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LEDC Gives First Ever $100,000 Loan to ANXO Bar & Pintxos Through CED Grant 

Washington, D.C. - On September 30th, 2016, LEDC was awarded a $400,000 grant from the Department of Health and Human Service's (HHS) through their Community Economic Development (CED) program. The funds are to be used to provide local DC businesses with financing to create jobs with living wages, benefits, and opportunity for advancement for low-income DC residents. 

The project allows LEDC to not only support job creation in the region, but test the disbursement of loans larger than its customary $50,000 size. LEDC issued the first loan through the project for $100,000 to Basque Bar LLC. The Basque Bar team will be using the funds to support two new locations. One of which was opened in 2016, Anxo Cidery & Pintxos Bar located at 300 Florida Avenue, and is DC's first cidery. They will produce their own cider and offer over 130 ciders from around the world.

"LEDC is thrilled to have the opportunity to support large-scale restaurant projects in the District that will create many jobs for low-income individuals in the city," said Marla Bilonick, Executive Director, Latino Economic Development Center. "This is an exciting chance to be on the forefront of DC's restaurant boom, while achieving important social outcomes by enhancing individual livelihoods."

Basque Bar LLC currently employs 21 full-time and 16 part-time employees. With these funds, they are hoping to expand their business by creating 5 full-time and 5 part-time positions.

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About Community Economic Development:

The Community Economic Development (CED) program is a Department of Health and Human Services, Office of Community Services (OCS) initiative designed to address the economic needs of low-income individuals and families through the creation of sustainable business development and employment opportunities.

Learn more about CED.

About ANXO Cidery & Pintxos Bar:

ANXO opened in July 2016. ANXO's first brick and mortar, located at 300 Florida Avenue NW, is the child of six founders: Managing Partners Sam Fitz and his sister, Rachel Fitz; Executive Chef Alex Vallcorba and his wife, Sara Vallcorba; Beverage Manager Tim Prendergast; and Bar Manager Cooper Sheehan. Combined, the team has over 50 years of experience opening and managing restaurants, including 2 Amys, Meridian Pint, Obelisk, Smoke & Barrel, and ChurchKey.

Learn more about ANXO.

Published in Press Releases

LEDC Receives Two Federal Awards to Support Entrepreneurs in the Greater DC and Baltimore Regions

 

Washington, D.C. - According to an Aspen Institute report (2015) regarding the racial wealth gap, the lack of wealth in Latino and African-American communities is related to the lack of businesses and financial assets. On September 27th, 2016, the U.S. Department of the Treasury announced its awardees for its Community Development Financial Institution Fund (CDFI Fund) program. The Latino Economic Development Center (LEDC) was one of  three organizations in DC and one of two operating in Baltimore who received this award. LEDC will be receiving $500,000 from the Treasury Department to support its small business micro-lending efforts in the DMV region. 

The same week, on September 30th, 2016, LEDC also learned that it had been awarded $400,000 from the Department of Health and Human Service's (HHS) Community Economic Development (CED) program to provide local DC businesses with financing in order to create jobs with living wages for low-income DC residents.   

This is a historic time for LEDC as it is the first time it has secured two federal grants of this size in one year, and the first time it has been awarded Community Economic Development funding through HHS. "We are so excited and honored to have been selected as 2016 CDFI Fund and CED recipients. The new businesses and jobs that will result from LEDC's financing efforts will help low income residents advance economically, strengthen their financial self-sufficiency, and contribute to the revitalization of Washington, D.C and Baltimore City, MD neighborhoods," said LEDC Executive Director, Marla Bilonick.


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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 Community Economic Development:
The Community Economic Development (CED) program is a Department of Health and Human Services, Office of Community Services (OCS) initiative designed to address the economic needs of low-income individuals and families through the creation of sustainable business development and employment opportunities.

Learn more about  CED.
Published in Press Releases