Built in 1920, the Smith-Austermuhl Insurance Company was active in the City of Camden through the 1980's until it closed. The project entailed the rehabilitation of 18,000 square foot in downtown Camden and was completed in 1999. The total project cost was $1.3 million and created 6 office suites, 1 banking facility and 1 retail space.
Our History
1987
2000
2010
2024
Our Founding
The Latin American Economic Development Association, Inc. (LAEDA) was incorporated in New Jersey in 1987 as a nonprofit, 501 (c) (3) tax-exempt corporation. The organization was established through the efforts of the National Puerto Rican Coalition along with local community and business leaders with purpose of supporting the growth of Latino small business owners and assisting members of the Latino community in the creation of small businesses.
Since its founding, LAEDA’s mission has evolved to support all individuals and their families who reside in under-served low asset communities across the seven southern counties of New Jersey; Camden, Burlington, Atlantic, Gloucester, Cumberland, Cape May and Salem.
With this transformation, the board recognized that a name change was essential to better reflect the organization’s evolving mission and the diverse community it now serves. As the organization expanded beyond its original focus on the Latino community, adopting the name ‘LAEDA’ allowed it to more inclusively represent its clients and its vision for the 21st century.
LAEDA has evolved into a community economic development organization with a holistic approach to its mission. By leveraging entrepreneurship as a catalyst, LAEDA drives broader community economic development initiatives, including commercial district revitalization and commercial real estate redevelopment. This comprehensive framework, known as the LAEDA Comprehensive Economic Development Strategy, reflects LAEDA’s commitment to fostering sustainable growth and prosperity within the communities it serves.
The Evolution of Our MIssion
LAEDA was founded in 1987 with the unique value proposition of revitalizing the City of Camden through community-based business startups and the strengthening of the Latino business community. Much of LAEDA’s evolution has been tied to the importance of being responsive to the needs of its entrepreneurs. Throughout it’s history you will find numerous pivots, initiatives and efforts where LAEDA recognized a need, formulated a solution and brought that solution to the market to the benefit of the community and its entrepreneurs. Since its founding in 1987, LAEDA has built a solid reputation for developing, implementing, and expanding economic development programs that have played a crucial role in revitalizing the City of Camden and empowering its residents.
In collaboration with Rutgers University Camden’s School of Business and its Small Business Development Center, LAEDA created the Entrepreneurial Development Training Program (EDTP) and launched its first session in 1990. This nine-week course encompasses all areas of starting and operating a business. 75 hours of training take entrepreneurs through best practices in business planning, marketing, accounting, human resources, business law and more. In September of 2024, we launched the 100th session of EDTP. The impact of EDTP over the past 34 years is undeniable. During this time, LAEDA has launched 664 businesses and counting, with many still in business today. EDTP has been the cornerstone and foundation of LAEDA’s Business Services Center.
As LAEDA hosted the early sessions of EDTP, we found many of our graduates decided to open their businesses in other communities. This was due to the lack of suitable commercial properties available for rent. Much of the city’s commercial real estate was vacant and abandoned. It’s one thing to find a location, place a security deposit, have a grand opening and open for business. It’s a whole other story to buy an abandoned building, redevelop that building and open for business. With this, LAEDA began redeveloping commercial real estate in the city, with the intention of placing its clients in these locations as well as creating acorns in neighborhoods to stimulate growth.
In 1993, LAEDA undertook the first of several commercial development projects in response to the need for suitable commercial space for placement of graduates of the EDTP program. 423 Market Street here in the City of Camden was completely remodeled and served as LAEDA first headquarters and training center. 433 Market Street, 2508 Federal St. and 129 N. Broadway represent nearly 50,000 square feet of commercial office and retail space successfully redeveloped by LAEDA. These developments have served as the basis of LAEDA’s Neighborhood Commercial Expansion Initiative
As LAEDA moved forward with it commercial development projects, another dynamic arose. LAEDA found its clients opening their businesses in other communities in search of a more viable marketplace to start their businesses. LAEDA could not ask someone to take their lifesavings and invested in a market that would not support these businesses. With this, LAEDA began to look at strategies around developing the marketplace in the city.
In 1999, in response to the need to develop the local marketplace in the City of Camden to place EDTP graduates, LAEDA identified the commercial districts of the City of Camden as the preeminent opportunity for the placement of small businesses. With this LAEDA identified the National Trust for Historic Preservation’s model for commercial district revitalization, known nationally as the Main Street Model to guide its efforts.
Through the assistance of the Local Initiative Support Corporation, Main Street New Jersey and Rutgers University, LAEDA undertook a grassroots effort to organize merchants on the Broadway commercial district leading to a Partners Designation from Main Street New Jersey. In 2006, LAEDA created the Commercial District Revitalization Initiative to formally integrate commercial district revitalization into its economic development programming. Under the support of the CRA and a UEZ contract, LAEDA undertook organizing efforts in the Federal Street and River Road commercial districts which continue as part of LAEDA overall strategy.
LAEDA Completes its Second Redevelopment Project – 2508 Federal Street
2508 Federal Street involved the rehabilitation of 8,000 square feet of blighted commercial space in the Federal Street commercial district.
LAEDA Completes its First Redevelopment Project – 423 Market St.
423 Market Street was LAEDA's first redevelopment project. The project was undertaken to redevelop the building for use as LAEDA's headquarters and training center as well as to house the Camden Community Credit Union, an enterprise of LAEDA.
Session #1 of the Entrepreneurial Development Training Program is hosted
The Entrepreneurial Development Training Program (EDTP) is implemented in 1990 in response to the need to provide alternate routes to employment to residents through business ownership.
The Latin American Economic Development Association, Inc. is founded
The Latin American Economic Development Association, Inc. (LAEDA) is incorporated in New Jersey in December of 1987 as a nonprofit, 501 (c) (3) tax-exempt corporation.