Latino Economic Development Center Expands Capacity for CRE Development
We provide funding to Latino Economic Development Center to increase their capacity to provide Commercial Real Estate redevelopment services to local developers and small business owners.
Latino Economic Development Center (LEDC) offers a continuum of high-quality, culturally-specific bilingual services for Latinos primarily supporting small business ownership: from employment training for those not quite ready to start their own business, to one-on-one technical assistance for those ready to develop a strong business plan, to lending for those needing capital to launch or grow their business. Its four core programs annually serve approximately 600-800 Latino and immigrant-owned small business owners and entrepreneurs to launch new businesses, adapt/grow existing businesses, and expand into new markets and locations. More than 80% of clients come from the Twin Cities Metro Area, and 95% identify as Latino. The typical business LEDC works with are small and family-owned with less than five employees.
In 2022, LEDC came to the foundation for funding to increase their capacity to support commercial real estate (CRE) redevelopment for local small business owners who either want to purchase the buildings they are in or create CRE ownership for local community developers. This move to bring CRE expertise in-house is driven by local folks who see potential ownership opportunities but lack the tools, training and resources to act. Too many local businesses pay rent to outside large developers and lose out on the opportunity to build wealth for their families through commercial ownership. Funding supported LEDC to hire key staff to develop and implement a formal CRE program. This includes higher level technical assistance to move clients from concept to assessment, purchase and execution, creation of and access to new forms of lending capital, business planning, and other tools to ensure success.
Rooted Philanthropic provided $100,000 to support LEDC’s CRE program development.
“Rooted Philanthropic’s generosity helps LEDC increase access to business capital and expand our mission’s impact on the Latino business owner community on the East Side of Saint Paul. Through this investment, LEDC has strengthened our core mission of increasing access to capital for the Latino community in the East Side. The trust the foundation has placed in LEDC allowed us to continue removing economic barriers, advancing economic opportunity, and building generational wealth.” Henry Jimenez, Executive Director
Photos courtesy of Latino Economic Development Center.