Ongoing Projects
LEDC’s SOCIAL INNOVATION CENTER
In 2009, with the purpose of promoting the integration of Latinos in the use of technology and to promote the development of technology-based businesses within the community of Latino entrepreneurs, LEDC undertook a feasibility study to establish the viability of a “Social Innovation Center” in Minneapolis. The project was deemed feasible and is advancing to completion.
In November of 2009, LEDC held its first meeting for the purpose of pre-design discussions and input for the center. These sessions were attended by approximately 35 business owners and representatives from universities, foundations, organizations and community members. In this meeting the group drafted some expectations, values, services and functions of the center. The goal of this center will be to serve and benefit at least 60 entrepreneurs from different ethnic backgrounds each year. We hope to open the Center near the end of 2010 or beginning of 2011.
SMALL BUSINESS LOAN PROGRAM
In 2007, LEDC established its Loan Policy and Procedures Manual with assistance from members of an external loan committee. In 2008, LEDC’s Board approved the use of money from the LEDC reserve fund to start providing loans. This resulted in three loans being reviewed and approved. In 2009, LEDC approved a fourth loan in rural Minnesota. We also asked for a community investment loan called an “EQ2” from a well recognized national bank so that we could continue providing loans to existing and potential business owners. We are currently awaiting an answer from this bank.
In November of 2009 LEDC applied for a Community Development Financial Institution (CDFI) certification with the Department of the Treasury. With this certification as a financial institution, LEDC would be able to access money from the Treasury Department. We also applied for financial assistance to increase the capacity of LEDC’s ability to provide business loans.
GREEN CLEANING COOPERATIVE
LEDC collaborated with a local union (SEIU 26) to support the creation of a cooperative of janitorial workers. The Green Cleaning Cooperative was established to provide employment to members of the union who were laid off from their jobs with a large local janitorial firm in October of 2009. Forty of these laid-off workers/union members decided to form a cooperative and sought the assistance of LEDC.
FINANCIAL WORKSHOPS AND MODULES
The Finance Program for Small Businesses consists of various directed workshops, available to those who wish to expand their financial knowledge. Some of the workshops that we provide include: Administration Systems, Basic Accounting, Cash Flow, Taxes, Requirements for a Food Business, and more.
RURAL LATINO ECONOMIC DEVELOPMENT INITIATIVES
Due to the growth and demand for technical assistance on the part of Latino businesses throughout the state, LEDC has been encouraged to create a program for rural development. The goal of this program is to increase the economic capacity within the Latino Community and meet the economic development needs of rural areas.
SCHOLARSHIP PROGRAM
The Latino Economic Development Center (LEDC) is proud to announce its initiative dedicated to ensuring the economic success of future Latino generations of Minnesota. Latino entrepreneurs, community leaders, local foundations, and local businesses have come together to develop a scholarship fund aimed at supporting talented, aspiring Latino students who would like to build their futures through higher education.