Economic Development News
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From Our Executive Director
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We have really great neighbors -- like the folks across the street from AEDC who run the Making Headway Center for Brain Injury Recovery. Inside their newly-renovated, Wes-Anderson-ish blue church building is a team of people dedicated to helping our community—specifically our brains. We are excited about being able to partner with them to provide a loan that will allow them to better utilize their building and to continue the positive impact they have on the community.
Speaking of being excited, have you heard about our recent PRI from the California Wellness Foundation? They saw some of the projects we have done as helping to support their mission "Advancing wellness for the people of California.” We were fortunate to receive a Program Related Investment of $500,000. If you have an idea or a community development project in mind that is looking for funding, I encourage you to get in touch with us!
—Ross
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Client Profile: Making Headway Center
for Brain Injury & Recovery
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The mission of Making Headway Center for Brain Injury Recovery is to help those who have suffered from brain injuries by providing access to unique services, support, and opportunities that help enable self-sufficiency.
“We’re famous for helping people with traumatic brain injuries,” says Jeff Smoller, Community Development Coordinator at the organization, “but in recent years, we’ve opened up therapy to the community. We know, through brain research, that any kind of trauma is a brain injury—it can affect your chemistry, your emotions, and every aspect of your life. And the therapy we provide can help to heal that trauma.”
Making Headway has been growing and expanding the resources they provide to the community, including preventative outreach and education, classes and education, therapy, a day center, and more. But, as they continue to grow, so does their need for more space. The Making Headway facility that holds the offices for their staff of about 40, classrooms, and therapy rooms is an old church that has undergone several renovations over the years. They currently only operate out of the main floor, but the building has three levels which could be utilized if they were ADA accessible.
With the help of AEDC, Making Headway Center for Brain Injury was able to get a loan which will allow them to install a lift in the building, opening up the lower and upper levels of the building. As Jeff put it, “the loan will allow us to serve more people, more efficiently, and more cost-effectively.”
Having access to research-based therapy and quality education is a huge asset to our community. The center doesn’t just provide daily life skill classes, counseling, and therapeutic activities to those with traumatic and acquired brain injuries. “We’re all things brain. And we’re big on prevention.”
The Making Headway Center is anticipating construction on their lift to start within the next 90 days. To keep up with new developments from the Making Headway Center for Brain Injury, or to donate to this vital organization in our community, visit their website at mhwcenter.org.
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Partner Profile: Headwaters Fund
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For over 20 years, the Headwaters Fund has been a catalyst for economic growth in Humboldt County. By supporting the growth of industry clusters, one of the goals of the Headwaters Fund is to increase the number of sustainable jobs that pay at and above the median income. They also seek to provide support to initiatives that enhance the quality of life for our residents here in Humboldt County as well as the natural environment.
AEDC partners with the Headwaters Fund for their Revolving Loan Program and their Community Investment Fund. The Revolving Loan Fund (RLF) provides gap financing for 50% of the loan to businesses and non-profit organizations that can’t find funding through traditional lenders. AEDC facilitates lending these funds to businesses in the community for projects and initiatives that align with the Headwater’s community development mission, particularly with projects pertaining to the
Comprehensive Economic Development Strategy
.
To date, over $7 million has been loaned from Headwaters Funds. Clients that have used Headwaters Funds encompass a broad scope of businesses and community development projects. Some examples include North Coast Event Charters, the Kneeland Fire Department, the Sequoia Park Zoo Foundation, and the Hoopa Grocery Store. A large portion of the interest made on these loans is reinvested back into the community through other Headwaters grant and loan programs. If you are interested in learning more about this loan program, please contact Kelli Sterling at 707-798-6132.
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AEDC Receives PRI Funds
from the California Wellness Foundation
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AEDC receives $500,000 from California Wellness Foundation as a Program Related Investment (PRI)
For those who aren’t familiar with them, a PRI is a loan program from a foundation supporting a specific charitable cause. Unlike a grant, the money is loaned at a below-market interest rate, to organizations that serve a specific community need. Those who receive the funds are able to use them to invest in individual community projects, enabling the foundation to utilize their money to further their overarching mission, as well.
AEDC, a Community Development Financial Institution, is one of the first organizations to receive Program Related Investment from the
California Wellness Foundation
, and is certainly the smallest organization. The California Wellness Foundation appreciated AEDC's work on projects with several tribes throughout the community, like the Carson Block rehabilitation project and the Hoopa Grocery Store.
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"Often funders want to work with the largest organizations with the broadest geographic scope and the strongest portfolio. But, while those CDFIs sometimes say they serve our region, they're not actively serving it. Investing directly where they want the work done is a strategic move and we're happy to help with that," said Ross Welch, Executive Director.
The California Wellness Foundation works with partners to break down barriers that impede health —in a very broad sense— in our communities. By providing funding to community development projects that help build a stronger economic foundation in low-income areas, they develop the resources needed to improve overall health.
"AEDC is looking forward to working with the California Wellness Foundation and seeing the impact this investment will have on our developing communities," said Welch.
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If you or an organization you care about could benefit from this PRI Fund, please reach out to us to talk about the application process.
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Humboldt County Workforce Development Board Job Market Employment Services Partners
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Humboldt County Employers—we need your help!
The Humboldt County Workforce Development Board is conducting
a survey
and they would like to hear from you. Completing the survey helps your company and other local employers find customized workforce services and improve Humboldt’s competitive edge for state or federal funds.
Click the “Submit” button at the end of the survey to log results and become eligible to win one of three $50 VISA gift cards. All VISA gift cards will be awarded on February 29th.
You may complete the survey on your desktop, tablet, or mobile device.
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SBA 504 Current Rate:
3.463%
- Low down payment for borrowers
- Competitive fixed interest rate
- Long Term loan
- From $50,000 to $5 million for commercial real estate, construction and equipment acquisition.
Many commercial loans available on the market require a sizeable percentage down before the loan will be granted, and this can be an obstacle for many business owners looking to improve their facilities. The SBA 504 Loan offers a solution for that -- you can borrow up to 90% of your financing needs at a fixed rate, so only a minimum of 10% down is required.
The remainder is split between the SBA loan (40%) and a bank loan (50%), and the Arcata Economic Development Corporation will work with your bank to submit your loan application. Loan amounts range from $50,000 to $5 million, and some restrictions apply.
For more information, call Kelli Sterling, Loan Manager: 707-798-6132 ext. 214 or email kellis@aedc1.org.
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Arcata Economic Development Corporation
Fax: (707) 798-6130
Tel: (707) 798-6132
707 K Street, Eureka, CA 95501
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