Immigrant Development Center Selected for Funding & Training Grant from NALCAB to Support Minority Business Owners

                                                                                             April 04, 2024

IDC Contact:

Fowzia Adde, Executive Director| (701) 541 9794| fowziaimmigrant@gmail.com

Immigrant Development Center Selected for Funding & Training Grant

from NALCAB to Support Minority Business Owners

Funding is part of $1.5 million investment from MBDA
to increase access to capital for underserved entrepreneurs

(Moorhead, MN) —  The National Association for Latino Community Asset Builders (NALCAB) has awarded Immigrant Development Center $70,000 in funding and specialized training to adopt new lending technology and improve systems and processes. The training will equip lenders with the knowledge and skills to better serve minority business owners (MBEs) in the Fargo-Moorhead are. This award is supported by the US Department of Commerce, Minority Business Development Agency (MBDA).

The Immigrant Development Center was selected as one of seven established nonprofit lenders across the country that provide small business lending and development services to low-wealth and underserved populations that have difficulty accessing capital. Along with grant funds, awardees will receive technical assistance to enhance staff lending expertise, operational efficiency, and IT/software performance. [Immigrant Development Center will also be certified to access the NALCAB Small Business Loan Guarantee (SBLG) Program – a flexible new loan product that increases the size and frequency of business loans going to MBEs by lowering the overall credit risk of participating nonprofit lenders and allowing them to lend more confidently to borrowers with limited collateral and credit history.

“This support from MBDA through NALCAB will be truly transformational, allowing us to scale our programs and unlock the full economic potential of immigrant entrepreneurs in our community. We are grateful to NALCAB and MBDA for their tremendous support”-Fowzia Adde Executive Director, IDC.

###

Immigrant Development Center Selected for Funding & Training Grant

from NALCAB to Support Minority Business Owners p. 2

About IDC

The Immigrant Development Center is a nonprofit organization dedicated to advancing economic opportunity for New Americans in the Fargo-Moorhead area. Through business training programs, micro-loans, and counseling services, we equip immigrant and refugee entrepreneurs to launch successful businesses and contribute to local economic growth. Our vision is an inclusive regional economy where all business owners have access to resources to build companies that create jobs and foster vibrant communities.

About NALCAB  

The National Association for Latino Community Asset Builders (NALCAB) is the hub of a national network of 200+ member organizations that are anchor institutions in geographically and ethnically diverse Latino communities in 46 states, Washington DC and Puerto Rico. NALCAB supports its member institutions through funding, training, research and advocacy, enabling them to invest in their communities by building affordable housing, ensuring equitable neighborhood development, supporting small business growth, and providing financial counseling on issues including credit building and homeownership. As a grant maker and US Treasury certified CDFI lender with offices in San Antonio and Washington DC, NALCAB serves hundreds of thousands of low- to moderate-income people, advancing economic equity and inclusivity.