Penn Community Bank, Startup Bucks honored by Philadelphia Business Journal for Economic Development Partnership
PERKASIE, Pa. (April 2022) โ Penn Community Bank, the largest mutual bank headquartered in eastern Pennsylvania, is pleased to announce that it has been honored as a 2022 Faces of Philanthropy award winner by the Philadelphia Business Journal. The award recognizes the bankโs work with Startup Bucks on developing and supporting local business as a โdifference-making partnershipโ between a local business and a nonprofit organization. This is the second straight year the bank has been recognized for its community efforts.
โAt Penn Community Bank, we believe in the power of Greater Good Banking. That means more than just being a financial services provider โ it means finding new and innovative ways to help businesses grow and thrive,โ said Jeane M. Vidoni, president and CEO of Penn Community Bank. โWeโre proud to once again be recognized for our community partnerships. Working with Startup Bucks is a natural fit with our mission and expertise, and will truly empower the regionโs next generation of businesses.โ
โWeโre proud to team up with the regionโs leading community bank on a new project to support the growth of innovative startups. The team at Penn Community Bank have shown an unmatched understanding of what enables innovative entrepreneurs to start and scale their business. Beyond their best-in-class business banking, lending, and financial support, they are committed to providing the tools and resources that enable rapid and sustainable growth,โ said Jon Mercer, Startup Bucks president. โThis partnership not only benefits the regionโs economy through accelerated business growth and job creation, but also consumers in the U.S. and internationally who will be able to access the products and services provided by startups like those in the Bucks Built portfolio.โ
โCommunity has been more important over the past two years than during any other time in recent memory. With the world navigating multiple crises โ from a global pandemic to social justice reform to war โ supporting our neighbors has become an integral part of maintaining the fabric of community,โ said Lisa Dukart, Associate Editor, Philadelphia Business Journal. โThis year, the Business Journal is honoring 23 philanthropic partnerships between for-profit and nonprofit organizations in Greater Philadelphia. Submitted by online nomination, the honorees were selected by the editorial team for their community impact over the past year, as well as for their body of charitable work over multiple years.โ
As part of the partnership, Penn Community Bank has provided a contribution of $60,000 to Startup Bucks to assist startups with resources, programming, networking and business grants to help strengthen and scale companies across the region as part of the Bucks Built Startup Fund.
Launched in late 2020 and administered by Startup Bucks, with funding from the County of Bucks, Bucks Built invests $250,000 annually into 10 promising early-stage startups with innovative products or services that are designed to scale. Additionally, Penn Community Bank has committed to donating hundreds of professional volunteer hours to provide high-touch advisory services and guidance to entrepreneurs and small and mid-sized companies. In addition, businesses have the opportunity to join Startup Bucksโ weekly educational forum, Founders 30 โ Powered by Penn Community Bank, that serves as both a peer exchange and business mentoring program open to companies of any size.
The move is in line with the bankโs sharpened strategic focus for its charitable arm, Penn Community Bank Foundation, to address issues fundamental to creating community and economic opportunity and mobility across Bucks and Montgomery counties, and the Lehigh Valley.
About Penn Community Bank: Penn Community Bank holds more than $2.6 billion in assets, employs more than 300 people, and offers banking, lending and investments at 20+ bank financial centers and three administrative centers throughout Bucks and Montgomery counties, Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.
About Startup Bucks: Startup Bucks, a 501(c)3 organization founded in 2019, exists to help innovative companies start, grow, and scale in and beyond Bucks County. We do this by supporting founders and connecting the startup ecosystem across the County. Our work is focused in three areas:
- Community โ events and forums for connection and communication
- Resources โ programs, guidance, and insights for founders
- Capital โ connecting to and providing sources of venture funding
Startup Bucks takes pride in running our programs to be culturally inclusive and expansive. We make a conscious effort in our daily activities to reach out beyond our networks to engage entrepreneurs, mentors, and supporters of all backgrounds, ages, and experience. Learn more at https://startupbucks.org/
