Carter Road Capital is currently involved in the Lend for Philly competition. This is a Philadelphia-wide initiative to map the finance needs of small businesses in Philadelphia. Lend for Philly currently includes 9 local colleges and universities, including Haverford, Villanova, Drexel, Temple, and UPenn. The Lend for Philly competition will be remapping much of the city that Carter Road Capital previously surveyed, but is one of the first competitions of its kind locally.
The winning school will receive up to $20,000 for their campus MFI (Microfinance Institution). Currently, Carter Road Capital (from Haverford) ranks second behind UPenn.
The competition will ultimately benefit Philadelphia small businesses greatly, by providing much-needed data on finance needs in Philadelphia. Lend for Philly is put on by Lend for America, a national network for College MFIs. The competition is the newest development in the growing focus on access to finance in Philadelphia, and will provide an interesting platform for colleges to compete with one another, all while benefiting Philadelphia’s businesses.