Title: Latino Economic Development Centers Greater MN Latino Economic Development Initiative
1Latino Economic Development Centers Greater MN
Latino Economic Development Initiative
- Helping Latino immigrants to integrate into the
economic system, creating wealth, and building a
socially responsible Latino business community
2Current Organization Members of this Initiative
- Latino Economic Development Center (LEDC)
- Metropolitan Economic Development Association
(MEDA) - MN Initiative foundations
- MN SBDCs
- Greater MN CDCs
- WAMM group (Willmar), Welcome center (Austin),
and other community groups
3Latino Economic Development Center (LEDC)
- LEDCs mission is To transform our community by
creating economic opportunities for Latinos
throughout the State of Minnesota - LEDCs vision is A thriving multicultural
community, enriched by Latino leadership, culture
and economic influence
4Initiative Foundations and Small Business
Development Centers
- Each organization/entity play a significant role
at creating wealth in rural MN - Each organization/entity have established
programs to help individuals to achieve their
dreams of self sufficiency - Each organization/entity have established
connections and service networks that can be
accessed to engage Latinos to build wealth and
serve communities and the community as a whole
5Local CDCs or Community Groups
- Play a significant role in the development of
their community - Are known and trusted by their constituencies
- Face the challenge of how to effectively deliver
their services to Latino immigrant communities - Can build their capacity to deliver services to
new immigrant communities
6Needs and Opportunities in Greater MN
- We need to encourage entrepreneurial activity in
rural Minnesota among new immigrants - We need to establish effective ways to engage,
inform, educate and assist aspiring immigrant
entrepreneurs - We need to invest on establishing the foundation
of an inclusive wealthy and healthy community in
rural MN
7The Opportunity
- Immigrants have a strong determination to succeed
- Immigrants are risk takers
- Immigrants are quick learners
- Immigrants know their own community best
- Immigrants face unique challenges that prevent
them from using their talents and skills in full
force - We can help them overcome them in order to build
a self-sufficient and vibrant Latino community - Existing resources can be used towards creating
new businesses and helping the existing ones to
move into the types of businesses in
industries that will provide a larger economic
impact, in terms of job creation and income
growth.
8Greater MN Latino Economic Development
Initiatives Vision
- A vibrant socially responsible Latino business
community that represents all industries and
makes a dramatic impact on the Minnesota economy.
9The Greater MN Latino Economic Development
Initiatives solution
- All of the partners involved with this initiative
can play distinctive roles in creating this
community of Latino-owned businesses. - Establish connections and service networks to
engage Latinos and serve communities
10LEDCs commitment
- Identify Latino communities and or businesses
that can benefit from an asset based community
development initiative - Train Latino individuals as community organizers,
business consultants and technical assistance
providers - Facilitate Economic Forums
- Encourage trust and engage potential
entrepreneurs - Market all training programs, and partner
organizations programs - Provide micro-entrepreneur training
11Resources Re-orientation
- Design, create and or adapt culturally competent
financial best practices curriculums where
needed - Conduct customized culturally designed training
sessions - Provide marketing materials in Spanish
- Provide technical assistance to start-ups and
existing businesses in their own languaje - Provide access to loan packaging services and
financing resources accompanied by additional
technical assistance
12Local Partners
- Hire and manage community organizers to promote,
serve as a link and deliver services of all
partner organizations, and individually mentor
them to become business consultants and TA
providers on a long term basis - Identify and assess the needs of aspiring Latino
entrepreneurs and business communities - Promote, encourage and build trust and engage
potential entrepreneurs - Assist in securing training and meeting venues
- Market all training programs and technical
assistance services
13We request commitments from other partners of the
Greater MN Latino Economic Development Initiative
- To identify, and help to secure sources of
funding - To commit funding support to specific programs
- To cooperate on all levels
- To identify other partners also interested on
contributing to the initiative - To share and promote what has proven to be
effective - To identify and commit to improve what has proven
not to be effective
14Geographic area where LEDC has been working since
its inception
- Selected small towns and cities with significant
Latino population included in a imaginary
triangle from Alexandria to Worthington to
Austin, including the Willmar area, as well as
the Twin Cities metropolitan area.
15Greater MN Latino Economic Development Initiative
16Training the trainer program(on the ground) 2007
- WAMM group (Roberto Valdez)
- SBDC/SWMNF (Gustavo Estrada)
- Welcome Center/SMIF
- (Maria Sosa)
- LEDC staff (Greater MN program manager and
microentrepreneur trainer, and special projects
director)
17Partners in the Twin Cities Contributing to this
Program
- Minneapolis Consortium of Community Developers
(Loan Officers) - Twin Cities LISC
- Metropolitan State University St. Paul Campus
- LEDC staff (Community Organizer, Business
Consultants, and Financial Literacy Specialist)
18Intended Outcomes
- New businesses and jobs are created
- New opportunities/business growth
- New connections/network
- New Latino leaders
- Stronger/healthier existing Latino businesses
- New and existing businesses opportunities to
participate in industries they have not
traditionally entered - Sustainable community resources
- Creation of a business community that respond to
the needs of their community
19Ultimate Goal
- A healthy and wealthy community of New Americans
committed to the - social and economic well being of the State of
Minnesota