Access to capital for Philadelphia’s middle market
A top concern for many rapidly growing companies is accessing the right capital at the right time to support their growth.
Pilot Freight Services, located in Lima, Pennsylvania, is a full-service global transportation company. Established in 1970, it has grown to over 75 locations worldwide that provide freight shipping services for businesses across the globe. It also happens to be one of over 3,500 middle market companies driving growth in the Greater Philadelphia region.
Our region’s middle market – businesses with revenues between $10 million and $1 billion – are major contributors to growth in Greater Philadelphia’s economy. They currently account for approximately one percent of our region’s companies, yet contribute nearly a third of the total regional employment. They also have revenue growth estimated at 4.8 percentage points higher than the national middle market projection, but they will only achieve that if they receive the support needed from state and local governments, colleges and universities, and economic development organizations.
A top concern for many of these rapidly growing companies is accessing the right capital at the right time to support their growth. Overcoming issues around awareness of sources of capital and the process for raising capital is a primary hurdle many local middle market companies face. With over $2 billion in un-invested capital headquartered in Greater Philadelphia, the resources are available if companies know how to access them.
Our Chamber has convened middle market executives and stakeholders through our Middle Market Action Team in order to identify and act on opportunities that support these vital job creators in our community, including ways to address concerns around raising growth capital.
On October 25, the Chamber will be hosting Funding Your Future: The Middle Market Capital Journey, where Pilot Freight Services’ CEO Gordon Branov will discuss how the company’s steady growth inspired them to take on outside investment that would allow them to strategically fuel rapid growth and tackle new ventures.
I invite you to join us in exploring the financing options that are available, the challenges faced in accessing capital, and the opportunities middle market businesses could pursue. Hear from a panel of regional experts and middle market business leaders who have successfully traversed the capital journey, and discover how your business can gain access to the right capital to get to the next level.
And, if you are interested in getting involved in our Middle Market Action Team, email me at rwonderling@chamberPHL.com.