State Farm awards $10K to the Latin American Economic Development Association's entrepreneurship program
Camden, NJ, August 14, 2012 - Encouraging entrepreneurship in economically disadvantaged communities has shown to be the equalizer that allows individuals from varying educational, socio-economic and familial backgrounds to prosper financially. For more than 20 years, the Latin American Economic Development Association, Inc (LAEDA) has been opening the door to this opportunity with the Entrepreneurial Development Training Program (EDTP).
"Experience has shown that an individual with a high school diploma has just as good a chance at starting and growing a successful business as one started by a Ph. D", said Raymond Lamboy, President and CEO of LAEDA. The purpose of EDTP is to provide an alternate route to employment for low to moderate income minorities through the creation of a business. Lamboy adds, "The concept can be summed up by the Chinese Proverb, 'You can give a man a fish and feed him for a day or you can teach a man to fish and feed him for a life time.' LAEDA deals in fishing poles."
Last week, State Farm presented Lamboy and LAEDA with a $10,000 grant to continue the insurance company’s commitment to help people realize their dreams. No one knows that more than local Haddon Heights, NJ State Farm agent, Dan Miller. Since 2008, Dan has assisted and volunteered to conduct insurance and small business sessions. "A few years ago, I was introduced to LAEDA and learned that their mission was to promote economic development, said Dan. "I believe small business drives this country. I know the students that I have helped through LAEDA want a hand up, not a hand out. I’m a huge believer in their 'teach the man to fish' philosophy."
The first year of life for a small business is usually the most difficult one. Most new businesses fail during the first year. Recognizing this fact, LAEDA offers new entrepreneurs free technical assistance, for a period of twelve months after start-up. Technical assistance includes developing a marketing plan, advertising techniques, setting up the books for the business, accounting, financing, hiring employees, payroll taxes, etc. Through the Entrepreneurial Development Training Program (EDTP) prospective entrepreneurs participate in a nine-week 67 hour intensive curriculum that provides individuals with business training, technology training, assistance in writing business plans and starting businesses. It also includes assistance in obtaining financing and follow up technical assistance for one year. The course is offered three times per year.
For more information on the Entrepreneurial Development Training program, contact the Latin American Economic Development Association, Inc at 856-338-1177.
Contact
Dave Phillips - State Farm Public Affairs (610) 358-7667
The Latin American Economic Development Association, Inc. (LAEDA) was incorporated in New Jersey in 1987 as a nonprofit, 501 (c) (3) tax-exempt corporation. The organization was established through the efforts of the National Puerto Rican Coalition along with local community and business leaders to create economic opportunities for minorities while facilitating the redevelopment of Camden City. LAEDA is a successfully governed and managed minority enterprise. LAEDA's mission is to promote economic development to include the economically disadvantaged, primarily minorities, in the Delaware Valley, primarily the City of Camden, New Jersey. LAEDA is governed by its Board of Directors. Daniel R. Montes serves as the Chairman of the Board. Currently LAEDA has nine Directors from various backgrounds, professions and expertise. This diverse Board is one of the most "hands on, roll up your sleeves and work" Boards you would ever come across.
State Farm and its affiliates are the largest provider of car insurance in the U.S. and is a leading insurer in Canada. In addition to providing auto insurance quotes, their 17,800 agents and more than 65,000 employees serve 81 million policies and accounts - more than 79 million auto, home, life and health policies in the United States and Canada, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 43 on the Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com or in Canada http://www.statefarm.ca.
