Organizers of the Philly Cycling Classic on Monday announced New Penn Financial as their first major sponsor commitment.
Organizers say New Penn Financial committed to become a six-figure sponsor of the new professional cycling race to be held this year in Philadelphia.
"As we work diligently to make the Philly Cycling Classic a reality this year, their commitment will go a long way in supporting the event as well as our efforts to attract other sponsors to host this world-class event in our hometown," Richard Adler, a founding board member of the group organizing the race said in a statement.
New Penn Financial, which is headquartered in Plymouth Meeting, was founded in 2008 and operates more than 30 branch offices nationwide.
"We did not want to see Philly without its signature bike race," New Penn Financial president and CEO Jerry Schiano said. "So, when Congressman Brady took action, we reached out to him and became a sponsor."
A non-profit organization, unveiled last week, is operating the Philly Cycling Classic.