Nonprofit advisor Tivoni Devor writes in Generocity Philadelphia should invest their money locally in Philadelphia for the betterment of its citizens by leveraging the city’s enormous public deposits. He explains:
“Currently Philadelphia uses large commercial banks to handle its nearly $2 billion in payroll as well as $621.3 million in deposits and $1.8 billion in various investments. By putting this money in a public bank specifically chartered to loan money only to businesses, nonprofits and individuals in Philadelphia, we would be better suited to drive economic growth in the city.
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