Jumpstart Philly, a loan program for new real estate developers, is expanding citywide, thanks to $10 million in new funding. The program trains residents to be developers and eliminate blight.
, created by a collective of Black business leaders, helps grow the businesses of developers of color who already have experience.Philly is trying to diversify real estate development by offering resources and training
“We are focusing on loans traditional banks don’t want to do,” Weinstein said. “Small loans, construction loans that tend to be messy, loans to developers without much experience. Those are the types of loans banks run away from. So they’re the types of loans we want to do to get people started in the industry.”, a Northwest Philadelphia-based development company mostly focused on commercial properties, got his start in residential construction nearly four decades ago.
And, she said, “we are excited to support Jumpstart in its mission to support especially people of color and women, who are underrepresented in the real estate industry.”, a community development support nonprofit, previously gave Jumpstart $2 million to make loans. “For us, it was a recognition of our own strengths and weaknesses and realizing we’re not particularly good at lending to those early-stage, small developers, and Ken’s model offers a more user-friendly alternative until they grow to a particular level,” said Andrew Frishkoff, the nonprofit’s executive director. “If we could provide financing to Jumpstart, which would then allow Jumpstart to make these really nimble loans to developers, then that was really a win-win.
The program’s emphasis on local developers and their responsibility to communities, Frishkoff said, is a “good alternative to out-of-town investors who in many cases, especially pre-2008 recession, were theKeith Brooks, a 2019 Jumpstart graduate and Germantown resident, said the program “strives to have people benefit from the development happening in their neighborhood.
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