The Freedom Bank Foundation Enters Agreement with Latino Economic Development Center (LEDC) as Second Administrator for the NOVA Freedom Fund

Bank Foundation Furthers Mission of Assisting Underrepresented Entrepreneurs Access Capital Through New Partnership

FAIRFAX, Va., Dec. 11, 2024 /PRNewswire/ -- The Freedom Bank of Virginia announces the Freedom Bank Foundation has entered into a formal agreement with Latino Economic Development Center (LEDC) as a second administrator for the NOVA Freedom Fund. From the proceeds of its third annual Campaign Celebration, the Foundation has also now funded an LEDC account to enable LEDC to begin making revolving loans to underserved entrepreneurs to grow and scale their businesses.

The NOVA Freedom Fund provides financing and technical assistance to underrepresented entrepreneurs in the DC Region. Since 2021, the Foundation through the help of the Community Business Partnership (CBP) has provided capital and assistance to twelve local entrepreneurs. Today the Foundation has raised over $350,000 and looks forward to using the funding to assist even more businesses by forging a new partnership with the Latino Economic Development Center (LEDC).

LEDC's mission is to serve as a catalyst that drives the economic and social advancement of low- to moderate-income Latinos and other underserved communities by equipping them with the skills and tools to achieve financial independence, acquire personal and business assets, create generational wealth, and become leaders in their communities.

"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 network 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," said Joe Thomas, President and CEO.

"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," said Emi Reyes, CEO of LEDC.

The Freedom Bank Foundation is a nonprofit, tax exempt charitable organization under Section 501(c)(3) of the Internal Revenue Code. Businesses or individuals who are interested in learning more about the Foundation or the NOVA Freedom Fund are asked to contact freedombankfoundation@freedom.bank or visit freedom.bank/foundation.

About Freedom Bank

Freedom Bank is a next-generation community bank, headquartered in Fairfax, Virginia, offering commercial banking, personal banking, and mortgage banking solutions using banker expertise and innovative technology to build lead relationships with clients. Focusing on businesses, real estate owners, and professionals, Freedom Bank concentrates on key industry verticals to deliver unique, sector-specific solutions to help clients meet their goals and realize their dreams. Freedom Bank has sales office locations in Fairfax, Vienna, Reston, Manassas, and Chantilly, VA. The Freedom Bank Mortgage Division is headquartered in Chantilly, VA. For information about Freedom Bank, visit our website at www.freedom.bank.

Contact:
Joseph J. Thomas
President & Chief Executive Officer
Phone: 703-667-4161
Email: jthomas@freedom.bank

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SOURCE The Freedom Bank of Virginia