LEDC Teams With the Aspen Institute and Citi to Provide Innovative Credit Building Model for Entrepreneurs

FOR IMMEDIATE RELEASE
September 29, 2011

Contact: Ash Kosiewicz, LEDC Communications and Advocacy Director
202-425-1303; akosiewicz@ledcmetro.org
Elaine Edgcomb, FIELD Director, The Aspen Institute
732-452-0143; elaine.edgcomb@aspeninstitute.org
David Roskin, Public Affairs, Citi
212-559-4767; david.roskin@citi.com

Pilot Initiative is Part of Multi-Market Study of the Use of Community Based Intermediaries to Help Low-Income Entrepreneurs Build Credit Through Financial Coaching and Secured Credit Cards

WASHINGTON –– The Latino Economic Development Corporation (LEDC) announced today the launch of a new program that will provide financial coaching and education, along with access to a secured credit card, to DC-area micro-entrepreneurs whose credit profiles need strengthening to qualify for business financing.  The program is part of the Asset Building Through Credit pilot program, a research effort by the Aspen Institute that will study a multi-dimensional approach for building credit and financial opportunities for aspiring low-income entrepreneurs in five markets nationwide.

The overall study is funded by a $750,000 grant from the Citi Foundation to the Aspen Institute’s FIELD (Microenterprise Fund for Innovation, Effectiveness, Learning and Dissemination) program, which is making grants to five nonprofit microenterprise organizations including LEDC to implement the credit-building pilot program.  In addition to providing training, technical assistance and a series of ongoing peer learning activities to support the pilot, FIELD will analyze the execution and outcomes of the program in each of the five markets to assess whether financial education and coaching combined with an innovative secured credit card platform can increase credit scores and expand the small businesses of more than 600 low-income entrepreneurs.  FIELD’s evaluation of the program will determine both the effectiveness and scalability of the approach.

“Our strengths in financial coaching and outreach will be complemented by the capacity to offer a secured credit card,” said LEDC Executive Director Manny Hidalgo. “Combining education with access to financial tools is an effective approach to expanding financial inclusion and achieving financial independence.  That’s a goal we share with the Aspen Institute and Citi, and we are pleased to have been selected to implement this program in the DC area.”

 

LEDC to Receive Small Business Advocate Award Today at 10th Annual Maryland Hispanic Business Conference

FOR IMMEDIATE RELEASE             
September 6, 2011                

Contact: Ash Kosiewicz, Communications and Advocacy Director
Manny Hidalgo, Executive Director
(202) 425-1303; (202) 422-1707
akosiewicz@ledcmetro.org; mhidalgo@ledcmetro.org

BETHESDA, Md – In recognition of the Latino Economic Development Corporation (LEDC)’s commitment to quality small business development and microloan services for small businesses in Maryland and the greater Washington region, the 2011 Maryland Hispanic Business Conference will award its Small Business Advocate Award today to LEDC.

The conference is the premier Hispanic Business event in the region – serving more than 20,000 Hispanic businesses in Maryland.  The event is a collaboration of the Hispanic Chambers of Commerce of Maryland, Baltimore and Montgomery County, in close cooperation with government agencies that support business and economic development.

“Small businesses are the backbone of our national and local economy, but everyday it gets more difficult for them to stay open with fewer banks willing to lend to them,” said LEDC Executive Director Manny Hidalgo. “At LEDC, we not only lend to them but provide valuable technical assistance and training to make sure they survive this extremely difficult time in the economy.”

 

Citi, LEDC, and the Power of Microlending

Today, Appropriations staff from the U.S. House of Representatives and Senate are conducting a tour of small businesses in the District supported by the Community Development Financial Institutions (CDFI) Fund. LEDC microloan recipient Gladys Esparza’s small business — Columbia Hair Salon in Ward 1 — is one stop on the tour.

For Bernardo Figueroa, the new owner of Lalos Grocery in Columbia Heights, his dream of owning a small business came true when a $10,000 LEDC microloan helped him make a down payment on his father’s grocery store – helping him to continue his family’s tradition of entrepreneurship.

“My father started the business outside just selling fruits – me, him, my mom, and my sister,” Bernardo says. “And then we tried to get more money as we could to open inside [the market].”

A new Citi video, “Entrepreneurs in Action: Building Small Businesses in DC,” highlights the work of LEDC’s Microloan Program in the DC area with entrepreneurs like Bernardo and Gladys. Citi works with LEDC to support microlending and education for prospective and current owners of small businesses – the engines of any local economy and a primary source of job creation.

 

WAMU 88.5′s The Kojo Nnamdi Show – Starting a Small Business in Tough Times

Unemployment is up. The market is down. And, most forecasts call for more tough times to come.

But if you’ve got the right idea, it could still be a good time to start the small business you’ve always dreamed of running.

We’ll consider the prospects, and perils, of striking out on your own.

To listen to LEDC’s Small Business Development Director Emily Coronado talk about the prospects of starting a small business in today’s economy, click here.

 

WAMU 88.5 – Injera and Shark: Ethiopia Meets Jamaica in Washington, D.C.

WAMU’s Metro Connection profiled late Friday the RAS Restaurant, an Ethiopian-Jamaican fusion restaurant making waves on Georgia Avenue. Co-owners Mesfin Gegziabhear and Elias Zeleke are featured in LEDC’s 2010 Annual Report, which shares how LEDC’s Small Business Development Program helped Mesfin and Elias transform their pharmacy and dollar store into RAS through a facade improvement.

What happens when Africa and the Caribbean collide in the capital of the United States?

The answer is RAS, a District restaurant that fuses Ethiopian and Jamaican cuisine.

Rebecca Sheir meets the staff of RAS, and learns about the long and rich relationship between two seemingly very different countries.

To listen to the story, click here.

 

Community Partners, Business Owners Organize Press Conference Before Launch of DC’s Small Business Resource Center to Express Alarm at Mayor Vincent Gray’s Small Business Budget Cuts

FOR IMMEDIATE RELEASE
April 26, 2011

Contact: Ash Kosiewicz, Communications and Advocacy Director;
Emily Coronado, Small Business Development Director
(202) 425-1303; (202) 540-7412;
akosiewicz@ledcmetro.org; ecoronado@ledcmetro.org

Community Partners, Business Owners Organize Press Conference Before Launch of DC’s Small Business Resource Center to Express Alarm at Mayor Vincent Gray’s Small Business Budget Cuts

With Mayor Gray scheduled to help officially launch the Center today, participants assert $1.7 million cut to small business technical assistance endangers the Center’s success and undermines the District’s commitment to small businesses

WHAT: Press Conference Before Mayor Gray’s Launch of DC’s New Small Business Resource Center
WHERE: John A. Wilson Building, 1350 Pennsylvania Ave, NW, Washington, DC 20004
WHEN: 12:30 p.m., Tuesday, April 26, 2011. (The official launch with Mayor Gray at the Department of Consumer and Regulatory Affairs (DCRA) begins at 2 p.m.)
WHO: Center partners Latino Economic Development Corporation, the Washington Area Community Investment Fund; DC small business owners; Coalition for Nonprofit Housing and Economic Development

WASHINGTON — In response to Mayor Vincent Gray’s proposed budget that cuts funding for community groups providing on-site technical assistance at DC’s Small Business Resource Center, the Latino Economic Development Corporation (LEDC) will join key partners and small business owners at a press conference before the launch to implore the Mayor to find an alternative source of funding or for the DC Council to restore funding.

The Mayor’s budget cuts the primary funding source for partners that are working on-site with aspiring and established entrepreneurs in areas including pre-business planning, business registration and licensing, and long-term growth strategy. The $1.7 million cut comes out of DC’s Department of Housing and Community Development budget — zeroing out funding for its small business technical assistance program.

If the Mayor or the Council does not restore funding, hundreds of entrepreneurs in the District will lose the ability to meet regularly on-site with Center partners –  jeopardizing the nascent Center’s success.

“Mayor Gray pledged to make doing business easier in DC yet his budget now threatens the success of this important initiative that he is endorsing publicly today,” said LEDC’s Small Business Development Director Emily Coronado. “Small businesses create jobs and generate revenue for the city, and we need to do everything in our power to keep our shared commitment to DC’s small business community.”

 

WAMU 88.5 – It’s Time For A Courageous Budget (Commentary)

This commentary by LEDC’s Communications and Advocacy Director Ash Kosiewicz was aired yesterday morning on WAMU 88.5.

This is my story of hope for D.C. It doesn’t start with hope though. It starts with tragedy, but it ends with hope.

When I see the cuts in Mayor Vincent Gray’s budget, I realize the tragedy is bigger than the story of cuts to any one program. With its severe cuts to Health and Human Services and small business support, the mayor’s budget does not reflect the shared priorities of a lot of people in this city. They’re definitely not my priorities.

So what’s my story about? Picture this: Small, local businesses line streets in a community with mixed-income housing within walking distance. Business owners know their customers as neighbors, their employees live nearby, and residents and small businesses recognize their mutual stake in strengthening the community’s quality of life. People work hard and live in decent, affordable housing –- the type of community that celebrates what we have in common and the connection between thriving small businesses and stable housing.

To listen to the full commentary, click here.

 

LEDC and DC’s Small Business Resource Center

Want to start a construction business in the District of Columbia? Well, buckle up, because you’ll need as many as two different licenses and must provide up to 10 different types of documentation, including a police background check, a “clean hands” certification, and photos.

(The “clean hands” certification, by the way, has nothing to do with soap and water.)

As District officials continue their work to make doing business in the District easier, the Latino Economic Development Corporation (LEDC) is supporting this goal through its partnership with DC’s new Small Business Resource Center.

 

Wheaton Patch – Facing $300 Million Shortfall, Leggett Discusses Budget with Residents

“There will be pain.”

It wasn’t a sequel to the 2007 Academy Award-nominated movie, but County Executive Isiah Leggett’s refrain Tuesday evening at the latest public budget forum, hosted at Crossways Community.

Leggett arrived as Joseph Beach, from the County’s Office of Management and Budget, completed an overview of the projected budget and budget process. The County Executive answered questions and listened to praise and criticism of his policies for a full hour and a half.

To read the full article, click here.

 

So What Do Small Businesses Think About the Walmart Store in Ward 4?

This past Saturday, the Latino Economic Development Corporation surveyed 25 small businesses along parts of the Georgia commercial corridor to understand what they thought of the proposed Walmart store at the intersection of Georgia and Missouri avenues in Northwest DC.  These businesses were scattered south of the proposed site, between Missouri Avenue and Emerson Street, along and near Georgia Avenue.

The surveyed businesses on average have been around for more than 10 years.  The average number of jobs represented per business for those who agreed to provide information regarding employment equals around 4 jobs.

Businesses surveyed included small grocers, liquor stores, auto part stores, dine-in and carry out restaurants, nail and hair salons, bakeries, a florist, dry cleaners, and the Peabody Commons Flea Market.