News Coverage and Videos from Citi Community Development’s $500,000 Contribution to LEDC Announcement

Below is news coverage and videos related to yesterday’s announcement that Citi Community Development has made a $500,000 contribution to support DC small businesses through LEDC’s Microloan Program. The contribution is the largest private gift in LEDC’s 20-year history and the largest contribution that Citi has made to a community-based organization that does microlending in the DC region in the last 25 years.

Washington Business Journal – Latino group lands $500K Citi grant for loans
Univision (Spanish) – Citigroup dono 1/2 millon de dolares a pequeñas empresas
LEDC Manny Hidalgo’s Welcome Remarks (Vide0) – Watch Here
DC Deputy Mayor for Planning and Economic Development Victor Hoskins Remarks (Video) – Watch Here
Citi’s Global Director of Microfinance and Community Development Bob Annibale Remarks (Video) – Watch Here
Small Business Owner Fidel Garcia, Capital Pilates Remarks (Vide0) – Watch Here
Small Business Owners Fredy Robles and Erin White, Mindy’s Catering Remarks (Video) – Watch Here

 

Citi Community Development to Announce Major Contribution to LEDC to Boost Lending to Washington, DC Small Businesses

MEDIA ADVISORY
February 20, 2012

Media Contacts: David Roskin, Citi, 212-559-4767 or david.roskin@citi.com
Ash Kosiewicz, LEDC, 202-425-1303 or akosiewicz@ledcmetro.org

WHAT: Citi Community Development/LEDC Grant Announcement with DC Deputy Mayor for Planning and Economic Development Victor Hoskins
WHERE: Latino Economic Development Corporation (LEDC) 2316 18th ST Washington, DC 20009
WHEN: Tuesday, February 21st, 2012; 10-10:30 AM
WHO: Bob Annibale, Citi Global Director of Community Development and Microfinance; District Deputy Mayor for Planning and Economic Development Victor Hoskins; LEDC Executive Director Manny Hidalgo; Capital Pilates Small Business Owner Fidel Garcia; Mindy’s Catering Small Business Owners Fredy Robles and Erin White; Citi and LEDC representatives

WASHINGTON– Tomorrow, Citi Community Development and the Latino Economic Development Corporation (LEDC) will announce a $500,000 contribution to help small businesses in the District access microloans to support business expansion, income growth, and job creation. Citi’s major commitment will enable LEDC to expand its micro-lending program and increase lending to small businesses by nearly 50 percent over the next year. In 2011, LEDC disbursed 81 small business loans that injected nearly $700,000 of capital into the regional economy, including 30 loans in the District. With an average loan size of $10,000, Citi’s  contribution will enable LEDC to make approximately 40 loans in the District in 2012. LEDC will leverage these funds to seek additional support in pursuing its goal of tripling the amount it will loan to small businesses in the Washington region in five years to approximately $2.16 million, including $650,000 for DC small businesses. Citi’s support for LEDC – the largest private gift to LEDC in its 20-year history – is the latest and largest in a long record of local investment in the greater Washington, DC area.  In 2011 alone, Citi and the Citi Foundation together committed more than $700,000 to support programs and partners involved in neighborhood revitalization, small business development, financial capability-building, and other initiatives.

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About Citi Community Development
Citi Community Development (CCD) is leading Citi’s commitment to achieve economic empowerment and growth for underserved individuals, families and communities by expanding access to financial products and services, and building sustainable business solutions and innovative partnerships. Our focus areas include: commercial and philanthropic funding; innovative financial products and services; and collaborations with institutions that expand access to financial products and services for low-income and underserved communities. For more information, please visit http://www.citicommunitydevelopment.com.

About LEDC
Working families deserve to live in affordable homes and own successful small businesses – but too many are unable to turn these dreams into a reality. The Latino Economic Development Corporation (LEDC) equips Latinos and other DC-area residents 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, take control of the decisions affecting their apartment buildings, and start or expand small businesses. For more information, please visit http://www.ledcmetro.org.

 

Voice of America – Group Provides Small Loans to Low Income People in US to Start Businesses (Video)

Micro lending for small businesses is common in some countries, especially in the developing world.  But with the economic recession, micro lending is growing in the United States because it’s difficult to get a bank loan to start a small business, especially for people with low incomes.  A private group is lending money to low income people in Washington so they can follow their dream. The loans range from $500 to $50,000.

Fidel Garcia is the owner of Capital Pilates and Patrick Carl is co-owner of the Capital City Diner. Both were able to start businesses in Washington with a small loan from the Latino Economic Development Corporation.

To watch the full video, click here.

To read the full article, click here.