The Growth, Resilience, Independence, and Tenacity (GRIT) Fund is a program that provides resources to support expansion of the Community Development Financial Institutions (CDFIs) serving the Philadelphia region to increase economic and financial opportunities for Black and Brown small business owners. With a five-year fundraising goal of $100 million, the program specifically funds three streams: technical assistance, loan loss reserves, and patient debt, all identified as critical in helping Philadelphia CDFIs build the structure required to serve Black and Brown businesses adequately. The Pennsylvania CDFI Network operates the GRIT Fund and contributions flow from fifteen member banks of the Greater Philadelphia Financial Services Leadership Coalition (GPFSLC):

Program Results

Since the program’s inception in 2021, the GRIT Fund has resulted in $2.2MM in charitable investment, which increases to $6.26MM when including direct contributions to CDFIs. Additionally, a total of $37MM in patient debt investments to CDFIs has been made for Philadelphia region Black and Brown small businesses.