Midlands Latino Community Development Corporation
Midlands Latino Community Development Corporation
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About this organization
Mission
MLCDC provides low income communities with opportunities to generate economic growth by providing financing products, development services, and community development that advances their ability to develop a sustainable future in the Midlands.
About
MLCDC business microlending program - our educational and coaching services include childcare development, educational and coaching services micro-business, micro-lending, financial education and computer training. Financial products include loans offered through the business loan fund. This program serves businesses which need capital ranging from $1,000 to $25,000. MLCDC uses two systems in its micro-lending program: peer lending groups and direct lending program. MLCDC uses the peer lending group model to serve businesses that lack access to bank credit. Loan applicants join a business loan group that qualifies loans, assesses and manages loan risk, and provides the group as a whole with the opportunity to expand its credit limit through responsible lending and borrowing. Step-up loans are provided to businesses that prove their credit worthiness and offers loans to $10,000. The direct lending program offers loans up to $25,000 at below market interest rates. A qualified loan committee is in charge of the evaluation of the loans. MLCDC became a CDFI on June 30, 2017.
Interesting data from their 2020 990 filing
The filing clearly states the mission of the non-profit as “Mlcdc provides low income communities with opportunities to generate economic growth by providing financing products, development services, and community development that advances their ability to develop a sustainable future in the midlands.mlcdc is a non-profit organization that provides top quality service to all its clients. the top programs the organization provides to the community are: business development, childcare creation, financial capability and access to capital. mlcdc is a certified community development financial institution (cdfi). we have been serving the community for about 10 years with these programs.”.
When outlining its functions, they were explained as: “Mlcdc provides low income communities with opportunities to generate economic growth by providing financing products, development services, and community development that advances their ability to develop a sustainable future in the midlands.”.
- In compliance with legal regulations, the non-profit has reported their state of operation as NE.
- The filing records the non-profit's address for 2020 as 4923 SOUTH 24TH STREET SUITE 201, OMAHA, NE, 68107.
- As of 2020, the non-profit's form reports a total of 5 employees.
- Is not a private foundation.
- Expenses are between $100,000 and $250,000.
- Revenue is between $250,000 and $500,000.
- Revenue less expenses is $216,345.
- The organization has 8 independent voting members.
- The organization was formed in 2006.
- The organization pays $156,335 in salary, compensation, and benefits to its employees.
- The organization pays $20,149 in fundraising expenses.