CAMDEN -- Bank of America has announced The Latin American Economic Development Association, Inc. (LAEDA) as a 2016 Neighborhood Builder. The nonprofit is being recognized for its economic and entrepreneurial development work in challenged communities across South Jersey. LAEDA's work in Camden, specifically, has contributed to the community's revitalization and growth. Through Neighborhood Builders, Bank of America provides nonprofits with a unique combination of leadership development opportunities, $200,000 in flexible funding to support nonprofit initiatives, a network of peer organizations across the U.S. and the opportunity to access capital in order to expand their impact in South Jersey communities.
"Through our Neighborhood Builders program, we connect outstanding nonprofits, like LAEDA, to the funding and leadership development resources they need to expand their impact and help our community thrive," said Bob Doherty, Bank of America New Jersey Market President. "Our support of LAEDA reflects our belief and recognizes the critical role that nonprofits and their leaders play to build pathways to economic progress in the Camden community. "
The Latin American Economic Development Association, Inc. (LAEDA) has been pursuing a grassroots community economic development strategy in the City of Camden since 1987. The Entrepreneurial Development Training Program (EDTP), LAEDA's flagship program provides nine weeks of classroom training three times per year that prepares emerging entrepreneurs for the challenges of owning and operating a business. In the 27 years it has been operating, EDTP has trained 971 individuals, created 536 new businesses and generated 1,224 jobs.
LAEDA plans to make investments in improving its information technology infrastructure, acquiring an advanced program management system and expanding its team in the area of resource development. These investments will strengthen the organization and accelerate its expansion into South Jersey.
"It is very gratifying to receive this recognition from Bank of America for the work LAEDA has been doing for the past 30 years," said Raymond L. Lamboy, President & CEO of LAEDA. "LAEDA is honored to be a Neighborhood Builder and looks forward to connecting with other members of our cohort and beginning this journey together."
Since 2004, through Neighborhood Builders, Bank of America has helped nonprofits create greater impact in their communities and better prepare for the future by providing the tools and resources they need to develop stronger strategic plans, chart a succession plan, navigate through tough economic times, and enhance their funding opportunities. Since the program's inception, Bank of America has invested more than $180 million in 900 nonprofit organizations across the country, providing leadership resources to nearly 2,000 nonprofit leaders. The program has been recognized as the nation's largest philanthropic investment in nonprofit leadership development.
Neighborhood Builders demonstrates the bank's work to address issues fundamental to economic mobility in order to build thriving communities and illustrates how strong cross-sector partnerships and local community leaders can play a meaningful role in positioning communities for success.
Reprinted from www.nj.com