Rhoads reports a long-term credit-loss rate of just 3 percent, though he notes the agency is sometimes more patient with late payers than federally
regulated banks tend to be.
Among PIDC's financings last year:
$104 million in tax-exempt bonds for construction by public charter-school operators West Philadelphia Achievement Charters and Aspira Inc. and expansion of the Wistar Institute and other projects.
$50 million in cut-rate project financing for the new Kimpton Hotel in Center City's Lafayette Building, plus millions more for smaller projects, including $2 million to keep Tasty Baking's South Philly plant afloat before its purchase by Flowers Foods of Georgia.
A total of $8.5 million in small-business loans to Northeast Philly auto dealers DeSimone Motor Vehicles Inc., Center City high-end restaurateur Jose Garces, Finnish recycler Kuusakoski Philadelphia L.L.C., Reading Terminal Market Corp., the River City Flats development, Easter-egg maker Zitner Candy Corp., and 20 others, plus $1.7 million to 14 "emerging" building contractors and other service companies.
$700,000 in loan guarantees to Islamic undertakers Khadijah Alderman Funeral Services Inc. and other businesses, with help from three small city banks - Valley Green, East River, and United.
Don't rival businesses complain about this taxpayer-financed competition? No, says Rhoads; most city hotels, supermarkets, and charter schools are taxpayer-financed.
What does it say about our federally regulated banking system that local government has to step in? Rhoads said he's happy to work alongside banks helping finance job-rich projects that might otherwise get turned down.
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