Latino Economic Development Corporation Of Washington Dc

TO DRIVE THE ECONOMIC AND SOCIAL ADVANCEMENT OF LOW-INCOME LATINOS AND OTHER UNDERSERVED COMMUNITIES.

LEDC'S SMALL BUSINESS PROGRAMS PROVIDE ESSENTIAL COACHING AND FINANCING OPTIONS TAILORED FOR LOW-TO-MODERATE INCOME ENTREPRENEURS AND EXISTING SMALL BUSINESS OWNERS ACROSS DC, MD, VA, AND PUERTO RICO. OUR DEDICATED SMALL BUSINESS DEVELOPMENT TEAM DELIVERS A COMPREHENSIVE SUITE OF SERVICES, INCLUDING GROUP WORKSHOPS, COHORT-BASED LEARNING, AND ONE-ON-ONE TECHNICAL ASSISTANCE COVERING A WIDE RANGE OF TOPICS FROM BUSINESS PLANNING AND LICENSING TO ESTABLISHING AN ONLINE PRESENCE, SALES STRATEGIES, ACCOUNTING FUNDAMENTALS, FINANCIAL MANAGEMENT, AND LEVERAGING TECHNOLOGY TO BOOST PRODUCTIVITY. OUR SMALL BUSINESS TEAM PROVIDES SMALL BUSINESS AND CONSUMER LOANS PROVIDES FINANCIAL SUPPORT THROUGH INTEREST-FREE CREDIT-BUILDING LOANS RANGING FROM $500 TO $2,500 AND SMALL BUSINESS LOANS UP TO $250,000. LEDC IS A US TREASURY CERTIFIED CDFI (2003), AN SBA MICROLENDING INTERMEDIARY, AN SBA COMMUNITY ADVANTAGE LENDER, A USDA RURAL LENDING INTERMEDIARY, AND AN SBA PAYCHECK PROTECTION PROGRAM LENDER.THE PROGRAMS ARE DESIGNED TO EMPOWER BUSINESSES AT EVERY STAGE OF THEIR GROWTH. ADDITIONALLY, WE OFFER SPECIALIZED SUPPORT FOR WOMEN ENTREPRENEURS, FEATURING COHORT-BASED TRAINING, MENTORSHIP OPPORTUNITIES, AND ACCESS TO SEED CAPITAL. FOR BUSINESSES IN GENTRIFYING AREAS, LEDC SUBSIDIZES SPECIALIZED CONSULTING SERVICES, INCLUDING LEASE NEGOTIATION ADVICE.

LEDC'S HOUSING DEPARTMENT OFFERS COMPREHENSIVE SERVICES IN HOME PURCHASING COUNSELING, FORECLOSURE PREVENTION, TENANT SERVICES AND AFFORDABLE HOUSING PRESERVATION, FOCUSING ON AIDING LOW TO MODERATE INCOME FAMILIES AND RENTERS. BY PROVIDING EDUCATION, TECHNICAL ASSISTANCE, CASE MANAGEMENTTENANT ORGANIZING, AND ADVOCACY, LEDC EMPOWERS RENTERS TO FORM TENANT ASSOCIATIONS, UTILIZING DC'S TENANT RIGHTS TO PREVENT DISPLACEMENT AND ENSURE THE SUSTAINABILITY OF COOPERATIVE HOUSING MODELS. COLLABORATING WITH 66 BUILDINGS AND TENANT ASSOCIATIONS, ENCOMPASSING OVER 4,143 UNITS, LEDC LEVERAGES LAWS LIKE THE TENANT OPPORTUNITY TO PURCHASE ACT (TOPA) TO MAINTAIN HOUSING AFFORDABILITY AND IMPROVE CONDITIONS. AS A HUD-CERTIFIED COUNSELING AGENCY, OUR HOUSING COUNSELORS GUIDE PROSPECTIVE FIRST-TIME HOMEBUYERS THROUGH THE PURCHASING PROCESS, HELPING THEM ACCESS DOWN PAYMENT AND CLOSING COST ASSISTANCE, WHILE ALSO OFFERING SUPPORT TO HOMEOWNERS FACING FORECLOSURE TO FIND THE BEST LONG-TERM HOUSING SOLUTIONS. ADHERING TO NATIONAL INDUSTRY STANDARDS FOR HOMEOWNERSHIP EDUCATION AND COUNSELING, LEDC SUCCESSFULLY TRAINED 2,267 FAMILIES IN FY2023, PROVIDED IN-DEPTH COUNSELING TO 721 FAMILIES, AND ASSISTED 193 INDIVIDUALS/FAMILIES IN BECOMING INFORMED FIRST-TIME HOMEBUYERS. THROUGH OUR HOMEOWNERSHIP COUNSELING AND AFFORDABLE HOUSING PRESERVATION/TENANT ORGANIZING PROGRAMS, LEDC IS DEDICATED TO SECURING AND ENHANCING THE ESSENTIAL ASSET OF HOUSING FOR OUR CLIENTS, ENSURING THEY ARE WELL-EQUIPPED TO PURCHASE THEIR FIRST HOME OR PRESERVE THEIR CURRENT HOUSING AS AFFORDABLE, AND HAVE A SIGNIFICANT IMPACT ON HOUSING POLICY DECISIONS IN THEIR COMMUNITIES.

THE DIRECT COMMUNITY INVESTMENTS DEPARTMENT (DCI) OF LEDC IS CONTRACTED BY BOTH GOVERNMENT AGENCIES AND PRIVATE DONORS TO SWIFTLY DISBURSE FINANCIAL AID TO FAMILIES IN NEED AND SMALL ENTERPRISES. INITIATED IN FISCAL YEAR 2020 TO ADDRESS THE CHALLENGES POSED BY THE COVID-19 PANDEMIC, DCI SET OUT TO STREAMLINE APPLICATION PROCESSES TO EASE THE BURDEN ON APPLICANTS. IT HAS DEVELOPED BESPOKE SOFTWARE FOR EFFICIENT APPLICATION MANAGEMENT, REAL-TIME REPORTING, AND QUICK FUND DISTRIBUTION TO GRANT RECIPIENTS. EMPHASIZING PERSONALIZED, CULTURALLY AND LINGUISTICALLY APPROPRIATE SERVICES, DCI HAS GROWN INTO A LEADING, TECH-SAVVY, DATA-CENTRIC DEPARTMENT, RECOGNIZED AS A RELIABLE THIRD-PARTY ADMINISTRATOR FOR GRANTS. IN FY2023 DCI ACCOMPLISHED THE MILESTONE OF DEPLOYING 100M INTO THE COMMUNITY THROUGH INDIVIDUAL GRANTS DISBURSEMENTS. IN 2023, LEDC LAUNCHED ITS FINANCIAL EMPOWERMENT DEPARTMENT.THIS INITIATIVE EMPHASIZES UNDERSTANDING THE UNDERLYING REASONS BEHIND FINANCIAL BEHAVIORS AND THE FACTORS CLIENTS CAN CONTROL TO AVOID ECONOMIC DECLINE. THE PROGRAM AIMS TO EMPOWER INDIVIDUALS TO BUILD A SOLID FOUNDATION FOR THEIR FINANCIAL WELL-BEING THROUGH STRATEGIES THAT FOCUS ON INCREASING ASSETS AND DECREASING LIABILITIES. OUR GOAL IS TO PROVIDE A COHESIVE AND STREAMLINED PATH FOR CLIENTS TO ACHIEVE FINANCIAL INDEPENDENCE THROUGH HOMEOWNERSHIP, BUSINESS OWNERSHIP, AND ACCUMULATION OF OTHER ASSETS WHILE REDUCING LIABILITIES TO ACCOMPLISH GENERATIONAL WEALTH.THE PROGRAM, WHICH INCLUDES BOTH GROUP AND INDIVIDUAL SESSIONS, CENTERS ON BUDGETING AND CREDIT COUNSELING TO TEACH THE RELATIONSHIP BETWEEN CREDIT AND DEBT AND GUIDE CLIENTS TOWARDS SUSTAINABLE WEALTH BUILDING. IT INCORPORATES CULTURALLY COMPETENT SERVICES, ADDRESSES PAST FINANCIAL TRAUMA, AND USES ACCOUNTABILITY MECHANISMS TO PROMOTE POSITIVE FINANCIAL HABITS. THE CREDIT COUNSELING COMPONENT AIMS TO IMPROVE CLIENTS' UNDERSTANDING OF HOW CREDIT SCORES ARE AFFECTED BY THEIR FINANCIAL DECISIONS, ENABLING THEM TO MAKE INFORMED CHOICES AND CHALLENGE NEGATIVE CREDIT REPORT ENTRIES. THROUGH PERSONALIZED COUNSELING, LEDC PROVIDES FREE CREDIT REPORTS, DEBT AND ACCOUNT REVIEWS, AND ACTIONABLE PLANS FOR DISPUTING INACCURACIES AND MANAGING DEBT, ALONGSIDE EDUCATION ON THE AMERICAN BANKING SYSTEM TO AID IN LONG-TERM WEALTH CREATION. ADDITIONALLY, CLIENTS MAY BE REFERRED TO SUPPLEMENTARY SERVICES, SUCH AS APPLYING FOR A CREDIT RESILIENCY LOAN OR ENROLLING IN HOUSING COUNSELING, TO FURTHER SUPPORT THEIR FINANCIAL EMPOWERMENT JOURNEY.