LAEDA Empowers Underserved NJ Communities With Business Support
Photo courtesy of LAEDA Facebook
BY NATHALY SUQUINAGUA | For AC JosepH Media
CAMDEN — Since 1987, the Latin American Economic Development Association, better known as LAEDA, has been a leading non-profit community economic development organization in the city of Camden and South Jersey.
LAEDA empowers individuals who face barriers to starting businesses and helps small business owners access capital and support.
Founded through the efforts of the National Puerto Rican Coalition, along with local community and business leaders, whose goal was to support all individuals and families residing in under-served, low-asset communities across the seven counties of New Jersey: Camden, Burlington, Atlantic, Gloucester, Cumberland, Cape May, and Salem.
“The goal is not just to teach people how to start businesses, but it’s to teach people how to start a business to revitalize the community, a neighborhood in a low to moderate income community, a low asset, low wealth community, as opposed to a singular teaching business class,” Raymond Lamboy, CEO and president of LAEDA, told Front Runner New Jersey.com.
Lamboy as led LAEDA since December, 2007. He said by creating the Entrepreneurial Development Training Program, LAEDA has been able to become an advisor, creating a program that can help people with the fundamentals of starting a business and ultimately creating a business plan.
With this program, there were setbacks and challenges that LAEDA has been trying to face and guide people. He noticed that many graduates of the program have been leaving the city to find suitable real estate for rent and a more fruitful marketplace.
With LAEDA’s goal of revitalizing the commercial borders and having a city with a healthy economic environment, they have been developing programs that can better suit individuals who may not be ready to commit to a full-time business but have started side hustles.
The Quick Start Series, is a five-part series that can provide an opportunity on what direction beginning business owners may be wanting to start.
Many clients being African American women and Latinas, these programs have gained attraction and have been providing guidance not just in the city of Camden but in other locations around New Jersey as well.
“Our clients come to us with an intentional goal, right, whether it’s to buy a new house or get a new car or just have some peace of mind, So we take that responsibility very seriously,” Lamboy said.
With 99.6% of all businesses in New Jersey classified as small businesses, it’s clear that small enterprises play a vital role in the state’s economy. By receiving proper guidance on how to start a small business, aspiring entrepreneurs can contribute to this thriving sector and create positive outcomes for their communities.
As LAEDA continues to grow and gain attention from community members, they are continuously hosting events and programs for entrepreneurs.
Along with Lamboy, LAEDA’s team includes Annabel Soto, office administrator; Jamila Powell, program director of the Women’s Business Center; Jiao Xu, program manager of the Business Services Center; Serhrish Khan, training coordinator for the Business Service Center; Merfred Felix, special programs coordinator for the Women’s Business Center; and Michelle Phillips, program support coordinator.
More information can be found here: https://laeda.com/
EDITOR’S NOTE: This story originated from an interview last year with LAEDA president and CEO Raymond Lamboy, which was conducted by FRNJ Editor Clyde Hughes.
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