Ecdc Enterprise Development Group

SMALL BUSINESS MICRO-ENTERPRISE PROGRAM
- Loans to those who aren't served by banks up to $50,000
- Businesses Located in the Metro D.C. Area
- Establishing a business Plan (assistance will be provided by EDG)
- Collateral: owner asset (such as automobile, truck, house, large equipment)
- The owner must fall under Low-To-Moderate Income and/or employ low-to-moderate income individuals

PROGRAM HISTORY & ACCOMPLISHMENTS
The Microenterprise Development Program began in 1992, with a grant from the U.S. Department of Health and Human Services' Office of Refugee Resettlement (ORR) and was expanded in 1994 with a grant from the SBA to serve all low-to-moderate income entrepreneurs. In 2001, the program became the ECDC Enterprise Development Group (EDG), a separately incorporated 501(c)3 non-profit.

EDG is the only program that provides micro-loans, technical assistance, and training throughout the entire Washington, DC metropolitan area.

To date, the Enterprise Development Group has accomplished the following:
- Disbursed 600 loans totaling $8.5 million
- Created 600 jobs and retained 443 jobs.
- Provided training and technical assistance to nearly 5,000 people.
- Raised more than $8 million in loan funds.
- Gaining financial support from the U.S. Small Business Administration (SBA), the U.S. Department of Health and Human Service's Office of Refugee Resettlement, the Commonwealth of Virginia, Arlington County, City and County of Fairfax, Montgomery County, City of Alexandria, four banks, one private investment company, and Howard University.

CHARACTERISTICS OF LOAN CLIENTS
- 94% of all micro-loan clients are low-to-moderate income individuals
- 85% of all micro-loan clients are minorities (women, African-Americans, Hispanics, Asians, new immigrants, etc.
- 35% of all micro-loan clients are women entrepreneurs, mostly head of households.


INDIVIDUAL DEVELOPMENT ACCOUNT (IDA) PROGRAM
The IDA Program started in 2000 with a five year grant. This program provides financial literacy and incentive to new immigrants to to save towards an asset purchase: house, business, post-secondary education, a computer, or training.

ACCOMPLISHMENTS:
- Enrolled 728 families and single mothers with a total savings of $1 million.
- 97% successful exit rate.
- New assets valued at $17 million.
- At least 12 hours in financial literacy training: Household Income Management, Credit Management, Taxes, and Risk, Management, Retirement Planning, and Investment including in housing.

OTHER PRODUCTS AND SERVICES:
- Consumer financing programs
- Home ownership training through VHDA
- Financial Literacy Courses
- Computer lab consisting of 10 desktops and 15 laptops
- 10,000 sq. ft. (26 offices) in small business incubator space in Arlington, VA. Providing affordable office solutions and turn-key operations to start-ups, small entities, and low income serving businesses.
- English as a Second Language (ESL) for Business