CDFI FUND AWARDS $750,000 GRANT TO THE LATINO ECONOMIC DEVELOPMENT CORPORATION
Award in support of LEDC's Micro-Loan Program represents the largest grant ever received by LEDC through the CDFI Fund to help hurting small businesses in the Washington region without access to credit
WASHINGTON – The Community Development Financial Institutions Fund (CDFI Fund) awarded today to the Latino Economic Development Corporation (LEDC) a grant of $750,000 to support its Micro-Loan program that provides micro-loans to start-ups and existing businesses in the Washington metropolitan area that have difficulty obtaining credit from mainstream financial institutions.
This award represents the largest grant ever received by LEDC through the CDFI Fund, which promotes access to capital and local economic growth in urban and rural low-income communities across the nation. LEDC is one of four organizations in the District of Columbia to receive the award.
“At at time when small businesses across the region are still facing serious difficulties accessing capital to stay viable and create new employment, this award allows the Latino Economic Development Corporation to play a critical role in helping disadvantaged businesses during this persistent economic downturn,” said LEDC Executive Director Manny Hidalgo.
FOR IMMEDIATE RELEASE August 19, 2010