Penn Community Bank recently made a $100,000 contribution to the Urban League of Philadelphia.
The contribution will support the Urban League’s first-time homebuyer and financial literacy program and will help to expand access to the Philadelphia-based nonprofit’s Entrepreneurship Center.
“We’re committed to building thriving communities throughout the region through relationship-based financial services and dynamic partnerships with nonprofits like the Urban League of Philadelphia,” Jeane M. Vidoni, president and CEO of Bucks County-based Penn Community Bank, said in a statement. “From supporting affordable access to housing to encouraging the entrepreneurial spirit that drives economic growth, we take our responsibility to the communities we serve seriously.”
Urban League President and CEO Darrin W. Anderson Sr. said the organization has a long history of serving communities in need across the Philadelphia region. Central to that service, he said, is the organization’s commitment to supporting homeownership and economic development.
“The programs funded by this historic donation will support that work and allow us to expand our efforts to serve even more individuals. We are grateful to Penn Community Bank for this generous contribution and look forward to our continued work together,” Anderson said in a statement.
According to information provided by the organizations, the $100,000 donation from Penn Community Bank in support of the Urban League’s first-time home buyer and financial literacy program is expected to result in:
• 35 additional first-time homeowners located within majority-minority and majority-Black communities.
• 75 additional individual counseling sessions geared towards future home attainment, budgeting for unexpected homeownership costs, and home ownership retention.
• Financial literacy education for an additional 250 individuals. That education will include one-on-one budgeting and money management counseling, workshops on the rights and responsibilities of homeownership, informational classes on the home-buying process, credit repair instructions, and more.
The Urban League of Philadelphia’s Entrepreneurship Center supports minority-owned businesses by addressing historic disparities in business growth, development, and profitability, according to the release. Since its inception, the program has supported 779 aspiring and experienced business owners who obtained $4.9 million in contracts and $2.6 million in financing — creating more than 100 jobs and 15 new businesses.
Approximately 98% of the Entrepreneurship Center’s clients identify as African American, 57% are female, and more than 90% are between the ages of 30 and 55.
With Penn Community Bank’s support of the Entrepreneurship Center, the program is expected to provide customized coaching, legal organization counseling, technical assistance, and tax preparation assistance for 30 additional small business owners.
The Urban League of Philadelphia promotes economic empowerment through education and job training, housing and community development, workforce development, entrepreneurship, health equity, and reentry programs, according to a press release. The organization’s efforts support nearly 20,000 individuals and families each year — approximately 78% of whom are African American and reside in low-income communities.
Headquartered in Bucks County, Penn Community Bank offers banking and lending services at 20 bank branches and three administrative centers in Bucks and Montgomery counties. An independent, mutual financial institution, Penn Community Bank is not publicly traded. In support of its mission to act as a “catalyst for positive growth,” Penn Community Bank’s charitable arm — The Penn Community Bank Foundation — contributes 5% of the institution’s net income each year to area nonprofits and community groups.