Alerus partners with Federal Home Loan Bank of Des Moines to award $20,000 to Latino Economic Development Center
MINNETONKA, MINNESOTA (June 24, 2025) – Alerus, in partnership with Federal Home Loan Bank of Des Moines, is pleased to announce the Latino Economic Development Center (LEDC) will receive a $20,000 grant from the FHLB Des Moines Member Impact Fund.
The Member Impact Fund provides FHLB Des Moines members up to $3 for every $1 in matching grant donations to strengthen the ability of nonprofits or government entities to support their communities. This member matching grant program was open only to organizations based in Minnesota. Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs including job training, affordable housing, financial literacy, food banks and youth programs.
“We are thrilled to provide this funding in partnership with FHLB to support new and growing entrepreneurs as they work toward their small business ownership goals,” said Kelly Elkin, corporate banking executive and nonprofit segment leader at Alerus. “We are extremely proud to work with organizations like LEDC to achieve their goal of empowering community members to pursue, achieve, and exceed their business visions. We know this grant will directly impact the business owners of tomorrow and, as a result, will positively impact the entire community.”
LEDC is currently building a Latino-focused market hall on the east side of St. Paul, Minnesota, called Plaza del Sol which will include business incubator space for small food businesses and a shared commercial kitchen with flexible lease terms to support new and small businesses. Grant funds will be used to develop technical assistance curriculum to support food businesses as they navigate growth challenges and expand beyond the incubator.
“We are deeply grateful to Alerus and the Federal Home Loan Bank of Des Moines for their generous support through the Member Impact Fund grant,” said Alma Flores, executive director of LEDC. “Their partnership plays a vital role in advancing our mission at Plaza del Sol — empowering Latino entrepreneurs with the resources, guidance, and community they need to thrive. This funding will allow us to expand our technical assistance programs, helping small businesses grow and succeed on St. Paul’s East Side. It also contributes to strengthening the local economy and creating lasting opportunities for future generations of entrepreneurs.”
Since its founding in 2023, the Member Impact Fund has supported affordable housing and community development with nearly $70 million in grants awarded by FHLB Des Moines. Member institutions apply and receive Member Impact Fund matching grants to be distributed to eligible organizations alongside their own grant contribution.
About Alerus
Alerus (Alerus Financial, N.A.) is a commercial wealth bank and national retirement services provider that delivers diversified and comprehensive financial solutions to businesses and consumers, including banking, wealth services, and retirement and benefits plans and services. Our purpose is to help clients achieve theirs. We accomplish this by providing personalized service and the right products at the right times to help them achieve their immediate and long-term goals.
Alerus operates 29 banking and wealth offices, with locations in Grand Forks and Fargo, North Dakota; the Minneapolis-St. Paul, Minnesota metropolitan area; Rochester, Minnesota; the southern Minnesota area; Marshalltown, Iowa; Pewaukee, Wisconsin; and Phoenix and Scottsdale, Arizona. Alerus also operates a commercial wealth office in La Crosse, Wisconsin. Alerus Retirement and Benefits serves advisors, brokers, employers, and plan participants across the United States.
About LEDC
The Latino Economic Development Center (LEDC) is a Latino/a-created and -led organization that helps entrepreneurs and small businesses launch and grow in Minnesota. LEDC provides access to capital, workshops, continuing education, one-on-one assistance to businesses and farmers as a Community Development Financial Institution (CDFI).
About Federal Home Loan Bank of Des Moines
The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.
FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.