Solving the region’s most pressing issues to support small businesses facing long-standing financial access barriers
The Growth, Resilience, Independence, and Tenacity (GRIT) Fund provides resources to expand the capacity of Community Development Financial Institutions serving the Philadelphia region to increase economic and financial opportunities for small business owners operating in low-to-moderate income neighborhoods.
With a five-year fundraising goal of $100 million, the program supports three critical funding streams—technical assistance, loan loss reserves, and patient debt—identified as essential for strengthening CDFIs’ ability to meet the needs of small businesses.
The Pennsylvania CDFI Network operates the GRIT Fund with contributions from sixteen member banks of the Greater Philadelphia Financial Services Leadership Coalition (GPFSLC).
Program Results
Since the program’s inception in 2021, the GRIT Fund has generated $2.35 million in charitable investment, increasing to $6.45 million when including direct contributions to CDFIs. Additionally, $43 million in patient debt investments has been deployed to CDFIs supporting small businesses in the Philadelphia region that have historically faced limited access to capital.
Downloads:
GRIT Fund One Pager
GRIT Fund Fact Sheet
