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.
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.