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.
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.