia,
it's
not
necessarily
for
us,
but
this
is
maybe
for
the
school
district
and
our
administration.
We
have
a
city,
it's
26
percent.
In
poverty,
we
have
81
percent
of
the
kids
in
public
school
in
poverty,
81
percent.
We
have
91
percent
with
one
parent
or
the
businesses
in
Philadelphia
entrepreneurial
businesses.
H
76
percent
are
white
owned
businesses,
2.8
percent
are
african-american
owned
businesses,
that's
a
problem,
and
so
we're
not
gonna
fix
it.
Today.
This
happened
over
time,
but
a
few
ideas
that
we
could
maybe
get
the
administration
and
school
district
on
board
is
one
teach
financial
literacy
from
kindergarten
to
12th
grade
teach
it
to
teach
in
9th
12th
grade,
not
just
coding
of
an
entrepreneurship.
How
to
own
your
own
business?
How
to
start
your
business,
how
to
borrow
money
all
those
things
that
you're
running
into
now.
H
We
need
to
teach
it
in
the
school
system
and
3
copy.
The
Cristo
Rey
model,
where
a
student
works
one
day
a
week
in
a
job
entrepreneurial
type,
job
from
ninth
to
twelfth
grade,
so
they
get
the
exposure.
This
isn't
gonna
solve
overnight.
It'll
take
20
years,
I
won't
be
here
then,
but
this
is
the
program
that
we
need
to
attack.
Now,
it's
not
a
band-aid,
it's
something
that's
accumulated
over
time
and
unless
we
attack
it
in
that
light,
we're
not
gonna
fix
it
holistically
right
throughout
the
city,
I
mean
Thank
You.
Mr.
chairman.
A
No
thank
you
I
think
and
agree
with
you,
a
hundred
percent,
as
we
look
at
all
of
the
opportunities
Philadelphia's
been
discovered.
Just
like
your
program.
We
are
undervalued
by
where
real
estate,
we
are
one
day's
truck
drive
between
one
third
of
this
nation's
population.
We
have
great
restaurants,
tourism,
sports
teams.
Now
we
can
claim
them
as
well
and
a
great
quality
of
life
in
and
so
change
will
happen,
and
the
question
becomes.
How
do
you
prepare
for
that
change?
A
But
in
order
for
us
not
to
be
Cl,
we're
great
migrations
and
relocations
happen,
because
the
people
that
were
there
weren't
prepared
for
the
future
should
not
be
visited
upon
this
town,
and
so
what
you're
doing
is
critical
in
it.
What
councilman
DOM
talked
about
preparing
our
young
people
to
take
advantage
of
these
entrepreneurial
opportunities
is
essential,
but
access
to
capital
is
a
critical
part
of
that
and
I'm.
So
tired
of
meeting
people
in
Seattle
that
used
to
be
from
Philadelphia
but
moved
because
they
saw
opportunity
elsewhere.
We
have
to
create
those
opportunities
right
here.
C
A
C
C
Who
really
has
done
a
lot
of
work
in
northwest
part
of
the
city
and
really
I
think
he
came
to
her
perspective
from
my
analysis
of
not
seeing
enough
developers
of
color
and
women
developers
in
the
city
of
todavia
really
is
taking
advantage
or
having
access
to
the
development
work
that
was
going
on
in
the
city
of
Adelphia
and
trying
to
replicate
other
people
like
himself
and
providing
some
of
the
training
and
opportunities
and
actually
even
putting
his
own
lending
authority
online
to
really
help
develop.
The
next
generation
of
developers
and
I've.
C
C
So
this
is
a
really
important
opportunity
to
give
the
ability
to
people
throughout
the
city
of
Philadelphia
to
become
a
possible
real
estate
developer
and
maybe
change
their
career
from
working
for
someone
else
to
working
on
their
own.
So
I'm
going
to
commend
for
creating
this
initiative
in
Germantown,
it's
grown
and
hopefully
it's
an
opportunity
for
to
grow
across
the
city.
So
thank
you.
Thank.
A
A
L
Thank
you
very
much
good
morning,
chairman
Jones
members
of
the
City
Council's
commerce
and
Economic
Development
Committee
I'm
Ken
Weinstein
I'm,
the
founder
of
jumpstart
Germantown,
president
of
Philly
office
retail,
were
commercial
real
estate
developers,
owner
trolley
car
diner
and
Mount
Airy
trolley
car
cafe
in
East
Falls
on
councilman
Jones's
district
and
the
student
open
trolley
car
station
in
University
City.
Thank
you,
councilman
green
for
this
opportunity
to
talk
about
this
exciting
program
and
its
expansion
into
other
middle
neighborhoods.
In
our
city.
L
A
little
more
than
two
years
ago,
I
created
jumpstart
Germantown
to
help
recruit
and
support
aspiring
real
estate
developers,
so
they
can
remove
flight
in
their
own
neighborhoods
I've
been
working
for
the
past
29
years
to
reduce
blight
and
increase
investment
in
Germantown
community
and
its
surrounding
neighborhoods.
Jump-Start
Germantown
is
just
my
latest
tool
to
design
to
remove
blight
one
house
at
a
time
by
offering
opportunities
to
local
entrepreneurs
and
investors.
L
Jumpstart
benefits
the
whole
community
developers,
community
stakeholders
and
longtime
residents
alike
through
jumpstart
Germantown
we're
changing
the
face
of
real
estate
development
I
go
to
a
lot
of
real
estate
meetings
as
I
know,
councilman
and
many
others
do,
and
a
very
large
majority
of
the
participants
that
these
meetings
are
white
and
male.
We
hope
to
change
start
changing
that
through
the
jumpstart
program.
L
Jumpstart
works
because
people
in
the
community
are
investing
in
the
community
keeping
wealth
local,
which
also
keeps
gentrification
down
after
renovations,
formerly
vacant
properties
go
back
on
the
tax
rolls
providing
the
city
of
Philadelphia
with
much
needed
financial
resources
jump
start
Germantown
improves
neighborhoods,
while
keeping
gentrification
pressures
to
a
minimum
notice,
I
didn't
say,
keeping
not
having
any
gentrification,
because
we
know
it's
going
to
exist
if
we
develop
and
improve
our
neighborhoods.
Jumpstart
encourages
scattered
site
rehab
projects
instead
of
large-scale
urban
renewal
by
renovating
properties
that
are
scattered
throughout
a
community.
L
Again,
you
keep
gentrification
down
rather
than
knocking
properties
down
and
building
large-scale
development.
Jump
start
also
creates
a
healthy
mix
of
affordable
housing
and
market
rate
housing.
People
often
ask
me,
are
you
encouraging
rentals?
Are
you
encouraging
for
sale
properties?
The
answer
is
yes
by
encouraging
a
variety
of
different
types
of
housing,
again:
you're
keeping
gentrification
down
so
that
longtime
neighbors
can
stay
in
a
neighborhood
JumpStart
model
of
development
embraces
slow
and
steady
growth
for
middle
neighborhoods.
Rejecting
the
idea
that
investors
should
focus
on
so-called
hot
neighborhoods.
L
We're
certainly
not
start
stopping
our
jump,
start
mentees
from
going
in
that
direction,
but
someday
someday
soon-
and
we
don't
know
whether
it's
three
months
or
three
years
from
now
the
bubble
is
gonna
yet
again
burst
and
I
don't
want
to
see
my
mentees
get
stuck
in
that
bubble
and
by
investing
in
neighborhoods,
like
Germantown
and
other
middle
neighborhoods,
where
there's
more
slow
and
steady
growth,
we
can
encourage
them
to
see
moderate
profits
that
will
not
go
away
when
the
housing
bubble
does
burst.
Jump
start.
L
Germantown
has
three
initiatives:
a
training
program,
the
developers
network
and
the
loan
program.
I
started
jumpstart
to
respond
to
a
need
in
the
community.
I
was
fielding,
calls
and
emails
almost
daily
from
newbie
developers
who
were
seeking
a
mentor
to
guide
them
through
the
process.
I
Creek,
you
know
and
I
was
giving
them
one
hour
of
training
which
wasn't
much
of
training
and
I
realized.
What
happens
if
I
start
saying
no
to
people
that
are
seeking
one
hour,
training
and
really
all
I'm
doing
is
rooting
them
on
and
encouraging
them.
L
L
L
And
it's
the
most
important
part
of
the
jumpstart
process,
because
what
we're
doing
is
providing
loans
that
you
can't
get
elsewhere,
we're
providing
loans
to
newbie
developers.
I
know,
banks
don't
want
to
do
that.
I'm
one
of
the
founders
of
Valley
Green
Bank
up
in
Mount
Airy.
I
sat
on
the
loan
committee
for
eight
years,
so
I
know
firsthand
that
those
are
not
loans,
that
banks
want
to
do
we're
providing
relatively
small
loans.
L
Our
average
is
around
a
hundred
thousand
again
banks,
don't
like
particularly
the
large
banks,
don't
like
to
do
loans
of
that
size,
we're
also
providing
loans
for
acquisition
and
construction,
and
for
those
of
you
know,
banking,
construction
loans
are
considered
messy
loans
and
again
banks
don't
want
to
get
into
that.
So
what
we're
trying
to
do
is
provide
the
loans
that
can
give
newer
developers
a
jump
start
in
the
process
and
can
give
them
a
track
record
that
then,
in
the
future,
they
can
go
to
banks
and
start
getting
their
own
loans.
L
Are
loans
range
in
size
from
forty
five
to
five
hundred
thousand
dollars?
We
have
already
in
two
years,
put
5.3
million
dollars
on
the
streets
in
terms
of
loans.
1.5
million
of
that
have
already
been
paid
back
and
we
have
no
knock
on
wood.
We
have
no
bad
loans
today,
so
we're
very
proud
of
that,
and
that's
partly
because
we
are--
relationship
with
each
of
our
borrowers
and
many
of
them
have
gone
through
our
training
program.
L
I'm
not
going
to
get
into
it
right
now,
because
I
know
that
Liske
is
going
to
testify
later,
but
I'm
very
excited
about
the
next
phase
of
jump
start
germantown,
we're
already
putting
together
training,
booklets
and
how-to
guides
and
ways
that
we
can
replicate
jump
start
in
two
other
neighborhoods,
not
just
in
the
city
but
around
the
country.
So
I'm
very
excited
about
that.
So
thank
you
for
having
us
today.
A
Amazing
I
will
let
the
rest
of
the
panel
testify
before
I
asked
a
question:
I
will?
Why
did
you
take
this
direction
before
I?
Do
because
everybody
else
I
ask
questions
we
want
to
get
through
it,
but
put
a
pin
in
it,
because
that's
amazing
to
me,
because
you
had
a
whole
nother,
another
concept
in
Paris,
so
we'll
let
everybody
testify
that,
then
you
come
back
with
that.
Okay,.
M
Good
morning,
council
members,
my
name
is
Jordan
Parisi
fellaini,
I'm
the
executive
director
of
traits
for
a
difference
at
first
first
I
just
want
to
thank
you
all
for
allowing
me
to
be
here
to
speak
today.
I
grew
up
in
the
monetary
section
of
the
city
of
Philadelphia.
I
always
had
an
inkling
of
who
ken
Weinstein
was
I
was
I
was
wasn't
able
to
meet
him
up
until
the
point
two
years
ago,
when
I
moved
in
the
JumpStart
Germantown
program
and
upon
entry,
you
know,
I
immediately
took
a
liking
to
Ken.
M
You
know,
I
received
him
very
well.
I
felt
that
he
was
someone
that
was
genuinely
trying
to
help
so
I
underwent
the
JumpStart
Germantown
training
program,
where
I
learned
a
wealth
of
knowledge
in
relation
to
the
real
estate
industry,
and
it
really
helped
me
refocus
my
efforts
to
get
my
real
estate
investing
career
underway.
M
During
my
time
in
in
the
program
I
was
able
to
meet
with
a
lot
of
my
community
members
and
neighbors.
A
lot
of
them
all
had
the
exact
same
feeling
as
me,
they
felt
like
the
program
was
a
rural
value.
Everyone
had
a
great
experience
going
through
it.
The
biggest
thing
for
me
in
dealing
with
the
program
was
just
the
overall
access
to
Ken
himself.
M
M
In
the
northwest
section
of
the
city,
we
were
able
to
stop
a
stop
and
go
beer
store
from
opening
and
repurpose
it
as
a
community
educational
center,
where
we're
doing
job
skills,
training
and
entrepreneurial
learning,
programs
for
at-risk
youth
and
young
adults
in
the
city,
ages,
16
and
24.
One
of
those
primary
programs
that
were
running
out
of
that
facility
is
around
construction,
which
is
very
closely
related
to
real
estate.
Development.
I
grew
up
in
the
trees.
M
My
mother's,
a
designer,
my
brother's,
a
designer,
my
family
members,
are
all
tradesmen,
God's
blessed
me
to
be
able
to
obtain
a
lot
of
successes
in
the
construction
industry.
I've
been
nationally
awarded,
published
in
magazines
newspapers
for
my
involvement
in
the
trades
industry.
So
through
this
loan
and
through
this
program,
I've
been
able
to
then
turn
around
and
offer
my
my
hopes
and
supports
similar
community
in
providing
educational
trainings
around
the
construction
industry
and
honestly,
I,
probably
wouldn't
have
been
able
to
do
within
the
same
timeline
the
same
capacity
without
Ken
and
JumpStart
Germantown.
M
We
were
able
to
act
really
really
fast
on
purchasing
the
blighted
property.
That
was
soon
to
be
a
stop-and-go
beer
store.
We
were
able
to
put
together
a
construction
loan
that
was
very
comprehensive
and
managed
that
allowed
us
to
get
everything
rolling
and
underway
and
relatively
quickly
and
through
this
process
and
through
this
loan
and
just
the
interactions
with
jumpstart
I'm
now
able
to
redistribute
opportunity
to
the
neighborhood
as
well.
M
So
Ken
shared
a
wonderful
opportunity
with
me,
and
the
flow
of
opportunity
is
now
out
born
to
the
community
through
my
efforts
now
as
well-
and
that's
that's
a
very,
very
critical
thing
and
just
developing
and
sustaining
in
developing
our
communities
from
within
is
that
flow
of
opportunities.
So
we're
truly
thankful
a
trades
for
a
difference
for
Ken
and
all
of
his
supports
he's
genuinely
been
there.
Every
single
step
of
the
way
I'm
a
cannon
I
can
really
attest
to
the
fact
that
I've
emailed
Ken,
maybe
9:00
p.m.
M
at
night,
he's
responding
by
two
o'clock
in
the
morning
on
every
occasion.
I
don't
think
it's
ever
going
past
12
to
18
hours,
which
was
someone
of
his
stature
and
his
accomplishments.
That's
pretty
much
a
rare
find
Ken's,
definitely
been
very
genuine
and
giving
game
for
free.
Where
others
will.
Probably
you
know,
advise
against
essentially
he's
developing
quote-unquote
his
own
competition.
M
It
definitely
doesn't
see
it
that
way
and
he's
been
very,
very
supportive
and
helpful
and
in
our
efforts-
and
it's
been
a
great
thing-
we've
also
been
able
to
restore
a
blighted
property
that
was
an
abandoned
house
in
the
community
for
about
15
years.
That
would
jumpstart
germantown
loan,
that
property
sat
there
vacant
for
15
years.
M
Drug
activity
was
going
on
rampant
in
that
area
and
we
were
able
to
take
advantage
of
the
JumpStart
loan
to
be
able
to
bring
into
that
as
well
and
through
all
of
this,
we've
been
able
to
educate
young
men
and
women
in
the
community
with
construction,
skills
and
construction,
know,
house,
mentoring
and
overall
life
skills
training,
so
that
flow
of
opportunity
has
been
incredible
and
I
can't
say
enough.
Great
things
about
jumpstart,
germantown
and
ken
Weinstein
definitely
applaud
his
efforts
and
I'm.
M
A
N
Everyone,
my
name,
is
Gabriella
samosa
and
I'm,
a
co-owner
of
seven
real
estate,
Thank
You,
chairman
Jones
members
and
the
committee
and
the
sponsor
of
the
resolution.
Councilman
green
I
moved
actually
from
New
York
to
Philadelphia
in
2014,
with
my
brother
in
hopes
to
take
our
savings
and
leverage
it
he's
experienced
in
the
real
estate
market.
Having
worked
for
developers
for
the
past
15
years,
and
thank
you
and
I
had
a
background
in
finance.
N
N
This
property
we
worked
on
a
shoestring
budget,
we
traveled
back
and
forth
from
Philadelphia,
because
at
the
time
we
weren't
living
here,
we
were
doing
a
lot
of
the
construction
ourselves
to
the
best
of
our
abilities
and
most
weekends.
Believe
it
or
not.
We
slept
on
the
construction
site,
it
wasn't
luxurious,
but
we
sacrificed
because
we
were
relentless
when
it
came
to
starting
our
business
as
we
work
through
the
rehab.
N
We
got
to
know
some
local
businesses
in
the
community
and
met
Jimmy
Reed,
which,
to
this
day,
is
probably
one
of
the
best
conversations
I've
had
in
the
Germantown
community,
just
because
he
told
us
about
the
JumpStart
Germantown
program
as
well
as
ken
Weinstein.
We
were
incredibly
excited
and
I
applied
for
the
mentoring
program
and
I
was
accepted
and
I
actually
was
in
Jordan's
class.
So
our
first
loan
was
for
a
house
on
Rubicam
Street
and
we
were
trying
to
restore
that
property
to
what
it
used
to
be.
It's.
N
N
We
had
our
struggles,
contractors
didn't
perform
or
overcharge
for
work
or
disappeared
for
days
on
end.
We
faced
construction
challenges
that
were
unexpected
and
needed
more
capital
to
continue
our
projects
based
on
our
original
estimate,
and
that's
really,
where
a
jump
start.
Germantown
came
in
from
every
mentoring
session.
I
took
away
valuable
advice
to
help
sustain
our
business
and
that's
the
goal.
You
know
not
just
to
start
a
business
but
to
sustain
a
business
in
in
many
cases
the
program
is
not
just
about
helping
people
like
us
buy
a
house,
it's
helping.
N
The
program
is
helping
us
manage
houses,
but
also
our
business.
To
date,
we've
opened
and
closed
for
loans
on
four
houses
throughout
through
the
JumpStart
program
and
we
plan
to
start
our
fifth.
This
month,
the
loan
program
allowed
us
to
keep
going.
We
had
established
a
relationship
with
not
just
Penn
Weinstein,
but
each
member
of
the
JumpStart
team
and
work
together
to
make
sure
inspections
ran
correctly
construction
inspections
rang
correctly
having
that
backup
support
from
the
people
from
people
who
want
you
to
succeed
is
invaluable
and
hard
to
find.
N
This
is
a
really
tough
business
and
a
lot
has
a
large
amount
of
risk
associated
with
it.
We're
putting
in
part
of
our
own
capital
as
well
as
you
know,
taking
on
a
guarantee
from
jumpstart
Germantown,
and
you
know,
with
risk,
there's
always
things
that
could
go
wrong.
Having
a
team
behind
you
to
answer
questions
explain
legal
documents.
Decipher
financial
metrics
is
incredibly
helpful.
The
most
important
thing
I'd
like
to
say
about
this
program
is:
it
helps
people
like
us
succeed.
It
restores
Beauty
to
the
Germantown
neighborhood.
N
O
O
Good
morning
councilmembers,
my
name
is
Joshua
Jones
I'm,
co-owner
of
greater
good
developments,
LLC
and
I.
Thank
you
all
for
the
opportunity
to
speak
today.
Two
years
ago,
I
received
an
email
from
my
cousin
about
a
program
being
launched
in
Germantown,
and
it
was
designed
to
train
and
mentor
novice
developers
and
eventually
provide
them
with
loans
to
complete
residential
rehab
projects.
O
After
reading
the
article
I
immediately
emailed
ken
Weinstein
demanding
the
noted
details
of
the
program,
and,
to
my
surprise,
he
responded
immediately
informing
me
that
JumpStart
Germantown
was
still
in
the
planning
stages,
but
he
appreciated
me
reaching
out
and
he
would
be
in
contact
with
me
in
the
near
future.
A
few
months
later,
I
attended
the
first
developers
Network
meeting
where
Ken
provided
the
details
of
jumpstart
Germantown's
mentor
and
loan
programs.
O
The
details
were
almost
unbelievable
jump
start
Germantown
was
going
to
put
a
class
of
students
through
its
training
program,
free
of
charge
and
pair
us
with
highly
qualified
mentors
who
would
guide
us
through
the
real
estate
development
process,
also
free
of
charge.
The
best
part
is
that
there
was
a
loan
program
in
which
the
graduates
would
be
able
to
borrow
money
to
finance
their
projects
and
I
thought
to
myself
what
business,
woman
or
man
in
their
right
mind
would
train
mentor
and
finance
their
competition.
O
It
almost
seemed
too
good
to
be
true.
I
even
had
some
friends
tell
me
that
they
thought
it
was
a
scam
and
I'm
here
today
as
proof
that
it
is
not
the
education
portion
of
our
training
included,
learning
how
to
analyze
deals,
costs
estimating
buying
materials,
basic
real
estate,
math,
creating
development
budgets,
taking
bids
from
contractors,
hiring
contractors,
firing
contractors
and
hiring
new
contractors,
and
this
is
all
pertinent
for
information-
was
being
provided
to
us
free
of
charge
by
one
of
Philadelphia's,
most
successful
real
estate
investors.
O
One
of
the
most
important
things
I
can
say
about
jumpstart
Germantown's
mentor
program
is
that
you're
never
alone
in
the
development
process?
There's
no
problem.
You
can
encounter
that
another
more
experienced
developer,
hasn't
dealt
with.
Problems
also
often
arise
out
of
nowhere,
and
because
of
this
need
for
instantaneous
help.
Jumpstart
germantown
created
the
developers
network.
The
developers
network
is
a
group
of
hundreds
of
local
investors
that
share
information
advertise
services
and
assist
each
other
when
in
need
in
an
industry
that
often
prides
itself
on
secrecy.
O
The
developers
network
inspires
a
collaborative
approach
when
individuals
assist
each
other
throughout
the
process.
Jumpstart
Germantown
promotes
communication
between
its
graduates,
realizing
that
there
is
no
one
developer,
who
can
rehab
every
property
and
a
neighborhood?
Sometimes
it's
in
to
developers
interest
to
work
together
to
promote
faster
growth
in
a
specific
area,
chen
once
told
me
that
he
wished
that
more
developers
would
think
about
working
together,
collaborating
collaborate,
collaborate
to
grow
the
pie
instead
of
trying
to
have
the
pie
all
to
themselves.
This
is
part
of
jumpstart
Germantown's
investment
philosophy.
O
Real
estate
is
a
highly
competitive
business.
The
real
estate
industry
is
flush
with
so-called
real
estate
gurus
and
experts
that
charge
people
thousands
of
dollars
for
the
secrets
of
real
estate.
Investing
many
of
you
have
probably
attended
these
seminars
in
some
hotel
conference
room
and,
at
the
end
of
the
presentation,
you're
always
asked
to
take
out
a
checkbook
and
pay
thousands
of
dollars
for
these
secrets
of
real
estate.
O
Investing
of
watch
my
friends
spend
their
entire
life
savings,
pain,
exorbitant
fees
to
participate
in
these
programs
only
to
be
told
once
they
got
in
to
get
to
the
next
level
of
the
program.
They
would
just
have
to
pay
a
little
bit
more
eventually
realizing
that
they
had
been
taken
advantage
of
and
would
not
get
their
money
back.
This
happens
all
too
often
to
the
most
vulnerable
people
in
our
society,
especially
young
eager
investors,
who
are
looking
to
for
their
big
break
into
the
industry.
This
is
the
importance
of
jump
start
Germantown,
especially
in
philadelphia.
O
Ken
weinstein
is
tearing
down
these
barriers
to
entry
and
providing
the
community
with
the
life-changing
information
free
of
charge,
with
no
strings
attached,
no
next
level
to
get
to
no
bait
and
switch
just
the
faith
and
the
belief
that
if
you
provide
people
with
the
proper
resources
and
guidance,
they
can
succeed
against
the
eye,
and
we
are
living
proof
of
this.
In
my
opinion,
the
most
critical
factor
of
jumpstart
Germantown
is
the
loan
program.
This
is
where
the
program
delivers
on
its
promise,
where
Ken's
actions
meet
his
words.
O
You
see
I've
been
to
all
the
conferences
and
the
seminars.
I've
read
all
the
books.
I've
attended,
countless
networking
events.
When
all
is
said
and
done,
you
need
money
to
make
your
real
estate
dreams
a
reality.
People
will
talk
to
you
for
hours
about
being
motivated
and
educated,
having
a
great
business
plan
and
so
on,
but
are
they
really
willing
to
part
with
their
precious
dollars
to
show
you
how
much
they
actually
believe
in
you?
The
JumpStart
gentleman
town
puts
its
money
where
its
mouth
is.
O
My
first
jumps
are
construction
loans
priced
as
6.75%
at
85
percent
LTC,
which
is
almost
unheard
of
for
a
construction
loan,
because
we
were
flipping
the
house,
there
was
no
credit
requirement
and
the
appraisal
was
waived
again.
Ken
weinstein
tearing
down
the
financial
barriers
to
entry,
improving
the
quality
of
life
by
removing
blight
and
helping
entrepreneurs
like
myself
achieve
our
dream
and
I
just
want
to
take
a
very
brief
moment
to
talk
about
what
jumpstart
Germantown
means
to
me.
O
On
a
slightly
more
personal
level,
you
see,
I
come
from
a
neighborhood
in
lower
North
Philadelphia
called
brewery.
Town
I
was
raised
on
29th
Street
near
the
intersection
of
29th
and
master,
and
if
you
follow
the
news,
you
know
that
brewery
town
is
going
through
a
massive
gentrification
process.
Right
now,
land
is
selling
for
as
much
as
a
hundred
thousand
dollars
for
a
1,000
square
foot
lot
and
some
prices
are
priced
into
the
mid
$400,000
range,
anticipating
the
common
change.
O
Several
years
ago,
I
took
the
very
limited
resources
I
had
and
purchased
as
much
property
as
I
could
in
brewery
town.
All
of
my
deals
were
profitable
on
paper.
My
loan
application
was
perfect.
My
credit
score
was
far
above
their
stated
requirement.
Yet
no
banks
would
finance
my
projects.
I
was
even
denied
money
by
a
hard
lender
and
I
thought
to
myself.
Maybe
I
didn't
have
enough
experience,
but
my
counterparts
didn't
have
experience
either
and
their
deals
were
getting
financed.
Left
and
right.
O
The
tension
that
you
see
a
community
meetings
is
about
more
than
parking
spaces
and
variances
people
are
fed
up
with
being
spectators
in
their
own
communities,
while
from
watching
people
from
the
outside
come
in
and
prophet
and
extract
wealth,
people
want
to
participate
just
like
everyone
else
and
build
legacies
for
their
families.
This
is
why
JumpStart
Germantown
is
so
incredibly
important.
The
program
acts
as
a
catalyst
to
help
bridge
this
gap
and
provides
a
real
opportunity
for
those
speaking
to
improve
their
lives
in
the
neighborhoods
that
they
live
in.
O
A
Constituents
always
talk
about
in
Brewery
town
is
a
stone's
throw
away
from
40th
and
girag,
where
my
district
starts
and
I'm
watching
how
the
fact
that
Philadelphia
has
been
discovered.
Can
that
the
fact
that
property
values
are
still
below
what
you
would
pay
in
DC
or
New
York
and
other
places
that
speculators
that
aren't
born
here
didn't
have
to
go
through
the
bad
times
are
coming
in
doing
just
that,
not
just
a
brewery
town.
A
But
if
Kenyatta
Johnson
was
still
here
or
council
president
Clark,
he
will
tell
you
that
we've
been
discovered
and
you
you
can't
always
make
your
neighborhood
undiscovered.
If
that's
a
word,
but
you
can
choose
to
invest
in
it
and
I'm
appreciative
of
that
how
to
get
it
done,
concept
that
you're
putting
forward,
and
we
would
love
to
spread
that
to
other
neighborhoods
on
my
daughter
in
our
end
or
nurse
graduate
of
Lincoln
University
master's
in
finance,
I'm
telling
her
all
these
wonderful
ways
for
her
to
move
out.
A
My
house
and
her
and
her
husband
to
their
credit,
went
to
sheriff
sale,
but
a
four
thousand
dollar
property,
not
necessarily
in
the
neighborhood
on
my
district.
That
I
would
what
I
want.
So
what
district
it
is,
but
have
flipped
that
and
that
property
is
now
worth
upwards
of
a
hundred
thousand
dollars-
and
you
know
I
was
I,
was
I
was
very
proud
of
my
daughter
at
that
point
because
she
moved
out,
but
think
about
that,
if
probably
the
largest
single
investment,
any
of
us
make
other
than
millionaires
and
hundred
thousand
heirs
is
a
home.
A
A
C
A
C
Yeah,
thank
you
all
for
your
testimony.
I
think
this
is
a
really
great
and
one
of
the
things
I
want
to
do
is
it
use.
This
here
is
a
way
of
exposing
more
people
to
what's
going
on
with
jumpstart
I
know,
you're
expanding
to
other
parts
of
the
city,
I'm
curious
in
the
respect
of.
If
camp
you
can
kind
of
give
a
profile
town
who
is,
if
you
can,
the
average
participant
and
then
also
how
can
the
city
partner
will
jump
start
to
make
it
more
successful?.
L
I,
don't
know
if
there's
something
particular
I
in
my
in
your
introduction.
You
said:
I'm
training,
the
next
generation
of
real
estate
developers
and
I
used
to
say
that
too
also
two
years
ago.
That's
actually
not
true
anymore,
because
you'd
be
amazed
that
we
are
getting
retirees
or
not.
This
is
not
just
about
young
people,
we're
getting
people
who
are
contractors
that
would
like
something
more
we're
getting
Realtors.
L
That
would
like
something
more
we're
getting
a
number
of
people
who
know
one
or
two
of
the
seven
jump
steps
of
real
estate
development,
but
clearly
don't
know
all
seven
and
they
need
to
know
all
seven
to
become
real
estate
developers.
So
more
than
80%
of
our
mentees
or
graduates
from
the
training
program
are
women,
and/or,
african-american
and
we're
very
proud
of
that.
L
But
there
is
nothing
consistent.
We
have
people
who
come
in
with
money
ready
to
go.
We
have
people
that
still
need
to
accumulate
money
and
ready
to
go.
We
have
people
with
great
credit
scores.
We
have
people
with
lousy
credit
scores,
so
it
really
is
diverse.
That
being
said
and
I
wanted
to
point
this
out,
councilman
Jones,
we
have
already
put
18
of
our
graduates.
211
graduates
so
far
come
from
your
district
and
we
have
40
total
applications.
L
Councilwoman
Parker
21
of
our
graduates,
again
out
of
211,
come
from
your
district
and
we
have
45
applications
total.
So
we
will
get
to
the
rest
of
them.
The
most
of
the
rest
come
from
Councilwoman
Bass's
district,
because
that's
Germantown,
so
we
are
giving
some
preference
to
Northwest
Philly
because
we
know
they're
more
likely
to
start
in
Northwest
Philly
and
that's
what
we
want
them
to
do.
C
L
Thank
you.
Thank
you
for
that
question.
What
is
and
why
I
think
we're
here
today
is.
We
would
like
to
be
hooked
up
with
leaders
and
other
communities
that
are
ready
to
jump
on
this.
It
could
be
Community,
Development
Corporation's.
It
could
be
other
developers.
It
could
be
just
people
who
care
about
the
community
that
want
to
pick
up
the
training
workbook
and
run
with
it.
It
doesn't
have
to
be
people
with
a
lot
of
expertise
that
expertise
exists
in
your
community.
L
So
that's
one
thing
that
we
would
love
for
for
council
members
to
help
with
too
is
provide
no-strings-attached
money.
I
know
that's
hard
to
do
when
you're
the
city
of
Philadelphia,
but
that's
how
we
got
started
by
me,
taking
out
a
two
million
dollar
line
of
credit
and
starting
to
put
that
money
on
the
streets,
I
was
able
to
do
that.
I
was
able
to
be
effective.
L
I
was
able
to
approve
loans
within
three
days
and
settle
a
week
later,
because
we
have
no
strings
attached
money
once
you
attach
those
strings
and
I
know
that's
necessary
in
a
lot
of
cases,
then
those
approvals
become
two
three.
Four
months
later
so
we're
trying
to
make
these
loans
look
like
cash,
so
that
when
you
go
and
buy
a
deal
and
as
Josh
said,
he's
competing
with
South
Jersey
developers
who
do
have
cash.
L
So
if
I
can
give
them
a
loan
and
they
can
go
and
say
we're,
cash
buyers
are
more
likely
to
be
able
to
buy
that
property.
Third
is
and
I
know.
This
is
a
hot
topic
in
City
Council,
but
the
hardest
part
of
being
a
developer
and
being
a
newer
developer
is
sourcing
properties.
So
anything
you
can
do
to
get
properties
through
the
land
bank
faster
to
you
know
and
I
know.
L
C
Thank
you
can
I
just
wanted
to
follow
up
to
the
other
speakers
in
the
panel
of
the
Josh
Gabriella
and
Jordan
impact
Jordan
I
think
I
know
exactly
what
property
are
talking
about,
that
you're
working
on
across
and
pleasant
playground,
cuz
I,
because
I
Drive,
all
around
the
city
but
I,
also
drive
in
my
neighborhood
Lawton,
when
I
saw
some,
the
renovations
I
had
a
feeling.
This
was
a
project
that
come
through
jump
start
so
thanking
for
the
work
that
you're
doing,
but
for
the
three
of
you.
C
Where
do
you
see
yourself
going
going
in
future,
because
the
challenge
is
that,
with
this
initiative
that
there's
only
one
cane
and
it's?
How
do
you
scale
this
and
that's
a
question?
I
have
a
little
bit
for
the
next
panel.
But
where
do
you
see
yourselves
in
the
next
couple
of
years
in
reference
to
this
type
of
development?
Do
you
see
yourself
doing
additional
real
estate
development
going
to
commercial
development?
And
what
do
you
and
how
do
you
see
that
going
forward
as
a
result,
jump-starting
a
network
redeveloped.
M
Thank
you
for
the
question
on
a
personal
level
for
myself,
we
I
can
I,
see
myself
continuing
to
develop
in
the
northwest
section
of
the
city,
that's
home,
that's
where
a
lot
of
you
know,
I
feel
that
my
personal
efforts
are
needed.
We're
definitely
just
gonna,
keep
on
scaling
up
operations
and
trying
to
take
on
you
know
more
and
more
blighted
properties
as
we
can.
M
Ultimately,
a
lot
of
my
efforts
are
aimed
towards
the
repurposing
of
blighted
properties
and
turning
them
into
something
of
need
for
the
community,
whether
that's
a
mixed
use,
whether
it's
a
misuse
property
or
whether
it's
for
affordable
housing.
Ultimately,
my
goal
is
just
to
continue
taking
on
blighted
properties
while
using
the
construction
of
those
properties
for
educational
component
for
the
young
men
and
women
in
my
program,
but
will
definitely
stay
in
the
northwest
for
now
and
just
keep
scaling
up
and
building
on
as
we
go.
N
I
mean
I,
think
you
know
if
you
live
in
Philadelphia,
you
know
predominantly.
The
housing
stock
is
single-family
homes,
regardless
of
what
neighborhood
you're
in
you
do
see
multi
families,
but
those
are
obviously
a
lot
harder
to
find,
except
if
you're
you
know
in
Center
City
and
for
me,
I
also
think
the
retail
section
of
Philadelphia
needs
to
you
know
be
invested
in
I.
N
Don't
particularly
want
to
do
that
now,
I'd
like
to
get
a
nice
portfolio
of
residential
properties,
but
I
do
see
myself
going
down
that
path
of
you
know,
there's
a
large
section
of
the
city
that
is
just
all
residential.
You
know,
and
so
the
retail
side,
at
the
same
time
needs
to
bring.
You
know
be
brought
up
especially
to
small
businesses
as
well,
because
there's
lots
of
opportunity
here
to
do
that
so
for
right
now,
residential
and
then
potentially
commercial.
O
For
myself,
I'm
gonna
be
focusing
my
developments
on
workforce,
housing,
scattered
site
and
hopefully
existing
projects.
I
know
that
there's
a
need.
The
five
houses
that
I've
rehabbed
in
Seoul
have
all
gone
to
first-time
homebuyers,
so
I
know,
there's
a
tremendous
market
and
a
need
for
people
who
are
buying
their
first
home,
and
there
are
there's
a
lot
of
new
construction
in
City.
O
Whenever
we
can-
and
hopefully
you
know,
continue
to
just
grow
with
the
city,
find
underserved
areas
and
continue
to
build
and
grow
and
help
people
get
into
homeownership,
because
I
do
believe
that
this
is
one
of
the
principle
foundations
of
building
wealth
and
also
taking
pride
in
your
community.
When
you
just
have
people
renting,
and
you
have
neighborhoods
that
turn
into
rent
farms,
people
don't
feel
that
they
have
a
vested
interest.
So
you're
not
going
to
take
as
much
pride
and
enthusiasm
is
something
that
they
don't
have.
O
You
know
that
they
don't
have
ownership
over,
and
that
doesn't
mean
everyone
is.
But
I
do
feel
that
if
we
find
ways
to
give
people
into
the
houses
and
the
neighborhoods
that
they
live
in
they're,
going
to
continue
to
treat
those
neighborhoods
better
and
feel
that
their
wealth
is
growing
with
everyone
else's.
So
that's
where
I'm
focusing
my
efforts.
H
You,
mr.
chairman,
and
congratulations
by
the
way
to
the
three
I
want
to
say:
jsg
G
jumps
down
JumpStart,
Germantown
graduates
and
I'm.
What
I'm
hearing
is
that
you're
really
investing
in
a
community
and
the
whole
community
benefits
when
each
of
you
invest
because
you
fill
in
the
community
whether
it's
residential
office,
restaurants,
retail
whatever
it
is
I-
think
of
Tony
Coleman
as
the
example
and
if
he
know
Tony
Coleman
he's
passed
away.
H
He
bought
all
the
properties
on
13th
Street
in
Center
City,
when
it
was
not
really
great,
but
he
impacted
the
whole
area
by
putting
in
restaurants,
retail
residential,
which
is
kind
of
what
you're
doing
to
a
degree
in
Germantown
through
Ken
and
so
I
applaud
that
thing.
That's
great
I
also
want
to
call
some
other
statistics.
If
I'm
hearing
this
correctly,
the
first
panel
that
we
heard
from
the
Commerce
Department
there
were
74
applications
for
loans
right
and
11
were
approved.
H
L
Let
me
let
me
clarify:
if
I
could
we
have
received
485
applications
for
our
training
program?
So
far
we
have
put
211
so
far
through
the
program.
We
will
get
to
everybody
in
the
next
year
and
a
half.
So
that's
the
training
program,
so
we're
not
approving
or
disapproving
anyone.
We
are
prioritizing
people
to
who
we
think
will
start
developing
sooner
rather
than
later
in
Northwest
Philly.
In
terms
of
the
loan
program.
We
have
closed
on
50
loans.
L
L
Yes,
the
only
times
we're
not
able
to
say
yes
is
they
can't
get
the
site
under
agreement,
they
there's
liens
that
are
preventing
the
purchase
and
we
need
first
lien
position
or
they're
gonna
buy
rehab
and
hold
the
property,
in
which
case
they
need
to
get
a
loan
refinance
loan
to
take
us
out,
and
they
don't
have
the
credit
score
to
get
that
loan.
Eventually,
if
they're
doing
a
buy,
rehab
and
resale
I
don't
care
what
their
credit
score
is
so.
H
L
Anyone
is
eligible
for
a
loan
now
and
then
I
will
suggest
to
somebody.
You
don't
yet
have
enough
experience
to
start
your
first
project.
You
should
go
through
the
program,
but
that's
pretty
rare.
We're
giving
loans
to
the
mentors
in
our
program
we're
giving
loans
to
the
211
who've
been
through
the
program,
but
then
we're
giving
loans
to
community
people
who
believe
that
they're
ready
and
if
we
believe
they're
ready,
they'll
get
a
loan
and.
H
N
I'm,
actually
keeping
them
as
rentals.
This
last
property
is
the
only
property
that
I've
sold
and
I
just
want
to
talk
about
that
as
well,
because
I
think
I've
seen
them
seen
a
lot
of
properties
in
the
Philadelphia
and
I.
Think
landlords
get
a
really
bad
name
and
I
understand
why
some
landlords
get
a
really
bad
name.
So,
as
far
as
the
rental
properties,
you
know
we
pride
ourselves
on
making
sure
that
we're
good
landlords,
quality
landlords,
managing
the
property
well
to
a
certain
standard.
Absolutely
so.
G
M
For
myself,
councilman
is
this
a
mixed.
Some
are
single
families
that
have
will
be
resold.
Others
are
like
one.
We
have
now
is
a
commercial
mixed
use
property,
so
it's
commercial
first
floor
to
family
dwellings
above
that
property
we're
actually
gonna
hold
on
to,
and
it's
actually
gonna
be
the
first
location
for
our
trades
for
a
difference,
educational
hub
so
we'll
be
holding
onto
that,
but
in
the
future
I'm
imagine
it's
gonna
continue
to
be
a
mix.
Some
will
be
sold.
Some
will
be
repurposed
in
Hoboken.
O
At
this
current
time,
this
accommodation
for
me
of
both
I
would
like
to
focus
primarily
on
selling
houses.
At
this
current
time,
the
rental
properties
do
assist
with
the
overhead
and
the
costs
that
you
incur
until
you
start
a
business
and
leave
work
full-time
to
pursue
this.
So
I
do
believe
that
you
know
I'm
gonna,
be
building
a
rental
portfolio
to
take
care
of.
You
know,
cost
of
living
and
running
the
business
and
then
at
the
same
time
continue
to
buy
houses
for
resale,
because
that'll
be
my
primary
focus.
O
L
H
One
of
the
other
factors
I
noticed
your
sale
LTC,
which
is
loan
to
costs
which
we're
used
to
hearing
LTV,
which
is
loan-to-value
and
I.
Guess
to
me,
that's
kind
of
an
interesting
idea,
because
your
your
risk
is
probably
lower
because
there
are
some
people
you
mentioned
brewery.
Town
who
bought
Lots
very
inexpensively,
then
get
them
appraised
at
a
higher
number
and
then
borrow
on
the
whole
thing,
which
makes
it
a
riskier
transaction.
H
L
That's
correct,
and
one
of
there
are
a
lot
of
pieces
to
why
we
do
LTC
instead
of
LTV.
One
of
them
is,
we
don't
require
appraisals,
so
if
we
did
because
no
one's
gonna
tell
me
in
germantown
what
a
property's
worth
you
know
better
than
I
know
and
outside
the
appraiser
is
not
gonna.
Be
able
to
tell
me
that.
So,
if
we
don't
do
appraisals,
then
we
can
do
an
LTC.
If
we
did
appraisals
and
more
likely,
we
go
to
an
LTV
and
my.
H
Last
comment:
not
a
question:
is
that
you're
doing
a
great
job
with
this
can
and
you
should
be
commended
by
all
of
us,
because
without
you
this
would
never
happen
and
I'm,
not
so
sure
it's
duplicatable
cuz.
We
need
to
find
more
ken
Weinstein's
who
can
duplicate
it,
but
I
hope
it
is,
but
you're
doing
a
great
job
and
thank
you.
I
You
very
much
and
graduates,
congratulations
and
mr.
Weinstein.
Thank
you
very
much.
I
mean
very,
very
much
I.
Think
mr.
Jones
and
his
testimony
said
very
clearly
there
and
I've
seen
it
late
night
television.
You
turn
on
television
and
they'll.
Tell
you
for
X
amount
of
fee
you'll
get
all
the
the
real
estate
secrets,
I'm
fortunate
I
say
next
to
mr.
councilman
Dom
every
so
often
so,
I
whisper
in
his
ear.
But
what
you
said
make
make
makes
absolutely
sense,
but
could
you
if
you
would
just
speak
a
little
bit
about
mr.
I
I
L
I
L
Just
not
that
interesting,
so
we
bring
in
guest
speakers
who
talked
to
us
about
construction
design,
property
management,
zoning
we
bring
in
a
banker
to
talk
about
loans.
We
my
attorney,
comes
in
and
talk
about
how
to
set
up
an
LLC,
I
think
I
hit
most
of
them,
so
we
try
to
bring
in
experts
to
also
help
mentees
start
to
put
together
their
team
so
that
they're
ready
to
develop.
You
know,
because
you
need
your
architect,
you
need,
or
your
contractor.
You
need
your
attorney
in
order
to
get
started.
L
I
L
L
C
L
L
I
I
J
J
Kim
Ken
Joshua,
Johanna,
Gabriella,
Gabrielle,
I,
love
little
Jimmy,
he's
a
connector
right
and
he's
a
he's.
A
great
guy,
Ken
I
want
you
to
go
back
to
something.
You
said
in
your
testimony
that
I
don't
know
the
rest
of
the
city
is
paying
attention
to,
and
you
talked
about
rejecting
that
notion
and
neighborhoods
in
the
hot
areas
where
we
needed
to
go
and
Jordan.
You
were
just
with
me
two
other
night
and
I
know
when
you
hear
Ken
say
that
you
say
that's
just
what
I
heard
the
other
night.
J
You
know
in
that
community
I
mean
we've
been
trying
to.
You
know
with
you
know,
loving
all
of
Philadelphia,
but
we've
been
trying
to
convince
people
Ken
that
a
lot
of
the
new
construction
that
we
think
is
modern
and
it
is
beautiful,
but
you
know
we
don't,
may
not
want
to
have
a
barbecue
on
the
roof
right.
J
L
They
had
assumed
that
appreciation
would
go
on
forever
and
all
of
a
sudden
when
that
recession
hit
and
property
values
dropped,
30
40
%,
they
were
out
of
work
they're
out
of
business,
and
that
happened
just
before
I
got
into
real
estate.
So
I
learned
that
lesson
very
quickly
and
people
have
very
short
memories
and
they
think
it's
gonna
go
on.
You
know
the
gravy
trains
gonna
go
on
forever.
L
L
If
you
want
to
be
in
it
for
years,
if
you
want
a
quick
head
and
you're
gonna
be
in
real
estate
for
two
years
yeah,
maybe
you
want
to
go
into
one
of
the
hot
neighborhoods,
but
if
you
want
to
make
this
a
lifelong
dream
and
career
and
nest
egg
for
you
and
your
family
I
suggest
slow
and
steady
is
the
way
to
go.
Okay,
let.
J
Me
let
me
also
say
that
I
do
have
a
problem
with
this
being
called
jumpstart
Germantown,
like
we've
gotta
work
on
that
councilman
councilman
green,
sponsor
I'd.
You
know,
I
know
you
work
in
this
area
and
you
love
this
area
and
I
love
this
area
too.
But
I
was
going
through
some
notes
and
7203
somewhere
7002
far
17
20
67th
Avenue
7226
rugby's,
6600
ooh.
You
were
Street
1948,
Ashley,
Ken,
they're
great,
but
they're,
not
in
Germantown.
J
In
the
night
council
Matic
district,
it's
called
Mount
Airy
and
it's
called
West
Oak,
Lane
and,
and
we
want
to
participate
in
and
benefit
too.
So
so
are
you
saying
that,
in
response
to
that
councilman
greens
question
when
he
asked
what
could
the
city
do
to
partner
with
you
and
I'm,
always
looking
for
the
rubric
like
the
instructions?
I'm,
a
district
council
person
and
I
want
jump
start
long.
Crest,
I
want
jump,
start
lon,
Dale
in
the
knife
council
matter
district.
Your
instruction
to
me
is
well
charelle
Parker.
J
L
Correcting
and
I'm
glad
you
brought
this
up
because
one
of
the
other
things
about
the
loan
program
is
we
don't
just
loan
money
for
Germantown.
We
loan
money
for
every
neighborhood
adjacent
to
Germantown
and
hence
why
we
are
heavily
involved
in
in
Councilwoman,
Parker's
district,
so
I
would
say
to
you
anything
not
included
in
that
area
which,
by
the
way,
includes
Mount
Airy,
Oak,
Lane,
Logan,
nice,
town,
Tioga
and
East.
Falls
is
already
covered,
we're
taking
in
people
into
the
training
program
and
we're
loaning
them
money.
L
J
I
K
G
J
Addition
to
that
I
wanted
to
and
I
think
this
is
important
to
get.
You
know
on
the
record
and
I
want
to
make
sure
we
noted
because
I
said
well,
he
wasn't
afraid
to
say
this
out
loud
Joshua
in
your
testimony.
You
say
this
is
the
power
of
jumpstart
Germantown.
It
gives
everyday
people
who
may
not
have
the
money,
and
this
is
what
you
say
that
we
don't
talk
about
social
capital,
an
opportunity
to
compete
in
business.
J
Sometimes
there
are
some
folks
who
would
say
that
there
was
something
that
you
didn't
do
right
in
order
to
get
access
and
I'm
listening
to
you
and
you're
bright.
You
know,
you
know
you
have
the
ability
to
do
the
work,
but
no
matter
how
much
smarts
and
skills
that
intellectual
property
that
you
have
invested
in
the
process.
There
is
something
very
powerful
and
beneficial
by
being
connected
to
a
Kim
Weinstein
Network,
especially
if
you
are
not
naturally
born
into
the
Kim
Weinstein
were
and
so
I
think
the
Ken.
J
You
know
you
may
not
even
like
to
say
it
out
loud,
but
by
welcoming
this
group
of
graduates
into
that
social
environment
and
or
circle,
particularly
if
they're
not
born
of
it.
That
is
pretty
revolutionary
for
us
and
I'm,
not
sure
if
you
were
to
one
Joshua
but
to
Phil
enough.
You
tribute
featured
a
story
about
two
gentlemen.
J
They
were
taught
to
have
a
pic
picture
of
them,
I'm,
not
sure
if
the
block
was
Rittenhouse
Street,
but
they
talked
about
their
first
properties,
working
with
jump,
start
Germantown
and
how
they
had
tried
to
do
some
of
the
actual
work
themselves
right,
but
you
connected
them
to
contractors
that
they
could
actually
afford
to
get
the
work
done
through
so
councilman
agree,
no
I
want
you
to
know.
Joshua
I
appreciate
you
putting
that
on
the
record
and
because
elected
officials
can
say
it
all
the
time,
but
you
told
the
truth
and
he's
actually
done
it.
J
So
I
appreciate
that.
I
also
want
to
note
for
the
record
that
we've
talked
about
diversity
and
inclusion
in
the
trees,
and
we've
talked
about
sort
of
deep,
bundling
large
contracts,
so
that
small
guys
get
access
to
the
opportunity.
If
we
do
this
right,
the
network
of
contractors
doing
business
on
jumpstart
projects
across
the
city
that
are
already
small,
because
you've
said
middle
neighborhoods
are
good
enough
for
you
right
and
that
Sawtooth
rights,
not
a
whole
block,
could
be
two
properties
on
the
block.
J
J
Don't
know
if
you
know
it
or
not,
Jordan,
but
developers
don't
usually
come
to
community
meetings
in
advance
of
a
project
to
listen
to
what
the
community
is
interested
in,
seeing
in
their
neighborhoods
and
Evon
boy
here
from
the
commerce
department.
Was
there
but
I
want
you
to
know
that
your
folks
sat
through
that
meeting,
which
was
very
well
attended
and
they
didn't
speak.
J
They
didn't
speak
once
all
they
did
was
listen
to
take
inventory
about
the
vacant
properties
that
were
discussed
in
the
area
and
the
desires
of
the
people
who
lived
there
and
who
are
vested
and
that
that
that
matters
a
great
deal
Joshua
I,
do
want
you
to
comment
on
that
whole.
The
social
social
categories
that
JumpStart
has
connected
you
to
I
want
you
to
say
something
on
a
record
about
that.
O
Absolutely
so,
prior
to
joining
jumpstart
Germantown
I
had
submitted
loan
applications.
I
was
reloading
about
my
background.
So
I,
you
know,
grew
up
in
Philadelphia
once
in
high
school
for
creative
Performing
Arts
went
to
college
at
Millersville
graduated
got
a
job.
Working
in
corporate
America
was
a
little
bit
unfulfilled,
so
I
knew
entrepreneurship
was
something
that
I
wanted
to
pursue.
O
I
came
from
a
family
that
had
a
real
estate
background,
but
what
happened
was
that
when
I
got
into
entrepreneurship
and
I
needed
to
get
capital
again,
I
would
go
to
all
the
banks,
with
my
credit
score
what
my
business
plan
with
my
resume.
You
know
everything
was
perfect.
All
tees,
Macross
all
eyes
were
dotted,
but
for
whatever
reason
there
was
always
this
eloquent
rejection
of
why
my
projects
couldn't
get
done,
and
you
know
I
never
wanted
to
interject
race
into
the
situation
always
tried
to
stay
away
from
that.
O
But
it's
like
why
can't
I
get
my
projects
started,
not
even
to
refinance
out
of
and
I
know
now,
when
I
submit
a
loan
application
to
refinance
out
of
a
construction
loan
and
they
see
jump-start
Germantown
they're
like
oh,
that's,
Ken,
Weinstein's
program
or
you
know
Philly
office
retail.
So
it
gives
you
some
social
clout
now
of
a
sudden
I'm,
the
same
guy
with
the
same
credit
score
and
same
credentials,
but
because
I'm
connected
to
Ken,
somehow
he's
good.
You
know
he's
on
the
approved
list,
so
those
loans
come
out.
O
So
it
is
very
important
that
you
know
and
I
try
to
get
out
here
in
network
as
best
as
I
can
but
again
this
coming
back
to
what
I
said:
who's
willing
to
part
with
their
precious
resources,
who's
willing
to
part
with
their
dollars
to
say
that
they
actually
believe
in
you
and
that's
what
ken
did
and
you
know:
that's
that's
the
social
capital
piece
and
again
you
like
justice,
it
you
can
email
him
at
any
time.
He'll
email!
You
back!
O
You
can
message
him
on
Facebook
on
everyone
else
and
I'd
be
remiss
if
I
didn't
acknowledge
the
people
in
the
background.
I
just
want
to
say
thank
you
to
Angie
Williamson
case
showing
her
economizer
and
Kevin
Matheson.
These
are
the
backbone
of
jumpstart
Germantown
and
they
answer
all
my
stupid
questions.
I
just
wanted
to
acknowledge
them,
but
ken
has
been
a
quintessential
piece,
just
socially
being
able
to
name-drop
to
get
me
to
another
level.
Joshua.
J
Thank
you
for
that
I
will.
I
will
leave
this.
As
my
final
comment,
you
know
I
appreciate
you
can
for
not
leaving
middle
neighborhoods
behind
I
mean
some
of
us
have
been
howling
in
the
wind
for
a
very
long
time
about
the
people
who
live
in
these
communities
who
are
not
living
in
deep
party,
deep
poverty,
but
sort
of
make
a
nickel
over
what
the
income
eligibility
guidelines
are
to
be
eligible
to
it,
access
to
any
home
improvement
opportunities
that
are
available.
J
It
is
my
hope,
Ken
that
jumpstart
will
find
a
way
to
utilize,
a
program
that
we
are
now
working
on
in
the
city
of
Philadelphia.
I
just
introduced
the
legislation
last
week
on
behalf
of
council
president
Clark,
you
know
there
was
a
very
small
increase
in
a
realty,
a
transfer
tax
and
from
it
we
were
able
to
support.
J
You
know
doing
away
with
the
entire
backlog
for
the
basic
systems
home
repair
program
at
sixty
million
dollars
dedicated
to
that.
But
forty
million
dollars
for
the
first
time
will
be
dedicated
to
a
loan
loss
reserve
for
financial
institution
similar
to
those
councilmen
who
you
mentioned
in
the
capital
consortium
that
will
lend
right
now.
The
number
where
we're
hearing
and
thinking
about
is
to
up
to
twenty
five
thousand
dollars
that
residents
and
these
communities
can
get
access
to
a
loan
low-interest
loan,
even
if
their
income
is
slightly
above.
J
L
Totally
and
and
I
thank
you.
I
did
read
the
summary
that
you
would
introduce
that,
and
obviously,
as
the
the
chair
of
the
PhD
C
and
I'm
well
aware
of
reducing
and
eliminating
the
backlog
that
City
Council
so
generously
supported
totally
what
you're
talking
about
both
of
these
efforts,
both
basic
systems
home
repair
in
this
new
legislation,
you've
introduced
go
hand-in-hand
with
what
jumpstart
is
is
is
doing
so.
Yes,
we
are
encouraging
real
estate
developers,
take
blighted
properties,
rehab
them,
but
my
hope
is
we
never
get
to
that
far.
L
You
know
I
want
to
keep
low
moderate
income
people
in
their
homes,
so
they
never
get
bladed
to
start
with,
but
now
that
we
have
bladed
properties,
we
need
dedicated
people
like
like
the
three
people
sitting
here,
to
make
a
difference
but
yeah.
If
we
can
get
on
top
of
the
program
and
keep
people
in
their
homes,
that's
better.
C
Thank
You,
councilman,
Parker
and
also
comes
from
in
tongue
burger
were
talking
about
the
need
for
jumpstart
to
be
in
more
than
just
Germantown.
That's
why?
Specifically,
we
titled
the
resolution,
jumpstart
initiatives
and
not
just
jumps
down
Germantown
I,
think
the
next
panel
also
talked
about
how
we
can
broaden
this
to
other
neighborhoods
and
I.
Think
the
work
council
Barclays
are
doing
regarding
the
SRP
program
and
the
perfect
complement
as
Ken
said,
to
keep
people
in
their
homes,
so
they
don't
become
blade
it,
but
then
the
private
it's
next
door
to
that
person.
C
If
it
is
right,
it's
renovated
for
workforce
housing.
So
now
we're
at
what
you
have
a
senior
or
a
seasoned
citizen
who
now
through
this
new
initiative,
can
maintain
their
home
and
maintain
a
certain
level,
but
also
now
they
live
next
door
to
someone's
moving
into
community
or
someone
from
the
community
who
just
bought
a
workforce
house
has
been
developed
through
some
of
the
jumpstart
initiatives.
So
I
think
these
things
go
hand
in
hand.
So,
thank
you.
D
P
For
the
opportunity
to
testify
I'm
Dana,
Hanson,
deputy
director
of
the
Philadelphia
local
initiative
support
corporation
liske
is
a
national
nonprofit
community
development
intermediary.
We
work
closely
with
community
partners
on
the
ground
to
revitalize
Philadelphia's
neighborhoods
and
improve
quality
of
life
for
residents.
I'm
pleased
to
be
here
today
with
two
of
those
partners
can
and
KC
O'donnell
through
the
generous
support
of
the
Vera
Foundation,
liske
and
Philly
office.
Retail
have
been
working
together
to
document
and
share
the
success
of
jumpstart
Germantown,
so
other
neighborhoods
in
the
city
can
benefit
as
well.
P
To
this
end,
we
have
produced
a
jump
start
training
workbook,
which
helps
develop
skills,
build
knowledge
and
offer
tools
for
aspiring
developers.
This
workbook
accompanies
the
Train
of
trainers,
slide
deck,
so
anyone
can
deliver
information
and
knowledge
on
the
principles
of
jumpstart
and
the
seven
jump
steps
of
the
real
estate
development
process.
In
addition,
we've
also
produced
a
jumpstart
how-to
guide
to
help
organizations
interested
in
launching
a
jumpstart
program
in
their
neighborhood.
P
You
do
have
one
packet
available,
I
submitted
it
as
part
of
the
testimony,
so
that
is
there
where
a
lot
of
this
is
still
at
the
printers,
so
don't
have
it
in
mass
I
would
like
to
focus
my
comments
on
two
areas.
That's
related
to
neighborhood
organizational
capacity
and
access
to
capital
for
aspiring
developers,
as
Ken
will
share.
Launching
a
jumpstart
program
isn't
rocket
science
and
it's
not
expensive
to
implement,
but
it
takes
an
investment
of
time
and
a
network
of
partners
and
experts.
P
That's
why
Liska
has
been
meeting
with
community
minded
mission-based
lenders
that
are
committed
to
working
with
local
entrepreneurs.
We
started
conversations
with
a
number
of
these,
such
as
the
reinvestment
fund,
Fein
anta
and
the
West
Philadelphia
Financial
Services
Center,
and
earlier
this
morning
we
presented
to
the
capital
consortium
to
find
out
their
interest
to
find
out
what
it
would
take
for
them
to
be
part
of
this
program.
And
if
there
are
ways
that
we
can
build
in
credit
enhancements
to
incentivize,
their
participation
in
closing.
P
I
would
like
to
invite
committee
members
and
others
to
attend
our
jumpstart
launch
on
November
13th
at
the
Philadelphia
Chamber
of
Commerce.
We
will
be
releasing
these
materials
and
provide
an
information
session
for
neighborhoods
or
organizations
or
individuals
who
are
interested
in
launching
a
jumpstart
program.
Liske
is
also
excited
to
announce
a
small
grant
competition
to
help
with
early
startup
costs.
Four
to
three
jump.
Start
programs
in
Philadelphia
we're
looking
at
$5,000
seed
grants
to
three
neighborhoods
in
the
city.
Thank
you
for
the
opportunity
to
testify.
Thank.
F
Good
afternoon,
council
members
and
fellow
Philadelphians,
my
name's
Casey
O'donnell
and
the
CEO
of
Impact
Services
Corporation
in
kensington.
Thank
you,
councilman
green
and
the
committee
for
the
opportunity
to
provide
testimony
related
to
jumpstart
Germantown
and
its
potential
for
implementation
and
other
Philadelphia
neighborhoods
implicit
in
this
subject,
and
testimony
is
also
a
theme
of
equitable
development,
economic
prosperity
and
being
lucky.
F
I
was
born
and
raised
in
Germantown,
first
baten
street
and
then
Woodlawn,
then
Shelton
have
Anu
I
had
a
very
brief
stint
in
Chestnut
Hill
and
then
about
20
years
ago,
I
returned
to
one
9/11.
44
I
lived
there
with
my
wife
and
11
year
old
son,
so
I
feel
pretty
lucky.
You're,
probably
aware
that
most
of
Germantown
was
subject
to
redlining
practices
and
for
a
neighborhood
that
was
economically
stable
and
racially
integrated
since,
before
the
Civil
War.
Somehow,
banks
and
the
federal
government
didn't
think
that
hardworking
families
with
dependable
income
deserved
mortgages.
F
Further
up,
Germantown
Avenue
federally
backed
bank
funds
were
abundant
to
prospective
borrowers
socio-economic
disparity
continued
to
grow
between
different
zip
codes
and
between
different
racial
groups.
Obviously,
don't
need
to
tell
all
of
you
about
how
race
became
a
factor
and
who
would
have
the
opportunity
to
begin
to
amass
intergenerational
wealth,
so
fast-forward
to
the
recent
Renaissance
in
Germantown,
led
by
Ken
Weinstein
and
his
ever-growing
band
of
developers
according
to
Facebook
jump,
start
Germantown
had
a
thousand
and
ninety
four
members
as
of
last
week.
Let's
make
no
mistake,
jump
start.
F
Germantown
is
a
movement
of
equitable
community
development.
Instead
of
experienced
wealthy
developers
buying
up
all
available
property
in
a
neighborhood
in
transition,
jump
start
participants
who
start
with
limited
or
no
experience
take
a
property
in
need
of
running
in
need
of
renovation.
They
get
personally
invested
in
a
process
of
property
and
a
neighborhood
German
jump
starts
not
without
risk,
but
it's
an
opportunity
for
people
of
all
backgrounds,
colors
and
religions,
to
build
wealth
that
they
can
hand
down
to
their
children.
F
Some
people
say
that
if
you're
rich
you're
lucky
to
have
been
born
into
it,
in
many
cases,
that's
true,
but
the
definition
that
I
ascribe
to
is
that
luck
is
the
intersection
of
preparation
and
opportunity.
So
if
you
can
get
connected
to
jumpstart,
and
can
you
two
can
consider
yourself
pretty
lucky,
because
ken
is
offering
both
preparation
and
opportunity
he
has
put
both
his
own
financial
and
social
capital
on
the
line?
And
now
we
have
the
opportunity
to
carry
this
forward
about
a
year
ago.
F
Actually
year
and
a
half
ago,
Ken
double-booked
the
meeting
with
a
few
people,
including
myself.
We
made
it
one
large
meeting,
because
we
were
all
there
for
the
same
reason
to
see
what
we
could
learn
about
jumpstart.
He
then
invited
us
to
participate
in
his
next
developers,
cohort
to
see
how
we
might
able
might
be
able
to
extend
jumpstart
into
Kensington.
We
brought
nine
people,
including
some
residents
in
the
neighborhood
to
participate
as
soon
as
the
sessions
were
completed.
F
One
of
the
Kensington
team
couldn't
wait
for
us,
so
he
dredged
up
enough
capital
to
buy
a
property
renovated
it
rented
it
and
now
he's
on
to
his
next
house.
Another
participate
on
the
participant
on
the
verge
of
is
on
the
verge
of
beginning
his
first
project.
We
don't
have
all
the
pieces
in
place,
but
things
are
in
motion
in
Kensington.
F
Barlas
in
Philly
office
retail
have
now
formalized
the
curriculum,
there's
no
shortage
of
interest
from
participants
who
would
like
to
secure
their
retirement
with
rental
income
from
a
portfolio
of
residential
investments.
As
previously
noted,
there's
both
hard
work
and
risk
in
this
kind
of
investment
relationships
built
into
the
program
helped
mitigate
mitigate
that
risk.
It's
not
unlike
CDFI
lending
relationships
are
essential
to
success.
F
If
these
developers
were
more
Trish
traditionally
bankable
and
could
secure
a
several
hundred
thousand
dollar
line
of
credit,
they
would
instead
participates
participants
commit
to
showing
up,
participating
and
putting
some
skin
in
the
game.
For
this,
they
get
an
education,
a
support
system
and
a
method
of
building
into
income
and
long-term
wealth.
Thank
you
again
for
the
opportunity
to
speak
with
you
today
and
thanks
to
Ken
for
giving
people
an
inroad
to
prosperity.
C
And
if
you
could
provide
information
to
the
chair,
so
we
can
get
it
out
to
the
committee
members
as
well
as
the
information
on
the
house.
Your
guide
I
know
that's
it's
being
print
as
we
speak,
but
if
you
could
provide
that
information
to
the
chair
as
well,
so
that
way
they
can
get
that
information
out
to
other
organizations
in
their
networks.
C
C
I
know,
there's
been
some
conversation
with
shifts
that
possibly
involved
in
this
initiative
from
a
jumpstart
Kennison
perspective,
but
I
guess
the
challenge
that
I
see
in
order
to
scale
this
across
the
city,
not
only
making
sure
you
have
organizations
that
are
committed
and
have
the
ability
to
pull
together
and
jumpstart
initiative.
That's
why
I
think
the
money
from
bar
and
liscus
is
so
helpful.
C
But
how
do
you
provide
the
financing
because
I
think
that's
really
where
the
rubber
meets
the
road
so
I'm
curious
in
reference
to
your
conversation
that
represents
shift
and
other
other
entities
that
can
revive
that
type
of
financing.
I'm.
Also
glad
you
had
an
opportunity
to
present
to
the
capital
construction
this
morning
to
continue
that
conversation.
Sure.
F
So
a
shift
was
actually
part
of
the
other
group.
There
was
double
books
when
I
first
went
to
Ken's
I
showed
up
in
Bryan,
and
some
of
his
partners
were
there
and
it
turned
out
to
be
a
great
meeting.
So
the
reason
I
felt
we
could
pull
this
off
in
Kensington
is
one
that
impact
has
a
CDFI
and
we're
part
of
the
consortium.
So
we
asked
for
from
Treasury
gosh
I
think
we
asked
for
like
five
hundred
thousand
dollars
and
we
ended
up
getting
one
hundred
and
fifty
to
dedicate
towards
real
estate
development.
F
So
we
had
a
little
bit
of
seed
capital
and
the
other
idea
would
be
that
we
would
bring
other
finances
into
that
pool
through
impact
loan
fund,
which
is
the
CDFI
right
and
also
do
you
know
the
cusp
program
through
Wells
Fargo.
It's
a
community
urban
stabilization,
basically
all
the
houses,
they
don't
even
want
to
send
somebody
to
because
the
neighborhood's
so
tough
they
try
to
give
away
so
I
found
out
about
it.
F
I
went
and
signed
up
managed
to
get
a
house
on
the
2900
block,
Aurora
Street,
and
this
this
relates
to
financing
I
promise.
So
the
first
time
I
went
there.
There
was
a
group
of
people
down
in
the
corner
and
I
thought.
Well,
what
are
they
doing
there?
It
turns
out
that
we're
getting
free
heroin,
it
was
sample
day
and
I
thought.
F
Oh
man
I've
made
a
tremendous
mistake
taking
on
this
house,
but
we
also
got
a
concession
of
20
grand
from
Wells
Fargo
to
essentially
just
take
the
property,
and
then
we
started
banging
on
doors
in
the
neighborhood
and
it's
mostly
families
and
the
guy
next
door.
Who
was
there
with
a
whole
bunch
of
people
said
hey?
Could
we
even
do
a
rent-to-own
and
I
said
I?
Don't
think
that
went
well
the
last
time
you
know
if
you're
interested
in
this
process,
let's
stay
in
touch.
F
Somebody
else
offered
us
20
grand
cash
for
the
house
that
lived
on
the
block,
so
I'm
thinking
alright
something's
happening
here.
We
can
make
this
work
right
so
and
I
think
I
mentioned.
We
went
through
the
jumpstart
process
with
a
bunch
of
people,
including
a
couple
people
from
the
neighborhood
one
young
guy
wanted
to
be
here.
That
is
now
going
to
be
the
owner
of
the
Rohr
Street
property
I.
F
Don't
know
how
Wells
turned
it
over
to
us
with
the
Tangled
title,
but
it
took
like
eight
months
to
satisfy
or
get
satisfaction
letters
for
old
mortgages.
So
we
finally
got
a
clear
title
and
with
the
concession
money,
we're
turning
the
proper
property
over
to
John,
covering
the
transfer
tax
and
we're
going
to
put
a
roof
on
it.
Reinvestment
fund
wants
to
sink
their
teeth
into
something
like
this.
So
do
you
know
Andy
Rockland,
so
Andy
and
Elizabeth
Franz
friends
have
been
the
contact
and
they've
committed
to
following
Ken's
structure
for
financing.
D
F
So
obviously
it
costs
them
more
to
do
that.
Closing
and
they're
actually
asking
impact
to
sign
off
on
some
of
the
properties,
so
we're
going
to
keep
the
150
as
a
pool
to
guarantee
the
initial
loans
and
we're
looking
for
ways
to
source
houses.
So
cus
programs,
one
we're
working
with
Councilwoman
Canyon
on
a
Sanchez
to
see
if
we
can
find
other
properties,
because
that
neighborhood,
as
you
know,
like
let's
say,
you're
75
grand
into
a
property.
When
all
is
said
and
done,
it's
really
hard
to
sell
a
property
for
that.
F
So,
as
Ken
said,
they've
got
to
be
rentals
rental
market
up.
There
will
support
that
level
of
investment,
so
we've
kind
of
cobbled
it
together.
The
other
guy
that
went
through
the
program
just
went
and
hustled
and
is
now
he's
off
on
his
own
and
frankly
doesn't
need
the
support.
I
think
the
JumpStart
program
just
showed
him.
There
was
no
magic
to
it.
He
was
scared
and
he
went
out
and
and
he's
doing
it
on
his
own.
So
we've
we've
pieced
together,
funding,
I
I
think
it's
gonna
fly
shift
capital.
F
It's
been
busy
with
their
own
stuff.
I!
Think
at
this
point,
they're
gonna
play
more
of
the
mentoring
role
and
filling
in
the
pieces,
and
there
are
some
local
developers
that
are
going
to
be
mentors
right
now,
I'm
personally,
working
with
Johnathan
to
make
sure
his
process
gets
done.
Setting
up
LLC's
is
a
gap
we
have
so
some
of
the
accounting
and
legal,
but
we're
on
our
way.
Okay,.
L
If
I
could
just
say
that,
particularly
on
the
funding,
you
know
maybe
I'm
too
much
of
an
optimist
but
I
believe
where
there's
a
will
there's
a
way.
I've
gotten
calls
from
other
developers
who
are
interested
and
I
think
if
there's
viable
programs
out
there,
they
would
throw
in
a
line
of
credit
or
cash
into
this.
L
I
know
that
trf
Liske,
the
Redevelopment
Authority
P,
IDC
of
all
voiced.
You
know
we
haven't
gotten
into
details,
but
have
all
voiced
a
an
interest
in
possibly
doing
that.
The
other,
particularly
good
funding
source
that
have
would
have
fewer
little
strings
attached
is
foundations.
I
know
that
there
are
several
in
the
Philadelphia
area
that
are
looking
for
creative
ways
of
taking
some
of
their
investment
dollars
and
putting
that
into
low-interest
loans.
L
I
F
I
F
So,
even
if
we
lose
on
the
underwriting
process,
because
a
seventy
thousand
dollar
loan
just
doesn't
make
any
more
that
if
other
funds
flow
through
and
the
risk
is
shared
by
a
pool,
but
we're
still
in
touch
I
think,
ultimately,
it's
going
to
become
sort
of
large
network.
Even
if
it's
you
know
each
jumpstart
neighborhood.
Does
it
a
little
differently?
I
mean
one
of
the
things
we
know
about.
Innovation
is
that
it
has
to
be
adaptable,
so
I
think
if
all
the
pieces
are
in
place,
it
works
I.
Just.
I
Hearing
this
I
mean
I
feel
that
this
could
be
a
great
great
tool
to
fight
urban
blight
yeah
and
to
fight
situations,
fight
for
a
neighborhood
when
it's
still
something
that
be
fought
for
I
mean
not
to
say
that
all
all
neighborhoods
are
worth
of
something.
That's
no
question
about
it,
but
sometimes
you
can
turn
something
a
lot
earlier
before
the
whole
place
goes
to
hell.
I
mean
it's
my
viewpoint.
Coming
from
from
this
particular
councilman,
please
so.
F
If
you
can
envision
Kensington
Avenue,
yes,
everything
east
of
Kensington
Avenue
in
five
years
is
probably
going
to
be
worth
significantly
more
than
it
is
today
correctly
much
of
what
is
west
of
Kensington
Avenue.
Let's
say
all
the
way
to
Broad
Street
is
still
going
to
be
in
deep
poverty
and
there's
some
significant
challenges,
not
sure
we
have
some
other
strategies
but
having
a
demarcation
line
like
that
is
troubling.
So.
F
Only
have
participates
in
JumpStart
Kensington,
who
either
live
in
the
neighborhood
or
they're
invested
in
some
other
way.
They
have
a
business
there
to
keep
it
that
local
keep
the
money
there
and-
and
you
know
the
high
tide,
lifting
all
boats.
If
we
can
get
people
just
in
that
neighborhood
to
invest
instead
of
letting
outside
developers
or
if
they're
bootstrapping
it.
Let's
keep
it
in
that
neighborhood.
So
if
we
can
change
that
trajectory,
it.
I
I
Now
I
have
a
problem
with
with
pine,
but
well.
I
certainly
want
to
chat
with
you
and
maybe
take
a
tour,
but
you
raise
something
else
that
that
was
very
interesting
to
me
and
listening
here.
You
really
have
to
know
your
neighborhood
well,
because
I
think
something
you
said
earlier
correct
me
if
I'm
wrong,
if
I'm
getting
this
wrong.
Just
correct
me
was
that
you
have
to
know
what
the
market
will
bear
so
to
speak.
I
I
F
F
Have
to
either
have
a
let's
call
can
and
anchor
institution
or
Philly
office.
Retail
is
the
kind
of
anchor
institution
for
jumpstart,
Germantown,
I,
believe
impact
and
a
partnership
with
shift
in
NK,
CDC
and
liske
will
be
the
anchor
institution
of
the
anchor
collaborative
you've
got
to
have
that
to
make
it
work
and
it
doesn't
have
to
be
it
can
be,
it
doesn't
have
to
be
a
non-profit
right,
it
can
be
more
profit
entity.
Somebody's
got
to
take
responsibility
for
the.
I
Pain
and-
and
someone
also
has
to
have
the
knowledge
of
neighborhood
the
battle
work,
or
it
just
not
going
to
work,
and
it
has
to
go
this
way
in
a
rental
property
or
were
in
this,
particularly
in
a
particular
case.
Not
this
particular
case
a
sale
might
not
be.
It
may
never
sell
then,
but
knowing
the
neighborhood
well
is
very,
very
important
to
the
success
of
this
program.
Yes,.
L
L
To
local
Realtors
how
to
talk
to
local
wallopers,
ask
some
of
the
questions
you're
asking
good
questions.
Thank
you
on
that
that
need
to
be
asked,
but
in
the
end
of
the
day
it
could
be
someone
who's,
just
really
organized
who
then
trains
local
developers
who
then
do
know
the
community
and
know
whether
a
property
should
be
a
for
sale
or
a
rental,
and
that
sort
of
it's.
I
I
He
trained
the
trainer's
he
trained
sergeants
and
officers
of
the
Continental
Army
for
the
success
he
couldn't
do
it
all
himself,
but
but
that
what
you
just
said
is
near
genius
and
Washington
saw
that
in
him
and
when
it
was
all
said
and
done,
when
Steven
retired
Washington
said
that
von
Steuben
was
indispensable
to
the
victory
for
the
United
States,
for
it
to
take
form
and
for
a
victory
over
urban
blight.
Mr.
Weinstein
I
think
you're
on
to
something
very
good,
and
maybe
it
will
call
you
a
general
bunch
too,
even
when
it's
all
over.
C
Any
additional
questions
yeah
I,
want
to
thank
the
panel
for
your
time
today
and
provides
great
information,
I
think
we're
really
onto
something
and
rappers
too
trying
to
replicate
the
work
that
Ken
has
done.
I
think
we
put
together
today's
hearings
both
from
the
Catholic
consortium
and
also
jump
start,
because
there's
some
synergy
between
the
two
initiatives
and
all
what
we're
trying
to
do
is
trying
to
address
poverty
here
in
city
of
Philadelphia
and
create
more
entrepreneurs
both
through
jump
start
and
also
providing
lending
opportunities
through
capital
consortium.