February 20, 2012
Media Contacts: David Roskin, Citi, 212-559-4767 or email@example.com
Ash Kosiewicz, LEDC, 202-425-1303 or firstname.lastname@example.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.
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.