Latino Economic Development Center
United States
Last updated January 8, 2013
Partner Description:
Latino Economic Development Center (LEDC) is a community-based nonprofit that equips Latinos and other DC-area residents with the skills and financial tools to create a better future for their families and communities. Participants in our programs learn how to buy and stay in their homes, join with their neighbors to keep their rental housing affordable, and start or expand small businesses.
LEDC activities are diverse, include providing technical assistance and a variety of business trainings on topics ranging from recordkeeping and paying taxes to building websites and marketing; providing business loans between $5,000 and $50,000 to qualified start-ups and existing small businesses; housing counseling for families to buy their first home and save their homes from foreclosure; and tenant organizing to help residents keep their rental housing affordable. By operating in the larger metro areas of Washington, D.C. -- including Maryland and Virginia -- LEDC works with approximately 6,000 people every year.
Kiva lenders’ funds are used to help LEDC support even more small businesses in low- and moderate-income communities in Washington, D.C. The funds are used to ease loan requirements, including decreasing collateral, interest rates and fees associated with loan disbursement. With Kiva capital, LEDC reaches out to borrowers that may not have met all of LEDC’s existing criteria, allowing the organization to grow its lending operations through its new subsidiary the Community Asset Fund for Entrepreneurs.
A unique approach to community-based economic development:
With its small business loans and technical assistance programs, LEDC helps small business owners and entrepreneurs in the D.C. area to strengthen their business skills and access capital to improve their lives and strengthen the small business community.
Additionally, LEDC provides classes, workshops and individual counseling for home ownership clients to help them purchase their first homes. This includes helping with credit repair and applying for the D.C. Home Purchase Assistance Program. The organization also runs an affordable housing program and a foreclosure intervention initiative, which help struggling renters and homeowners to negotiate the best long-term housing solutions for their families and communities.
LEDC helped this borrower and his family keep their home through a modification to his home loan:
Watch a short video about the organization’s work and impact.
Image courtesy of Latino Economic Development Center.
Partner Description:
Latino Economic Development Center (LEDC) is a community-based nonprofit that equips Latinos and other DC-area residents with the skills and financial tools to create a better future for their families and communities. Participants in our programs learn how to buy and stay in their homes, join with their neighbors to keep their rental housing affordable, and start or expand small businesses.
LEDC activities are diverse, include providing technical assistance and a variety of business trainings on topics ranging from recordkeeping and paying taxes to building websites and marketing; providing business loans between $5,000 and $50,000 to qualified start-ups and existing small businesses; housing counseling for families to buy their first home and save their homes from foreclosure; and tenant organizing to help residents keep their rental housing affordable. By operating in the larger metro areas of Washington, D.C. -- including Maryland and Virginia -- LEDC works with approximately 6,000 people every year.
Kiva lenders’ funds are used to help LEDC support even more small businesses in low- and moderate-income communities in Washington, D.C. The funds are used to ease loan requirements, including decreasing collateral, interest rates and fees associated with loan disbursement. With Kiva capital, LEDC reaches out to borrowers that may not have met all of LEDC’s existing criteria, allowing the organization to grow its lending operations through its new subsidiary the Community Asset Fund for Entrepreneurs.
A unique approach to community-based economic development:
With its small business loans and technical assistance programs, LEDC helps small business owners and entrepreneurs in the D.C. area to strengthen their business skills and access capital to improve their lives and strengthen the small business community.
Additionally, LEDC provides classes, workshops and individual counseling for home ownership clients to help them purchase their first homes. This includes helping with credit repair and applying for the D.C. Home Purchase Assistance Program. The organization also runs an affordable housing program and a foreclosure intervention initiative, which help struggling renters and homeowners to negotiate the best long-term housing solutions for their families and communities.
LEDC helped this borrower and his family keep their home through a modification to his home loan:
Watch a short video about the organization’s work and impact.
Image courtesy of Latino Economic Development Center.
Repayment Performance on Kiva
Repayment Performance on Kiva| This Field Partner | All Kiva Partners | ||
| Start Date On Kiva | Jan 7, 2013 | Oct 12, 2005 | |
|---|---|---|---|
| Total Loans | $171,800 | $424,502,625 | |
| Amount of Raised Inactive Loans | $0 | $303,725 | |
| Number Of Raised Inactive Loans | 0 | 236 | |
| Amount of Paying Back Loans | $171,800 | $92,457,350 | |
| Number Of Paying Back Loans | 22 | 100,288 | |
| Amount of Ended Loans | $0 | $331,741,550 | |
| Number Of Ended Loans | 0 | 434,958 | |
| Delinquency Rate | 0.00% | 2.08% | |
| Amount In Arrears | $0 | $1,221,363 | |
| Outstanding Portfolio | $161,076 | $58,717,054 | |
| Number of Loans Delinquent | 0 | 9,846 | |
| Default Rate | 0.00% | 0.97% | |
| Amount of Ended Loans Defaulted | $0 | $3,220,059 | |
| Amount of Ended Loans | $0 | $331,741,550 | |
| Number Of Ended Loans Defaulted | 0 | 9,823 | |
| Currency Exchange Loss Rate | 0.00% | 0.02% | |
| Amount of Currency Exchange Loss | $0 | $77,435 | |
| Refund Rate | 10.48% | 0.96% | |
| Amount of Refunded Loans | $18,000 | $4,068,925 | |
| Number Of Refunded Loans | 2 | 4,589 |
Loan Characteristics On Kiva
Loan Characteristics On Kiva| This Field Partner | All Kiva Partners | ||
| Loans To Women Entrepreneurs | 44.44% | 74.04% | |
|---|---|---|---|
| Average Loan Size | $7,908 | $406 | |
| Average Individual Loan Size | $7,908 | $645 | |
| Average Group Loan Size | $0 | $1,742 | |
| Average Number Of Entrepreneurs Per Group | 0 | 8 | |
| Average GDP Per Capita (PPP) in Local Country | $47,000 | $3,346 | |
| Average Loan Size / GDP Per Capita (PPP) | 16.83% | 12.15% | |
| Average Time To Fund A Loan | 3.17 days | 4.69 days | |
| Average Dollars Raised Per Day Per Loan | $2,494.94 | $86.68 | |
| Average Loan Term | 27.67 months | 9.61 months |
Journaling Performance on Kiva
Journaling Performance on Kiva| This Field Partner | All Kiva Partners | ||
| Total Journals | 3 | 203,190 | |
|---|---|---|---|
| Journaling Rate | 0.00% | 39.95% | |
| Average Number Of Comments Per Journal | 0.00 | 0.11 | |
| Average Number Of Recommendations Per Journal | 0.00 | 2.73 |
Borrowing Cost Comparison (based on 2011 data)
Borrowing Cost Comparison (based on 2011 data)| This Field Partner | Median for MFI Peers in Country | All Kiva Partners | ||
| Portfolio Yield | 9.90% | 9.90% | 35.02% | |
|---|---|---|---|---|
| Profitability (Return on Assets) | -107% | -12.4% | -0.38% | |
| Average Loan Size (% of Per Capita Income) | 16.90% | 23.90% | 46.53% |
Country Fast Facts
Country Fast Facts- Country:
- United States
- Capital:
- Washington, DC
- Official Language:
- Languages Spoken (2000 census): English 82.1% Spanish 10.7% Other Indo-European 3.8% Asian and Pacific island 2.7% other 0.7%
- Population:
- 307,212,123
- Avg Annual Income:
- $47,000
- Labor Force:
- Farming, Forestry, and Fishing: 0.6% Manufacturing, Extraction, Transportation, and Crafts: 22.6% Managerial, Professional, and Technical: 35.5% Sales and Office:24.8% Other Services: 16.5%
- Population Below Poverty Line:
- 12.5%
- Literacy Rate:
- 99%
- Infant Mortality Rate (per 1000):
- 6.26 deaths
- Life Expectancy:
- 78.11 years
Field Partner Staff
Diana AvellanedaLeda Hernandez
Ash Kosiewicz
Cesar Lopez
Iker Perez Iturbe
Christina M. Stockamore