River Wards Cafe Gives Wakeup Call to Philly Neighborhood

Developers Larry McKnight and Joe Livewell aspired to open The River Wards Cafe, a business they believed would bring together the various communities – or wards – along the Delaware River, north of Center City, Philadelphia. They called on FHLBank member Port Richmond Savings Bank (PRS Bank) to help finance the startup. PRS Bank used funding from FHLBank Pittsburgh’s Banking On Business (BOB) program to supplement financing the developers needed for leasehold improvements and to buy equipment, furniture and inventory. The BOB program made the transaction creditworthy with recoverable assistance the developers will pay back over time.