September 2019 Economic Development News
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From Our Executive Director
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Fall is in the air and that means it's time to close out our audit and start planning for our annual meeting. This year, at our Annual Meeting, we will get to celebrate our new loan program from USDA, the Rural Microenterprise Assistance Program from USDA. We've been a long-time partner with USDA and they provide us with many of the arrows we have in our lending quiver -- including lending for larger commercial ventures, community development projects and now microenterprise projects. Our smallest loans are some of our favorites, because they really can be that gentle push in a specific area that allows a business to modernize, become more efficient and even get started. USDA will allow us to reach out and do even more of those loans, so if you've been putting off something because it's too big to buy outright, but not large enough for a traditional loan, give us a call.
There's always a lot to do to stay connected with what is happening to support business in our region, such as the Chamber's Workforce Forum or last month's Prosperity Meeting to explore arts and economic development -- and, of course, our annual meeting. We hope to see you there!
-- Ross
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AEDC Has New Microenterprise Program
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AEDC Awarded RMAP Funds from
USDA for Small Business Lending
Arcata Economic Development Corporation (AEDC) has been awarded $400,000 for lending and an additional $100,000 for technical assistance from the United States Department of Agriculture (USDA) through their Rural Microenterprise Assistance Program (RMAP) to be used for businesses in AEDC’s service region including Humboldt, Del Norte, Mendocino, Lake, Trinity and Siskiyou Counties.
The funding from RMAP will allow AEDC to provide loans to support microenterprise start ups and growth, as well as providing training and technical assistance to microloan borrowers and micro entrepreneurs. Funds can be used for working capital, inventory, real estate, supplies, fixtures and furniture, machinery and equipment. The maximum loan through this program is $50,000.
“Often a small business needs a loan for something specific, like a piece of equipment, and it’s difficult to find a bank that is set up for loans that are that small. That is why programs like the RMAP are so important to assist our small businesses in making those incremental steps for growth,” said Ross Welch, executive director of AEDC.
AEDC has been lending business funds through the USDA since receiving their first Intermediary Relending Program award in 1991 for $500,000. Those funds are borrowed by AEDC at a low interest, then lent out to support local business endeavors. AEDC will be looking at their relationship with USDA, and specifically the RMAP program during the AEDC Annual Meeting on Oct. 22.
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Since 1978, AEDC has been providing loans and support to entrepreneurial and innovative community endeavors.
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Business & Education Workforce Forum
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Eureka Chamber Business & Education
Workforce Forum on October 22
Join the Eureka Chamber for an event that will feature
presentations from about 20 Humboldt County
workforce programs that are helping to prepare people for jobs. Some participating programs will include workforce programs in colleges, high schools and throughout HCOE. There will be representatives from County programs, Job Placement programs, Re-Entry programs, Entrepreneurship programs and programs for workers with Special Needs. If you've ever asked, "What is being done to prepare people for the workforce?" You will have your questions answered here!
The event is sponsored by: the Eureka Chamber of Commerce, AEDC, Sequoia Personnel Services/Cardinal Services, Inc., Humboldt County Office of Education and Redwood Capital Bank.
When
Tuesday, October 22, 2019
11:30 AM to 1:30 PM
Where
Sequoia Conference Center
901 Myrtle Ave
Eureka, CA 95501
Contact
Susan Seaman
AEDC
707.798.6132
Other information
- Lunch is provided free of charge
- The forum will offer an opportunity to tour the Trades Mobile Lab
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AEDC Annual Meeting
Tuesday, October 22, 5 p.m .
707 K Street, Eureka
Please attend to enjoy refreshments, hear about AEDC activities in 2019 and learn about t
he new AEDC
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Arts and Culture in Economics
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Prosperity Network Luncheon
On September 12, Dell Arte International School of Physical Theater in Blue Lake hosted the Prosperity Network Lunch and Learn. The conversation focused on how a strong and vibrant arts and culture industry can support economic growth, workforce attraction and more.
The event featured
- Michael Fields, Producing Artistic Director, Dell Arte International School of Physical Theater
- Libby Maynard, Executive Director, The Ink People
- Jacqueline Dandeneau, Executive Director, Arcata Playhouse
- Swan Asbury, Associate Planner for the city of Eureka and the inspiration behind all of Eureka’s “Arts-as-Economic-Development” initiatives
Economic Development Director Scott Adair lead the discussion, which included a review of various programs and ideas for building and strengthening arts and culture through the region.
More about the value of Arts....
The US Bureau of Economic Analysis and the National Endowment for the Arts released a report earlier this year that revealed that the arts contribute $763.6 billion to the US economy—4.2 percent of the GDP—more than agriculture, transportation, or warehousing.
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SBA 504 Current Rate:
3.45%
- 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
Newsletter produced by
Lynette Mullen, Projects Delivered
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