Latino Economic Development Corporation Of Washington Dc

Organization Overview

Latino Economic Development Corporation Of Washington Dc, operating under the name Latino Economic Development Center, is located in Washington, DC. The organization was established in 1992. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Latino Economic Development Center employed 66 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Latino Economic Development Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 09/2021, Latino Economic Development Center generated $55.4m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 60.5% each year . All expenses for the organization totaled $53.4m during the year ending 09/2021. While expenses have increased by 63.1% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2020, Latino Economic Development Center has awarded 1,765 individual grants totaling $52,456,397. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

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

Describe the Organization's Program Activity:

Part 3 - Line 4a

LEDC'S SMALL BUSINESS PROGRAMS OFFER COACHING AND FINANCING TO LOW-TO-MODERATE INCOME ASPIRING AND EXISTING SMALL BUSINESS OWNERS IN DC, MD, VA, AND PR. LEDC'S SMALL BUSINESS DEVELOPMENT TEAM OFFERS GROUP WORKSHOPS AND INDIVIDUALIZED TECHNICAL ASSISTANCE ON DIVERSE TOPICS INCLUDING BUSINESS PLANNING, LICENSING, ONLINE PRESENCE AND SALES, ACCOUNTING BASICS, FINANCIAL MANAGEMENT, AND TECHNOLOGY INTEGRATION TO INCREASE PRODUCTIVITY. THE TEAM ALSO OFFERS PROGRAMMING SPECIFIC TO WOMEN ENTREPRENEURS THAT INCLUDES COHORT-BASED TRAINING, MENTORSHIP AND SEED CAPITAL. LEDC SUBSIDIES SPECIALIZED CONSULTING SERVICES FOR BUSINESSES OPERATING IN GENTRIFYING BUSINESS CORRIDORS E.G. LEASE NEGOTIATION ADVICE. LEDC'S LENDING PROGRAM OFFERS INTEREST-FREE CREDIT-BUILDING LOANS FROM $500 TO $2,500 AND SMALL BUSINESS LOANS FROM $2,500 TO $250,000 TO QUALIFIED START-UPS AND EXISTING BUSINESSES THAT HAVE DIFFICULTY OBTAINING CREDIT FROM MAINSTREAM FINANCIAL INSTITUTIONS. IN FY2021, LEDC'S SMALL BUSINESS TEAMS SERVED 3,556 ENTREPRENEURS/SMALL BUSINESS OWNERS AND DEPLOYED $6.7 MILLION VIA 400 LOANS, WHICH LED TO THE CREATION OF 47 BUSINESSES AND THE CREATION/RETENTION OF 2,652.5 FULL-TIME EQUIVALENT JOBS.


LEDC'S HOUSING DEPARTMENT OFFERS SERVICES IN THREE AREAS - AFFORDABLE HOUSING PRESERVATION IN DC AND WORKS TO PRESERVE MULTI-FAMILY, RENTAL, HOUSING AS AFFORDABLE AND PREVENT THE DISPLACEMENT OF LOW TO MODERATE INCOME RENTERS. THROUGH EDUCATION, TECHNICAL ASSISTANCE, TENANT ORGANIZING, AND ADVOCACY, LEDC'S ORGANIZERS HELP RENTERS ESTABLISH TENANT ASSOCIATIONS SO THEY MAY LEVERAGE DC'S TENANT RIGHTS. LEDC ALSO WORKS WITH COOPERATIVES TO ENSURE ONGOING SUSTAINABILITY. IN FY2021, THE TEAM SUPPORTED 44 BUILDINGS, INCLUDING 2,591 UNITS, AND PRESERVED A TOTAL OF 525 DC AFFORDABLE UNITS. HOUSING COUNSELING PROGRAM- LEDC IS A HUD-CERTIFIED HOUSING COUNSELING AGENCY THAT HELPS FAMILIES IN THE METROPOLITAN AREA TO BUY THEIR FIRST HOME AND SAVE THEIR HOMES FROM FORECLOSURE. OUR HOUSING COUNSELORS HELP PROSPECTIVE FTHB TO UNDERSTAND THE PROCESS AND RESPONSIBILITIES OF HOMEOWNERSHIP AND ACCESS LOCAL DOWNPAYMENT AND CLOSING COST PROGRAMS TO PUT THE COST OF HOMEOWNERSHIP WITHIN REACH. ALSO, PROVIDE SUPPORT TO STRUGGLING HOMEOWNERS TO QUALIFY FOR FORECLOSURE ASSISTANCE PROGRAMS AND IDENTIFY THE BEST LONG-TERM HOUSING SOLUTION. THE HOUSING COUNSELING PROGRAM HAS ADOPTED THE NATIONAL INDUSTRY STANDARDS FOR HOMEOWNERSHIP EDUCATION AND COUNSELING. IN FY2021, LEDC TRAINED 1,852 FAMILIES. PROVIDED 431 FAMILIES WITH IN-DEPTH PRE-PURCHASE, FORECLOSURE INTERVENTION, AND FINANCIAL CAPABILITY COUNSELING AND HELPED 100 INDIVIDUALS/FAMILIES BECOME WELL-INFORMED FIRST-TIME HOMEBUYERS. TENANT SERVICES & EVICTION PREVENTION TO SUPPORT TENANTS ACHIEVE HOUSING STABILITY, THE TEAM PROVIDES CASE MANAGEMENT TO CONNECT TENANTS WITH THE RESOURCES THEY NEED, SUCH AS FOOD, UTILITY DISCOUNT PROGRAMS, PRO-BONO LEGAL ASSISTANCE, AND HEALTH SERVICES. LEDC STARTED OFFERING TENANT SERVICES IN MAY 2020. IN FY2021, LEDC SUPPORTED 297 TENANTS IN THE DISTRICT BY SECURING $1,900,000 IN RENTAL ASSISTANCE AND 351 TENANTS IN MARYLAND.


LEDC'S DIRECT COMMUNITY INVESTMENTS DEPARTMENT (DCI) IS CONTRACTED BY GOVERNMENT ENTITIES AND PRIVATE DONORS TO RAPIDLY DEPLOY FINANCIAL ASSISTANCE TO VULNERABLE FAMILIES AND SMALL BUSINESSES. THE DEPARTMENT WAS LAUNCHED IN FY2020 AS A RESPONSE TO NEEDS EMERGING FROM THE COVID-19 PANDEMIC, AND BEGAN ITS OPERATIONS IN THE DESIGN OF EFFICIENT PROGRAM APPLICATION PROCESSES THAT MINIMIZE APPLICANT BURDEN; THE DEVELOPMENT OF CUSTOM SOFTWARE THAT ALLOWS FOR THE COLLECTION AND PROCESSING OF APPLICATIONS, AND LIVE, CONTINUALLY-UPDATED REPORTING; AND THE RAPID TRANSFER OF FUNDS TO GRANT RECIPIENTS WITHIN SHORT TIME HORIZONS. IN FY21, THE TEAM DEPLOYED $49.3 MILLION VIA 1,110 GRANTS IN DC, VA AND MD.


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Board, Officers & Key Employees

Name (title)Compensation
Marla Bilonick
Executive Director
$158,702
Marjorie Nemes
Interim Executive Director
$119,734
Megan Coolidge
Secretary
$0
Robert Aceituno
Treasurer
$0
Darryl Maxwell
Chair
$0
Fernando Lemos
Board Member
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Estoril Construction Inc
Building Construction/remodeling
$429,885
Fsi Strategies Inc
It Managed Services
$111,432
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $4,657,078
All other contributions, gifts, grants, and similar amounts not included above$49,139,867
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$53,796,945
Total Program Service Revenue$1,582,877
Investment income $0
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $55,386,095

Grants Awarded

Over the last fiscal year, Latino Economic Development Corporation Of Washington Dc has awarded $46,341,959 in support to 943 organizations.

Grant RecipientAmount

IT'S MY VENUE LLC

PURPOSE: GENERAL SUPPORTING

$605,282

AMC ENTERTAINMENT HOLDING INC

PURPOSE: GENERAL SUPPORTING

$605,282

WASHINGTON DRAMA SOCIETY INC

Org PageRecipient Profile

Washington, DC

PURPOSE: GENERAL SUPPORTING

$605,282

SHAKESPEARE THEATRE

Org PageRecipient Profile

Washington, DC

PURPOSE: GENERAL SUPPORTING

$605,282

INTERNATIONAL SPY MUSEUM

Org PageRecipient Profile

Washington, DC

PURPOSE: GENERAL SUPPORTING

$605,282

FORD'S THEATRE SOCIETY

Org PageRecipient Profile

Washington, DC

PURPOSE: GENERAL SUPPORTING

$605,282
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 12 grants that Latino Economic Development Corporation Of Washington Dc has recieved totaling $1,059,105.

Awarding OrganizationAmount
Capital Impact Partners

Arlington, VA

PURPOSE: LATINO ECONOMIC DEVE-WASINGTON, D.C. REGION EO-EOCF-FY22-01

$500,000
Opportunity Finance Network

Philadelphia, PA

PURPOSE: OFNS SMALL BUSINESS GRANT PROGRAM FUNDED BY GOOGLE.ORG

$125,000
National Community Reinvestment Coalition Inc

Washington, DC

PURPOSE: FIELD EMPOWERMENT FUND

$125,000
National Association For Latino Community Asset Builders

San Antonio, TX

PURPOSE: Small Business

$60,000
Maryland Philanthropy Network Inc

Baltimore, MD

PURPOSE: REVOLVE FUND RECOVERABLE GRANT

$50,000
Silicon Valley Community Foundation

Mountain View, CA

PURPOSE: Community Development

$50,000
View Grant Recipient Profile

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