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Equipping Latinos And Other DC And Baltimore Metro Area Residents With Skills And Financial Tools To Create A Better Future For Their Families And Communities


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LEDC

LEDC

Join LEDC and the Greater Washington Hispanic Chamber of Commerce (GWHCC) for a bilingual summer networking event! You will receive key tips to network and sell your business, gain insight from a panel of business owners and connect with one another for opportunities to collaborate and grow the small business community in DC. 

RSVP

LEDC is proud to be working closely with the businesses within the Wheaton Triangle, in partnership with Montgomery County. By providing them with professional consulting services, up-to-date information from the County, and assistance in preparing their applications for County support; we are helping to position Wheaton businesses to succeed through the construction period and beyond! Wheaton businesses have so much to offer Montgomery County residents. We encourage you to patronize Wheaton's business district and uncover a world of opportunity in your own backyard. 

Please see a press release from Montgomery County discussing the Wheaton Redevelopment. 

Downtown Wheaton businesses will be helped by innovative Montgomery County program during construction of new County office building and town plaza
More than 90 businesses in area continue to operate during three-year construction project

More than 90 businesses in Wheaton that may be impacted by the construction of a new 14-story Montgomery County office building and an adjacent town plaza will have an opportunity to receive an innovative form of help from the County to stabilize their businesses during the three-year construction period.
Montgomery County Executive Ike Leggett and the Montgomery County Council have joined together to create a Small Business Assistance Program to provide technical and financial assistance to qualified Downtown Wheaton businesses who can demonstrate an adverse financial impact since construction began in June on the “Wheaton Town Plaza” project. The unique aspect of the County program will be that businesses owners will be eligible for financial assistance—up to a maximum of $75,000 over the construction period—for documented declines attributable to the project.

Businesses can apply for assistance to the County’s Department of Finance, which will oversee the program, starting Sept. 5. Applications will soon be available through the department’s web site at www.montgomerycountymd.gov/finance.

The first of quarterly reimbursements could be made to business owners within weeks of applications being filed and reviewed.

The new 308,000 square-foot, LEED gold certified Wheaton Town Plaza office building will be the relocated home of the Maryland-National Capital Park and Planning Commission, which has long been located in Downtown Silver Spring. It also will house several County departments and will have retail operations on its ground floor.  The building is being constructed on the former Parking Lot 13 site that is located between Grandview Avenue, Reedie Drive and Triangle Lane—an area between Veirs Mill Road and Georgia Avenue.

The project is being led by the County’s Department of Transportation, which owns the site. It will include approximately 397 parking spaces in a four-level underground garage—more spaces than were available in surface lot being replaced by the new office building. Adjacent from the office building, a new 20,000 square-foot entertainment plaza will be constructed on the current site of the Mid-County Regional Services Center. The regional services center offices will be among those eventually relocated to the new office building.

“The purpose of this project is to be the starting point of refurbishing Downtown Wheaton and creating a new downtown that is vibrant day and night,” said County Executive Leggett. “Big plans sometimes have growing pains, and to ease the pain of the existing small businesses that we want to be part of the revitalized Wheaton, we have created this innovative program. Before this project began, we promised these businesses that have been the fabric of Downtown Wheaton that we would provide help to them, and through this program, we are doing just that in a way rarely found in any development project in the nation.”

The County Council previously enacted Bill 6-12 that created the Small Business Assistance Program. During its Fiscal Year 2018 operating budget discussions, the Council provided $200,000 in seed money for the program to assist the Wheaton businesses surrounding the construction site, many of which are single-proprietor operations and have Latino ownership.

“Small businesses are vital to our community and protecting them is a top priority,” said County Councilmember Nancy Navarro, who represents Council District 4 that includes Downtown Wheaton. “This is why I felt it was necessary to sponsor Bill 6-12 to create the Small Business Assistance Program that will provide technical and financial assistance to eligible small businesses—with the goal of offsetting any adverse impacts to them during the redevelopment of Lot 13.

“These are businesses that have served this community in so many ways for a very long time, so now they need our support to ensure that they get through the construction phase of this revitalization project.”

To qualify for assistance, businesses must complete the application that is available from the County Department of Finance. Businesses also must provide three years of tax returns to establish an average financial baseline that can be evaluated against claims for lost revenue since the project’s formal start.

In addition to financial assistance, the Small Business Assistance Program will offer technical assistance to the impacted businesses. That assistance, which could provide long-term plans to help businesses well-beyond the construction period, will include updated marketing and business plans consistent with the changes brought during construction. The Latino Economic Development Center, the Maryland Small Business Development Center, the Hispanic Chamber of Commerce of Montgomery County and the Greater Washington Hispanic Chamber of Commerce are working to provide the technical and marketing assistance to the businesses.

More information about the plan to revitalize Downtown Wheaton can be found at wheatonproject.com.

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Media contact:  Patrick Lacefield, 240-777-6528 

Neil H. Greenberger, 240-777-6512 or 301-455-2348 

Congratulations to Judith Ventura, Angelica Rufino & Katherine Canales for completing the NCHM - National Center for Housing Management Certified Occupancy Specialist program! FANTASTIC JOB Housing team!
Miércoles, 19 Julio 2017 10:23

WHEATON BUSINESS DIRECTORY

Wheaton is a diverse, multi-faceted urban district with a rich history and promising future. Within its boundaries is an area locally known as the "Triangle". This BUSINESS DIRECTORY provides information on businesses located in the Triangle, some long-standing and some new, that offer a myriad of services and products. The directory is an invitation to visit and explore these businesses at the Triangle.

This directory is made possible through a partnership made up of Montgomery County Government, Latino Economic Development Center, Maryland University Small Business Development Center, Greater Washington Hispanic Chamber and the Montgomery County Hispanic Chamber with funds provided by the County's Small Business Assistance Program. Special thanks to LEDC and the Greater Washington Hispanic Chamber for their leadership in compiling this directory.

Click here to view the directory.

BBVA Compass, Opportunity Finance Network Welcome

First Class of Opportunity Fellows to Birmingham

  • 25 professionals from diverse finance organizations participate in leadership program
  • Fellows to explore ways to give underserved communities better access to capital

 

WASHINGTON, D.C. -  BBVA Compass and Opportunity Finance Network on Tuesday welcome their inaugural class of 25 Opportunity Fellows to Birmingham for a three-day training session where they'll explore how to lead the change necessary to give underserved communities equal access to capital. The Latino Economic Development Center's Oswaldo Acosta is one of the professionals selected for the program

 

"We are thrilled that Oswaldo was selected to participate in the 2017 Opportunity Fellows Program. It is a great opportunity for him and for LEDC to learn from the thoughtful curriculum and top-notch peers who will be joining him on the journey," said Marla Bilonick, Executive Director, Latino Economic Development Center. "As a graduate of OFN's prior leadership program, I can personally attest to the value and quality that OFN brings to bear in uniting ideas and people for the benefit of the industry."  

 

BBVA Compass and Opportunity Finance Network joined forces in October to develop the Opportunity Fellows Program. The program is designed to boost the leadership ranks and spur the transformation of Community Development Financial Institutions, or CDFIs, which are critical engines of opportunity in low-income communities. Nationally recognized experts in the field of community development chose the 25 Opportunity Fellows from nearly 100 highly qualified applicants, and together they represent emerging, mid-career and executive-level professionals from CDFIs across the country. Owaldo Acosta was selected to participate in the MID-CAREER level.

 

"This innovative and robust leadership program brings together participants with different levels of experience with a common goal: to increase opportunity for all people and in all communities across the country," said Pam Porter, Executive Vice President, Strategic Consulting at OFN. "We congratulate the 25 Opportunity Fellows, and we thank BBVA Compass for recognizing the impact this program will have and for its generous support."

 

The Opportunity Fellows Program provides nine months of training with world-class experts in leadership and racial equity from the University of Alabama Collat School of Business and Race Matters Institute. The program kicks off this week at the BBVA Compass headquarters in Birmingham, where participants will engage in interactive activities and experiences, and will learn from other leaders in microfinance. They will also spend time with experts to better understand the patterns and causes behind the growing inequity in racial and ethnic minorities, as well as tour the Innovation Depot business incubator.

 

"We could not be more proud of this leadership program, and of these participants," said BBVA Compass Director of Corporate Responsibility and Reputation Reymundo Ocañas. "We know that by investing in their future, we're investing in the future of all of our communities. These are the leaders of organizations who put capital to work directly in low- to moderate-income communities. The idea is to arm them with the tools and skills they need to flourish in this impactful field of community-oriented finance."

 

A complete list of participants is available at: http://ofn.org/opportunity-fellows 

 

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About the CDFI Fund:

Since its creation in 1994, the CDFI Fund has awarded more than $2.2 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. To learn more about the CDFI Fund and its programs, please view the Fact Sheet or visit the CDFI Fund's website at www.cdfifund.gov.  

  

About BBVA Compass:

BBVA Compass is a Sunbelt-based financial institution that operates 672 branches, including 344 in Texas, 89 in Alabama, 75 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 19 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass was recently named Best Digital Bank in North America by global finance magazine Euromoney and the best regional bank in the South & West and best mobile app in Money magazine's 2015-2016 list of the Best Banks in America. Additional information about BBVA Compass can be found at bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com

 

About OFN:

Opportunity Finance Network (OFN), the leading national network of private financial institutions, creates growth that is good for communities, investors, individuals, and the economy. Members of OFN are community development financial institutions (CDFIs) that deliver responsible lending to help low-wealth and low-income communities join the economic mainstream. Through 2015 OFN's network originated $48 billion in financing in urban, rural, and Native American communities. This financing has helped to create or maintain more than 1,044,000 jobs, start or expand nearly 191,000 businesses and microenterprises, and support the development or rehabilitation of nearly 1.5 million housing units and 9,800 community facility projects. For more information, visit ofn.org.

Nearly 66% of Baltimore families of Color Lack the Savings to Sustain a Job Loss or Other Emergency  

New report calls for greater investment to address the city's racial wealth divide  

Baltimore, M.D. -  A new report from the Corporation for Enterprise Development (CFED) reveals a troubling racial wealth gap in Baltimore. The Racial Wealth Divide in Baltimore finds that 66% of households of color are "liquid asset poor," meaning they do not have enough savings to sustain themselves at the poverty level for just three months if faced with a sudden job loss, medical emergency or other income disruption. That compares to 32% of White households, according to the report.

Additionally, the report finds that households of color are three times more likely to be unemployed and three times more likely to live in poverty. The greatest disparities are between White and Black households. The median income among Black households is $33,801, compared to $62,751 for White households, $50,531 for Asian households and $44,116 for Latino households.

With the release of the report, CFED's Racial Wealth Divide Initiative is joining with JPMorgan Chase & Co. and the Center for Public and Nonprofit Leadership at Georgetown University's McCourt School of Public Policy to announce the launch of the second phase of the Building High Impact Nonprofits of Color project, which will help strengthen the capacity of local nonprofits to expand economic opportunity in Baltimore and across the country.

"We will be working in Baltimore to build the capacity of local nonprofits led by people of color serving people of color, as these organizations are on the frontlines of addressing the most pressing needs of underserved Baltimoreans," said Dedrick Asante-Muhammad, Director of the Racial Wealth Divide Initiative at CFED. 

JPMorgan Chase provided financial support to CFED to develop the report and conduct trainings to equip more than 20 organizations to launch, expand or improve wealth-building initiatives for communities of color nationwide.

Eleven nonprofits were competitively selected in two cities-Chicago and Baltimore-to participate in the second phase of the project. In Baltimore, the selected nonprofits include Bon Secours Community Works, Center for Urban Families,Druid Heights Community Development Corporation, Inc., Latino Economic Development Center, Muse 360 Arts and Urban Alliance. In Chicago, the selected nonprofits include Chinese Mutual Aid Association,Gads Hill Center,Greater Auburn-Gresham Development Corporation,North Lawndale Employment Network and Spanish Coalition for Housing. These organizations join cohorts in Miami and New Orleans, the two cities that were part of the initial phase of the project.

"LEDC is excited to participate in the 2017 cohort of CFED's Racial Wealth Divide initiative," said Marla Bilonick, Executive Director, Latino Economic Development Center. "The program is a great opportunity for us to build our capacity and strengthen our networks as we deepen our service to Latinos and other underserved populations in Baltimore." 

Some of the report's other key findings include:

  • 32% of Black households and 29% of Latino households in Baltimore have zero net worth, compared with 15% of White households.
  • The average value of Black-owned businesses is $40,879, compared to $801,075 for White-owned businesses.
  • Rent is the largest expense for 59.3% of Black households in Baltimore, 58.2% of Latino households, 47.3% of Asian households, and 47.2% of White households.

 For more information on CFED's Racial Wealth Divide Initiative, click here.

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CFED's work makes it possible for millions of people to achieve financial security and contribute to an opportunity economy. We scale innovative practical solutions that empower low- and moderate-income people to build wealth. We drive responsive policy change at all levels of government. We support the efforts of community leaders across the country to advance economic opportunity for all. Established in 1979 as the Corporation for Enterprise Development, CFED works nationally and internationally through its offices in Washington, D.C.; Durham, North Carolina, and San Francisco, California