The PA 30 Day Fund Announces it has Funded 100 Companies in Pennsylvania
Nonprofit organization provides $3000 forgivable loans to companies struggling to survive COVID-19 and Property Damage from Looting
June 8, 2020 (Philadelphia, PA) – The Pennsylvania 30 Day Fund today announced that it has provided $3000 forgivable loans to 100 small businesses across the Commonwealth. This comes one month and one day after the nonprofit organization was founded on May 7, 2020. Fifty-seven are owned by minority business owners and 49 are owned by women. All have 3-30 employees, have been in business for more than a year, are for-profit, and are owned by Pennsylvania residents.
“We started the Fund because we believe that small businesses are the backbone of our economy and their survival is critical to the success of our society,” said Richard Phillips, co-founder and Board member of the PA 30 Day Fund. “We know how hard small businesses work every day and how hard many of them were hit by situations outside of their control. What surprised us is just how moving many of their stories are.”
Small businesses funded are:
- Representative of 13 counties and 28 cities
- Employ 708 people
- In business for 1- 120 years
The funds disbursed to small businesses by the PA 30 Day Fund do not need to be repaid. If businesses who receive the Fund’s assistance do, at a later date, wish to “pay it forward” to another Pennsylvania small business in need of assistance, they may do so by directing those dollars back to the Fund, which will disburse the funding to another Pennsylvania business in need.
“None of this would’ve been possible without the exclusive support of private donors reaching deep to contribute half a million dollars so far,” added Roger Braunfeld, co-founder and Board member of the PA 30 Day Fund. “It has been overwhelming to see so many people take a stance that small businesses must survive. Our donors have contributed from $5 to $50,000 to help their neighbors keep their doors open, roofs over their heads, and their families fed.”
The nonprofit PA 30 Day Fund is led by Cassandra Bailey, Slice Communications’ CEO; Jeff Bartos, President of ESB Holdings; Roger Braunfeld, partner at Royer Cooper Cohen Braunfeld; Jeff Brown, CEO of the ShopRite chain of Brown’s Superstores; Maia Comeau, public affairs consultant and CEO of Comeau and Company; Thomas Nerney, CEO of United States Liability Insurance Group; Richard Phillips, former Chairman and CEO of Pilot Freight Systems; and Mustafa Rashed, CEO of the government relations and communications firm Bellevue Strategies.
All donations collected by the PA 30 Day Fund are given to recipient businesses without offsets, administrative fees, or any other expenses. Donations and applications can be submitted at www.PA30DayFund.com.