#United States #Fairfax #Freedom Bank #LEDC #NOVA Freedom Fund

Freedom Bank Foundation Partners with LEDC

On December 11, 2024, The Freedom Bank of Virginia announced a pivotal agreement between the Freedom Bank Foundation and the Latino Economic Development Center (LEDC). This collaboration marks LEDC as the second administrator for the NOVA Freedom Fund, aimed at supporting underrepresented entrepreneurs in the Washington D.C. region.

Having successfully funded a LEDC account from the proceeds of its third annual Campaign Celebration, the Foundation is now set to enable LEDC to initiate revolving loans for underserved entrepreneurs, helping them to grow and enhance their businesses.

The Importance of the NOVA Freedom Fund

The NOVA Freedom Fund is a significant financial resource, providing both financing and technical assistance to entrepreneurs who traditionally lack access to such support. Since its inception in 2021, the Foundation, in partnership with the Community Business Partnership (CBP), has played a crucial role in providing capital and essential support to twelve local businesses. Up to this point, the initiative has successfully raised over $350,000, with ambitions to expand its impact through this new partnership with LEDC.

LEDC plays a vital role in driving the economic and social advancement of low- to moderate-income Latino communities and other underserved populations. Their focus is on equipping these individuals with the skills and resources necessary for financial independence, wealth creation, and community leadership.

Quotes from Leadership

Joe Thomas, President and CEO of the Freedom Bank Foundation, expressed his enthusiasm for this collaboration: "We’re thrilled to elevate the Foundation’s impact by bringing on a second CDFI administrator, LEDC, to join our network. With these added resources, along with our ongoing collaboration with the CBP, the Fund will be able to support even more deserving entrepreneurs who do not have the networks or net worth to achieve their full potential. We’re excited to leverage this expanded network and new funding to create meaningful opportunities for local business owners and entrepreneurs."

Emi Reyes, CEO of LEDC, shared her excitement about the partnership as well: "LEDC is excited to serve as a second CDFI administrator for the NOVA Freedom Fund, helping underserved entrepreneurs access the capital they need to thrive. Investing in our local businesses fuels economic opportunity and contributes to the economic and social advancement of our community."

About Freedom Bank

Freedom Bank is a modern community bank situated in Fairfax, Virginia, dedicated to providing commercial and personal banking solutions. By focusing on businesses, real estate owners, and professionals, it offers tailored banking services designed to meet unique industry demands.

The Freedom Bank Foundation, a nonprofit entity under Section 501(c)(3) of the Internal Revenue Code, encourages those interested in exploring the NOVA Freedom Fund to engage with them directly at email protected] or visit their website at [freedom.bank/foundation.

In conclusion, this partnership between the Freedom Bank Foundation and LEDC is set to create transformative opportunities for underserved entrepreneurs, fostering economic growth and social equity in the Washington D.C. area.