Ecdc Enterprise Development Group

aka EDG   |   Arlington, VA   |  www.enterprisedevelopmentgroup.org

Mission

1 in 5 people in America is un- and/or under-banked, according to the Brookings Institute's latest data. In the Washington DC, Metro Area: 18% of the population is foreign-born, that's nearly 1 million people, with most living in the suburbs. The DC Area is the 6th most expensive region nation-wide. The mission of the ECDC Enterprise Development Group is to promote opportunities for self-sufficiency to low-to-moderate income people through sustainable economic and community development initiatives. The overall goal of the program is to assist low-to-moderate income individuals particularly women and minority business owners, in gaining business skills and access to capital in order to operate successful, sustainable businesses.

Ruling year info

2001

Principal Officer

Dr. Tsehaye Teferra

Main address

901 S Highland St.

Arlington, VA 22204

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EIN

54-1993252

NTEE code info

Business and Industry (S40)

Ethnic/Immigrant Services (P84)

Counseling Support Groups (F60)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Programs and results

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

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

Population(s) Served

Where we work

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Financials

Ecdc Enterprise Development Group
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Operations

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Ecdc Enterprise Development Group

Board of directors
as of 06/04/2016
SOURCE: Self-reported by organization

Frederick Schultz

Tsehaye Teferra

Paula Riley

Allene Wright

Ardamis Sahle