Latino Economic Development Center receives $300,000 from Wells Fargo to Support Diverse Small Businesses

Latino Economic Development Center, one of 14 organizations nationwide to receive funds as part of Wells Fargo’s Diverse Community Capital program.

Washington, DC, June 13th, 2017 – Latino Economic Development Center (LEDC) announced today it is receiving a $300,000 grant from Wells Fargo as part of the Wells Fargo Works for Small Business®: Diverse Community Capital (DCC) program. LEDC will use the grant to help partially fund compensation for loan officers and loan administrators and improve marketing strategies and products to attract African American small business owners in DC and Baltimore.

“We are thrilled to partner with Wells Fargo and join the Diverse Community Capital program. It is an important opportunity for us to support entrepreneurs in two core LEDC markets,” said Marla Bilonick, executive director of LEDC. “What’s more, we will be able to develop relationships with like-minded CDFIs through this program—sharing struggles, best practices, and strategies for deepening our collective impact.”

LEDC is a Community Development Financial Institution (CDFI) that drives the economic and social advancement of low- to moderate-income Latinos and other underserved communities in the greater DC and Baltimore metropolitan areas by equipping them with the skills and tools to achieve financial independence and become leaders in their communities. Based in Washington, DC; LEDC will leverage DCC funding to deepen their presence in the District and Baltimore City markets, providing access to capital for small businesses owners along with their intensive business coaching and training services.

“We are pleased to make this grant to the Latino Economic Development Center in support of the Diverse Community Capital program,” said Monica Mitchell, community relations senior consultant for Wells Fargo. “This helps demonstrate Wells Fargo’s ongoing commitment to small businesses. We believe that small businesses are the backbone to our community and one of the most important investments we can make in our country’s future. Wells Fargo invests in, and supports, nonprofit microfinance and small business lenders across the country, including CDFIs, that make loans for start-ups and small businesses. By working together with organizations like LEDC, we know diverse-owned small businesses will prosper.”

During round 3 of the DCC program, Wells Fargo is providing more than $8 million to help LEDC and 13 other CDFIs who support diverse-owned small businesses. Wells Fargo will distribute $75 million over three years to CDFIs during the three-year Diverse Community Capital program. So far, the program has distributed more than $46.5 million to 44 CDFIs like LEDC. CDFIs can visit www.wellsfargo.com/cdfi to learn more about the program’s guidelines and application process.

About Ramón Jiménez

Ramón Jiménez, actual Managing Editor de MetroLatinoUSA. Periodista que cubre eventos de las comunidades latinas en Washington D.C., Maryland y Virginia. Graduado de la Escuela de Periodismo de la Universidad del Distrito de Columbia. Galardonado en numerosas ocasiones por parte de la Asociación Nacional de Publicaciones Hispanas (NAHP) y otras organizaciones comunitarias y deportivas de la región metropolitana de esta capital. También premiado en dos ocasiones como Mejor Periodista del Año por la cobertura de la comunidad salvadoreña; premios otorgados por la Oficina de Asuntos Latinos del Alcalde de Washington (OLA) y otras organizaciones. Ha sido miembro del jurado calificador en diferentes concursos literarios, de belleza y talento en la región metropolitana. Ha visitado zonas de desastre en Nicaragua, Honduras y El Salvador e invitado a esos países por organizaciones que asisten a personas de escasos recursos económicos. Antes trabajó en otros medios de prensa de Virginia y Washington, D.C., incluyendo reportajes para una agencia noticiosa mundial.

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