Stable Housing. Thriving Businesses. Strong Communities.

Rossana EspinozaSmall Business Development Officer, LEDC

People & Places2015 Community Conference

March 4th, 2015

Learning from the Field: Supporting Small Businesses in

Immigrant Communities

Stable Housing. Thriving Businesses. Strong Communities.

Stable Housing. Thriving Businesses. Strong communities.

LEDC seeks to drive the economic and social advancement of underserved communities by equipping them with the skills and tools to achieve financial independence.

Programming falls under two technical areas:1.Housing (homeownership, foreclosure prevention, and affordable housing preservation) 2.Small Business Services (TA, training, and micro lending to entrepreneurs)

Photo Cred: Prince of Petworth

Taqueria Habanero

Stable Housing. Thriving Businesses. Strong Communities.

Highlights FY14

INVESTMENT

$1.5Minvested in 103 small

businesses to start and

expand in DC, MD and NoVA

AFFORDABLE HOUSING

3000families in 84

apartment buildings assisted with

affordable housing preservation

services

HOMEOWNERSHIP

39new homeowners, and assisted 58

families save their homes from foreclosure

BUSINESS CREATION

48new businesses

sparked

Stable Housing. Thriving Businesses. Strong Communities.

LEDC Staff and Clients

STAFF• ~25 bilingual

employees in three geographical sites

• 5 Admin, 20 Program

CLIENTS (SBTA)• 61% Spanish is primary

language• 70% Latino, 20% Other

Minority• 67% Low income, 25%

Moderate income• 60% First-

generation Immigrants

• 25% Second-generation Immigrants

Stable Housing. Thriving Businesses. Strong Communities.

Unique Motivators• Starting a business is not a choice,

it’s a necessity – Entry barriers to employment, higher-ed – Limited skills, low education levels– Main providers for their families (in the

U.S. and abroad)

• Skills in industries areas are global– Construction, cleaning, food & beverage,

daycare

• Entrepreneurial Spirit– Experiences from home countries yield

to entrepreneurship

Photo Cred: Lauren Rock/NPR

Mexican Cowboy Tamales

Stable Housing. Thriving Businesses. Strong Communities.

Responsive Product Design, Innovative Products

• All products & services offered in Spanish, 90% of training offered only in Spanish

• Citizenship loan• Financial literacy programming• Technology integration for small

businesses• Microloans• Wrap-around services • Partnerships & Advocacy

Stable Housing. Thriving Businesses. Strong Communities.

Effective Outreach Methods

Credibility and trust are paramount, we use the following methods:

•Flyer through trusted partner organizations•Local radio & television•Email blasts-direct & through partners•Social media (Facebook very popular)•Staff as a visible presence in the community

•Word of Mouth #1

Stable Housing. Thriving Businesses. Strong Communities.

Contact Info:

Rossana EspinozaSmall Business Development Officer

Latino Economic Development Center

Email: respinoza@ledcmetro.org Phone: 202-540-7416

641 S Street NW Washington DC 20008