Philly should invest in Philly

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Photo by Eric Froehling

 

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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