Empowering People
& Revitalizing the Community

Bank of America Provides $30,000 Grant to the Latin American Economic Development Association

Posted on 8/7/2013 by EDTP Coordinator in LAEDA News
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CAMDEN, NJ – The Bank of America Charitable Foundation has announced a $30,000 grant for the Latin American Economic Development Association (LAEDA), a Camden-based nonprofit economic development organization. Through a national initiative to help connect the unemployed, underemployed, veterans, youth and those with disabilities to training and employment opportunities, more than $800,000 was awarded by the foundation to 20 New Jersey nonprofits in 2013.

LAEDA is dedicated to the creation of small business ownership opportunities for minorities and the growth and success of small businesses. The funding will be used to expand the LAEDA Business Services Center (LBSC) and the Entrepreneurial Development Training Program (EDTP), extending the impact of these resources to reach Burlington, Gloucester, Cumberland, Atlantic and Ocean counties.
 
As LAEDA’s flagship program for the past 23 years, The Entrepreneurial Development Training Program (EDTP) provides low- to moderate-income individuals with the means to take control of their financial future by teaching best practices in the development and operation of a business. 
 
“Our mission is summed up by the proverb; you can give a man a fish and feed him for a day or you can teach him to fish and feed him for a lifetime. LAEDA deals in fishing poles,” explained Raymond Lamboy, president & CEO, LAEDA.  “Helping individuals to create a business to support themselves and their families is at the core of our mission.”
 
The grant will help LAEDA host bi-lingual and bi-cultural business education seminars in the form of its EDTP Quick Start Series en Español program throughout South Jersey. The ultimate goal of the effort is to expand LAEDA’s programs to a second location outside of Camden, effectively increasing its reach to more Latino-owned businesses and its impact in the region.
 
“LAEDA is proud of its 26 year history here in Camden.  The secret of our success is our commitment to a grassroots approach to entrepreneurship and business development,” said Lamboy. “The resources Bank of America provided through this grant will go a long way towards our reaching more individuals in diverse communities in South Jersey.”
 
“The math is simple – the more entrepreneurs and small business owners LAEDA can reach, the bigger the economic impact here in New Jersey,” said Bob Doherty, New Jersey president, Bank of America. “Given the organization’s track record and desire to expand, we know these funds will be put to good use.” 
 
The Bank of America Charitable Foundation is awarding grants to more than 1,050 nonprofits across the country that support workforce development and education initiatives. According to estimates provided by grant recipients, the funding will enable community organizations to reach nearly nine million people, match more than 115,000 youth with mentors, and help approximately 27,000 students graduate with a degree or certification. The funding is part of the company’s intensified philanthropic focus on three core issues vital to the economic health of communities – housing, jobs and hunger – and represents an important component of Bank of America’s commitment to making communities better places in which to live and do business.
 
For more information on nonprofit programs and services that may qualify, or to submit an application for grant funding, please visit www.bankofamerica.com/foundation.
 
Latin American Economic Development Association
 
The Latin American Economic Development Association, Inc (LAEDA) is a non-profit economic development organization dedicated to: the creation of small business ownership opportunities for all minorities, contributing to the growth and success of small businesses and the development of the marketplace in the communities we serve.
 
LAEDA does this in three ways: entrepreneurship training and technical assistance for community-based startups, strategic commercial real estate develop projects that support the revitalization of the communities it serves and commercial district revitalization efforts to support the growth of the local “Main Street” marketplace.
 
For more information, visit www.LAEDA.com.
 
Bank of America Corporate Social Responsibility
 
Bank of America’s commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in a socially, economically, financially and environmentally responsible way around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work. Learn more at www.bankofamerica.com/about and follow us on Twitter at @BofA_Community.
 
For more Bank of America news, visit the Bank of America newsroom.
 
  


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