News / Press Releases
LEDC Receives Two Awards Totalling $1 Million to Support Underserved Entrepreneurs
WASHINGTON - The Latino Economic Development Center’s (LEDC) Small Business program is set to receive a combined $1 million in grants to support underserved entrepreneurs.
LEDC was awarded a $200k grant from the Small Business Administration through the agency’s Program for Investment in Micro-Entrepreneurs (PRIME). This award will be allocated to provide small business technical assistance to underserved entrepreneurs in the community. The organization also won an $800k grant from the US Department of Health and Human Services (HHS), Office of Community Services (OCS), Community and Economic Development (CED) program to finance small businesses in DC positioned to create accessible jobs for low-income families.
LEDC is a Certified Community Development Financial Institution (CDFI) that provides alternative microloan options to start-ups and existing businesses that have difficulty obtaining credit from mainstream financial institutions. Since 1991, the organization has been equipping Latinos and other underserved communities with the skills and financial tools to create a better future for their families and communities.
Disadvantage entrepreneurs will receive blended TA, training, and access to capital designed to strengthen business models, preserve or create jobs, increase financial standing and capability, and support COVID economic recovery. LEDC will support individuals from BIPOC who operate businesses along the Purple Line Light Rail and are experiencing severe operational disruption and prolonged loss of revenue.
LEDC Interim Executive Director and CEO Marjorie Nemes-Galarza, is excited about the prospect that the $1 million grants will offer. She said: "We are extremely grateful for these awards as they will greatly impact our mission to drive the economic and social advancement of low to moderate income Latinos and other underserved communities struggling to adapt during this difficult time."
For further information, visit https://www.ledcmetro.org.
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About The Latino Economic Development Center (LEDC)
Working families deserve to live in affordable homes and own successful small businesses, but too many are unable to turn those dreams into a reality. The Latino Economic Development Center (LEDC) equips Latinos and other underserved communities in DC, MD, VA, and Puerto Rico with the skills and financial tools to create a better future for their families and communities. Participants in our programs learn how to buy and stay in their homes, join with their neighbors to keep their rental housing affordable, and start or expand small businesses.
About Community Economic Development (CED)
Community Economic Development (CED) is a federal grant program funding Community Development Corporations that address the economic needs of low-income individuals and families through the creation of sustainable business development and employment opportunities.
About SBA’s Program for Investment in Microentrepreneurs (PRIME)
The US Small Business Administration’s (SBA) Program for Investment in Microentrepreneurs (PRIME) provides assistance to organizations that help low-income entrepreneurs who lack sufficient training and education to gain access to capital to establish and expand their small businesses.