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 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.