Overview
What is Latino Economic Development Corporation?
The Latino Economic Development Corporation (LEDC) is a Washington, D.C.-based nonprofit organization dedicated to fostering the economic and social advancement of low-income Latinos and other underprivileged communities. Their small business programs offer coaching and financing to aspiring and existing entrepreneurs in District of Columbia, Maryland, Virginia, and Puerto Rico. Through group workshops and individualized technical assistance, the development team equips business owners with diverse skills, including business planning, licensing, online presence, accounting, financial management, technology integration, and specialized consulting for gentrifying business corridors. For women entrepreneurs, LEDC provides cohort-based training, mentorship, and seed capital. The organization's lending program offers interest-free credit-building loans and small business loans to help members thrive financially and become community leaders.
Official website here: www.ledcmetro.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star rating)
The Latino Economic Development Corporation (LEDC) has received a commendable Four-Star rating from Charity Navigator, reflecting its high standards of financial accountability and transparency. The organization excels in several key areas, including having a fully independent board and a strong financial oversight structure, which contribute to its overall score of 96% in accountability and finance.
LEDC demonstrates an impressive program expense ratio of 95.03%, indicating that the majority of its resources are directed toward fulfilling its mission. This is complemented by a low liabilities to assets ratio of 26.53%, which signifies a solid financial foundation. The organization also adheres to essential policies such as conflict of interest and whistleblower protections, underscoring its commitment to ethical governance.
While the LEDC shows strong performance metrics, ongoing evaluation of its programs and impact will be important for ensuring continued effectiveness. Overall, the high ratings reflect a trustworthy organization making meaningful contributions to economic development within the Latino community.
This AI summary has been generated from information found on Charity Navigator.
Is Latino Economic Development Corporation legitimate?
Latino Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Latino Economic Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $4,882,377
Professional Fundraising Fees: $0
Other Salaries and Wages: $80,218
For more financial information, click here
Official website here: www.ledcmetro.org
What is the mission statement of Latino Economic Development Corporation?
The Latino Economic Development Corporation (LEDC) strives to foster economic and social advancement among low-to-moderate income Latinos and other underprivileged communities. Through a range of programs, LEDC equips these individuals with essential skills and resources to achieve financial independence and leadership roles. LEDC's small business programs offer coaching, financing, and technical assistance, focusing on topics like business planning, licensing, online presence, accounting, financial management, and technology integration. The organization also caters to women entrepreneurs, providing mentorship, training, and seed capital. Furthermore, LEDC offers specialized consulting services to businesses in gentrifying areas, as well as interest-free credit-building loans and small business loans.
Official website here: www.ledcmetro.org
Who is the CEO of Latino Economic Development Corporation?
Emi Reyes is the Chair of Latino Economic Development Corporation. The CEO's salary of Latino Economic Development Corporation is $143,116 and their total compensation is $143,116.
Official website here: www.ledcmetro.org
What is the revenue of Latino Economic Development Corporation?
Latino Economic Development Corporation's revenue in 2022 was $40,380,571.
Official website here: www.ledcmetro.org
Who are the executives of Latino Economic Development Corporation and what are their salaries?
The average compensation at Latino Economic Development Corporation during 2022 was $59,079. There are 84 employees and 225 volunteers at Latino Economic Development Corporation.
Here are 12 key members and their salaries (Latino Economic Development Corporation's CEO's salary is $143,116 and their total compensation is $143,116):
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- Compensation: $143,116
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- Compensation: $130,920
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Official website here: www.ledcmetro.org
Where can I find the form 990 for Latino Economic Development Corporation?
Latino Economic Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ledcmetro.org
Learn more at the official website: www.ledcmetro.org
Mission Statement of Latino Economic Development Corporation
The Latino Economic Development Center (LEDC) is a nonprofit organization dedicated to driving the economic and social advancement of low-to-moderate income Latinos and other underserved communities. With a mission to equip them with the necessary skills and tools, LEDC aims to help these individuals achieve financial independence and become leaders in their communities.
Through its small business programs, LEDC offers coaching and financing to aspiring and existing small business owners. The development team provides group workshops and individualized technical assistance on various topics such as business planning, licensing, online presence and sales, accounting basics, financial management, and technology integration. For women entrepreneurs, the organization offers specialized training, mentorship, and seed capital. Additionally, LEDC provides subsidized consulting services for businesses operating in gentrifying business corridors.
LEDC's lending program offers interest-free credit-building loans ranging from $500 to $2,500 and small business loans to help qualifying individuals and businesses secure the capital they need to grow and thrive. By providing these essential resources, LEDC is making a significant impact in the lives of countless individuals and contributing to the overall economic development of the communities it serves.
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Impact
October, 2024
The Latino Economic Development Corporation (LEDC) significantly impacts low-income Latinos and other underserved communities by fostering economic and social advancement. Through its small business programs, LEDC provides vital coaching and financing to aspiring and existing small business owners in the D.C. metropolitan area, Maryland, Virginia, and Puerto Rico.
LEDC's small business development team offers a comprehensive suite of resources, including group workshops and personalized technical assistance on critical topics such as business planning, licensing, online presence, sales strategies, financial management, and technology integration. This support is designed to enhance productivity and effectiveness for small businesses.
Specific programming for women entrepreneurs is also a key focus, showcasing cohort-based training, mentorship opportunities, and access to seed capital. Additionally, LEDC offers specialized consulting services tailored for businesses in gentrifying areas, such as lease negotiation advice.
The organization’s lending program provides interest-free credit-building loans and small business loans, enabling entrepreneurs to establish and grow their businesses without the burden of high-interest payments. Overall, LEDC empowers individuals and communities to achieve financial independence and become leaders in their economic landscapes, advancing community improvement and resilience.
This information is meant to be a general summary of Latino Economic Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $600,409
- Gross Receipts: $40,380,571
Assets and Liabilities:
- Total Assets: $22,544,018
- Total Liabilities: $5,162,779
- Net Assets: $17,381,239
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LENDING INCOME
Revenue
$363,809
PROGRAM SERVICES REVENUE
Revenue
$236,600
Organization Details
Founding Year
1991
Phone
(202) 588-5102Principal Officer
Emi Reyes
Main Address
1401 COLUMBIA RD NW UNIT C-1, WASHINGTON, DC, 20009
Website
www.ledcmetro.orgNTEE Category
Code: S200 - Community improvement
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