Officials said that some small businesses are still reeling from the effects of the pandemic and inflation and that more funding is still needed for continued recovery.
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City Council moved a step closer to making Philly the first city in the nation with a municipal bank this week by creating the Philadelphia Public Financial Authority, which will focus on improving access to credit in underserved communities. The bill was introduced by Councilman Derek Green, a former banker who has been working on the issue since he first came into office in 2015.