FOR IMMEDIATE RELEASE May 19, 2023
LEDC Contact: Jaime Segui-Asad, Communications Associate: [email protected]
LEDC Selected for Funding & Training Grant from NALCAB to Support Minority Business Owners
Funding part of a $1.5 million investment from Minority Business Development Agency to increase access to capital for underserved entrepreneurs.
(WASHINGTON, DC) — The National Association for Latino Community Asset Builders (NALCAB) has awarded the Latino Economic Development Center (LEDC) $35,000 in funding and specialized training to more effectively serve minority business owners (MBEs) by adopting new lending technology, improving systems and processes, and increasing the flow of loan capital. The award is supported by the US Department of Commerce, Minority Business Development Agency.
LEDC was selected as one of six established nonprofit lenders across the country that provide small business lending and development services to low-wealth and underserved populations that have difficulty accessing capital. Along with grant funds, awardees will receive technical assistance to enhance staff lending expertise, operational efficiency and IT/software performance. LEDC will also be certified to access the NALCAB Small Business Loan Guarantee (SBLG) Program - a flexible new loan product that increases the size and frequency of business loans going to MBEs by lowering the overall credit risk of participating nonprofit lenders and allowing them to lend more confidently to borrowers with limited collateral and credit history.
“We are honored to be selected as one of the six nonprofit lenders across the country to receive this award and be able to better assist MBEs so that they can thrive within our communities,” said Emi Reyes, Executive Director and CEO at LEDC. “This grant will significantly strengthen our mission of fostering economic growth and empowerment in the underserved communities of the DMV and Puerto Rico regions. Thank you to NALCAB and the Minority Business Development Agency for their commitment to advancing minority entrepreneurship and we look forward to making a meaningful impact through this partnership."
The Latino Economic Development Center (LEDC) is a non-profit, tax-exempt community development organization founded in 1991. LEDC’s mission is to drive the economic and social advancement of low- to moderate-income Latinos and other underserved communities by equipping them with the skills and tools to achieve financial independence and become leaders in their communities of Washington D.C., Maryland, Virginia, and Puerto Rico. We achieve our mission through small business development and lending, homeownership group education and individual counseling, and affordable housing preservation.
The National Association for Latino Community Asset Builders (NALCAB) is the hub of a national network of 200+ member organizations that are anchor institutions in geographically and ethnically diverse Latino communities in 46 states, Washington DC and Puerto Rico. NALCAB supports its member institutions through funding, training, research and advocacy, enabling them to invest in their communities by building affordable housing, ensuring equitable neighborhood development, supporting small business growth, and providing financial counseling on issues including credit building and homeownership. As a grant maker and US Treasury certified CDFI lender with offices in San Antonio and Washington DC, the NALCAB Network serves hundreds of thousands of low- to moderate-income people, advancing economic equity and inclusivity in the communities we serve.