February Economic Development News
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From Our Executive Director
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In many ways, especially the ways that matter, AEDC is a well-oiled machine. We have solid staff and solid programs and are known for the good work we do. When things are going well, we can rest on our laurels or we can look for ways to serve our community even better. On February 5
th,
AEDC
welcomed James Schaeffer, our newest loan officer, to the AEDC team. James has already brought in a spark of energy and contributes a well rounded combination of skills that will support both business development and the administrative sides of lending and other departments.
If you stop into AEDC or get a chance to see James out in the community, please tell him hi. He’ll be the tall guy towering over me…
In other news…. AEDC is becoming known for more than just commercial loans –because we know it takes a healthy community to foster a healthy economy.
This month we are pleased to announce our support of the Discovery Museum, which serves some of our most important (and youngest) community members and heartily welcome Fawn Sheer to our board of directors. With Fawn’s wealth of experience creatively supporting community projects, we plan to unabashedly use her expertise to add more tools to our AEDC economic development toolbox.
We are also happy to promote the Area 1 Agency on Aging new homeshare program, because safe and adequate housing is a cornerstone of every healthy community. I encourage you to learn more and support this important program however you can.
~Ross
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AEDC's loan department grows with the addition of a new employee, James Schaeffer
James Schaeffer, AEDC’s new loan officer, says he was drawn to AEDC because of the good work we do. “I love helping the local community through my financial knowledge and AEDC's community strength became abundantly clear my first week here,” he said. “I was able to see the loans in their portfolio and was excited to see how many new and established businesses were familiar to me. AEDC has been strengthening the local economy for decades now and is constantly finding new ways to help new business as well.”
Schaeffer previously worked at Umpqua Bank in Henderson Center and will focus much of his energy on increasing community awareness of AEDC and generating new loans. He says he is also looking forward to learning the inner workings of our non-profit and taking on new challenges and responsibilities. “In banking there is a limit to what you can do,” he observed. ”But here at the AEDC you can do anything and everything which is both exciting and terrifying.”
"Bringing in a new employee will provide support to our current team and will allow AEDC to be more proactive in bringing in more loans and projects," said Ross Welch. "We have so much opportunity at our fingertips, but we can only take on what we can handle. James will help us to do more good stuff."
Schaeffer left Los Angeles to attend Humboldt State in 2005 and says he was hooked. “I couldn't get enough of Humboldt's community, it's culture, it's people, everything. It was a breath of fresh air, literally, compared to the smog I had grown up in…. I enjoy that Humboldt county takes it's time, and no one is in a rush, and everyone is friendly and helpful.”
As a side note, Schaeffer helps to manage and performs in a small local improv comedy troop called
On The Spot Comedy
. “Although loans and finances can be a very serious topic, I do improv to help remind myself and our audience that you have to enjoy yourself and laugh once in awhile,” he said.
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Prosperity Economic Development Forum for Humboldt County
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Join the Prosperity Network at the River Lodge from 9 a.m. to 4 p.m. on March 22 to find out what is happening in economic development throughout Humboldt County.
Get concise updates on economic development projects happening all over Humboldt County. The program includes about 15 presenters including city managers, community development representatives and program managers, tribal representatives, chamber directors, harbor, airport and CalTrans representatives all in one day. We will end the day with a check in for all participants to share their economic development projects. The day promises to be fast paced, and packed with useful information about projects throughout the county.
A continental breakfast and lunch will be provided with registration.
Register
here.
For more information, call Susan at 798-6132 ext. 212.
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Funding for the Discovery Museum
The Discovery Museum
is a non-profit children’s museum, serving approximately 10,000 people per year, that offers interactive exhibits and thematic programs that promote hands-on, open-ended discovery in the areas of science, art, culture, technology, and healthy living.
Unfortunately, the museum recently lost a grant proposal for $48,000. To help the museum address immediate needs, AEDC granted the museum a $40,000 loan until revenue from the annual Perilous Plunge fundraiser takes place.
The museum offers memberships, field trips for children, space for birthday parties, an “Explore store” packed with high quality gifts and more.
"The board of Directors, staff, and families of the Discovery Museum are so very grateful for the loan we recently received from AEDC," said executive director Kala Minkley. "The fall of 2017 was financially difficult for the organization, and this loan will carry us through to our big fundraiser for the year, the Perilous Plunge!"
The Plunge will be held on St. Patrick's Day, March 17th, this year.
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Location:
612 G Street Suite 102 Eureka, CA 95501
Phone:
(707) 443-9694
Hours of operation:
Tuesday-Saturday 10am- 4pm
Sundays 12-4pm
Cost of Entry:
$5 per person
Members & children under 18 months are free
"Our goal is to help youth expand their horizons and prepare for the future by fostering a passion for exploration and learning."
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Area 1 on Aging Introduces Homesharing Program
The Area One Agency on Aging is helping home seekers and home owners find each other using an innovative new program. Silvernest, an online homesharing app, allows individuals seeking housing to connect with others who have extra rooms they are willing to share.
According to Dan Birmingham, Information & Assistance Manager for the Area 1 Agency on Aging, housing providers may arrange a regular rental payment, or exchange services to offset a portion or all of the rent. “No two Homesharing situations are alike,” he said. “Each is tailored to the needs and desire of the individual people involved.”
Home providers may be living in a house too large due to life changes (empty nest or loss of a spouse), or they may be a one-parent family finding it difficult to cope with maintaining a household alone. Home seekers may be seniors, college students, newly divorced persons, professionals recently moved to the area or travelling, or anyone in need of lower cost housing who enjoys living with others.
A1AA will also offer monthly informational meetings at the A1AA office (434 7
th
Street
Eureka) on the 4th Thursday of every month at 5pm. Individuals can also call (707) 442-3763, ext 209 for an appointment to get more guidance on starting to homeshare. Currently, they're reaching out to those with homes.
Silvernest is operated by an outside agency and Area 1 Agency on Aging (A1AA) will act as facilitator- providing tools to help individuals find successful homeshare matches. Background checks are limited in nature and not comprehensive. A1AA does not perform credit checks, verify income or ability to pay and does not verify physical and mental health status. “It is the responsibility of the individual participants to determine whether referred individuals are found to be compatible—as all final decisions regarding homesharing rest with the seekers and providers of housing.” Bermingham added. “It is also important to clarify the A1AA, at this time, is only providing information and resources for the community to start homesharing on their own and is not keeping a list of potential home providers or home seekers to do matches with.”
For more information, go to:
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Spotlight on Success
Usually this time of year, you would be hearing about one of our favorite annual events,
Spotlight on Success
. This year AEDC is celebrating our 40th Anniversary, so we're going to be moving the event closer to our anniversary date in August. Stay tuned.
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SBA 504 Current Rate:
4.94%
- 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. 212 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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