RALEIGH, NC— Joining a 17-state program increasing investment in local communities, Latino Economic Development Center (LEDC) is partnering with CornerSquare Community Capital to make an even greater impact for small businesses throughout DC, Maryland, Virginia, and Puerto Rico. Through this partnership, LEDC has increased their lending capacity and will be able to make more loans to the small businesses owners who need them most.
LEDC is a certified Community Development Financial Institution (CDFI) dedicated to driving the economic and social advancement of low-to moderate-income Latinos and other underserved communities by equipping them with the skills and tools to achieve financial independence and become leaders in their communities.
“We are thankful to CornerSquare Community Capital for considering LEDC in this partnership. Increasing our lending capacity will not only help entrepreneurs in the Latino community, but it will also help entrepreneurs in other disadvantaged populations of the areas we serve to grow their ideas and small businesses. At LEDC, we want to unleash the power of economic fairness, and this partnership will be another stepping stone to help us achieve that.” Emi Reyes, LEDC’s CEO.
CornerSquare Community Capital is a nonprofit fund launched in 2020 by the NC Rural Center to support the CDFI and Minority Depository Institutions (MDI) industry and increase small business lending. The program does this through a unique strategy with long-term impact by reducing the lender’s risk and increasing their available capital through the purchase of (a subordinate position of) up to 25% of eligible loans. Made possible by a partnership with Truist, CornerSquare operates as a network in 17+ states, and has a demonstrated track record of serving and supporting the success of small businesses with a particular focus on those owned by women and people of color as well as businesses located in low-income census tracts.
“This partnership will not only expand CornerSquare’s presence in LEDC’s geographic region, but it will give our program the opportunity to provide both capital and capacity building support to Latinos who are working to grow and thrive in their own communities,” said Armeer Kenchen, Executive Director of the Small Business Credit Initiative and CornerSquare Community Capital. “By focusing on the social advancement of the underserved as fundamental, LEDC is showing commitment to the long-term health of the larger communities where they live and work – something we really value.”
About the Latino Economic Development Center
The Latino Economic Development Center (LEDC) equips Latinos and other underserved communities with the skills and financial tools to create a better future for their families and communities. Participants in our programs learn how to build their long-term financial security by buying and staying in their homes, taking control of decisions affecting their apartment buildings, and starting or expanding their small businesses. The entire DC-MD-VA region and Puerto Rico is stronger when all families have the power to achieve financial independence and join with their neighbors to improve their communities.
About the NC Rural Center
For 30 years, the NC Rural Center has worked to develop, promote, and implement sound economic strategies to improve the quality of life of rural North Carolinians. The Rural Center serves the state’s 78 rural counties, with a special focus on individuals with low-to-moderate incomes and communities with limited resources. To learn more about how the NC Rural Center is developing and supporting rural leaders across the state, visit https://www.ncruralcenter.org/.
About CornerSquare Community Capital
CornerSquare Community Capital, made possible by the support of the Truist Foundation and the Truist Charitable Fund, is a partner and resource for the CDFI and MDI sector that is designed to significantly increase investment in communities through small-businesses and entrepreneurs that have seen decades of underinvestment. Learn more at https://www.cornersquare.org/.
Media Contact for CornerSquare Community Capital:
Meg Farrell Buckingham
Director of Communications, NC Rural Center
919.602.4324 (c) | firstname.lastname@example.org
Media Contact for Latino Economic Development Center:
Latino Economic Development Center
202-540-7411 (direct) | email@example.com