National mortgage lender New Penn Financial today announced their sponsorship of the Philly Cycling Classic, the bike race engineered by Congressman Bob Brady after the regularly-occurring International Cycling Championship was canceled due to financial issues.
“We not only want to build a great Philly-based company, but we also want to make a real difference in the communities where we live,” Jeff Frutkin of the Plymouth Meeting-headquartered New Penn Financial said in a statement.
The company said the race has been scheduled for June 2. The course, which will still include a climb of the Manayunk Wall, will be shorter and faster than the 124-mile International Cycling route, and spectators will be closer to the action.
"Cities across the country establish signature events, like the Boston Marathon, that boost visibility and reputation and bring business to the region," said New Penn Financial CEO Jerry Schiano. The company is the first to commit to financial sponsorship of the event, which they say is part of their ongoing dedication to the Philadelphia area.
"The Philly Cycling Classic can have a continuing impact on Philadelphia and is very worthy of our support," Schiano said. "We hope our sponsorship will encourage other Philadelphia-based companies to step forward to support this great event. ”