AEDC Small Business Lending Center
March 2010 - Vol 2, Issue 3 |
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| Greetings! | |
It's April, which means we at AEDC are preparing for our fourth annual Spotlight on Success Event, "Begin Again in 2010!" Check below for details.
We want to welcome Mandy Marquez who is the newest member on AEDC's loan committee. Mandy is a commercial lender with U.S. Bank and is Vice President/Business Relationship Manager for the Bank's Northern California region. She joins our eleven member loan committee that includes representatives from four lending institutions along with a cross section of local business owners and leaders. Welcome aboard Mandy! |
| SBA 504 Rates | |
SBA 504 rates are currently: 5.77%
With the passage of HR 4851 by both Houses of Congress, an additional $80 million of fee offsets for both SBA 504 and 7(a) loans will be funded. This means new applicants for 504 loans will continue to have the lender participation fee (.50%) and the CDC processing fee (1.50%) waived until the funds run out.
SBA 504 rates won't always stay this low, so if you have a client looking to purchase a building for their business and they have a 10% down payment, now is a good time to do it.
I am available to answer any questions you might have regarding the SBA 504 program.
Kelly D. Denney
Loan Manager
(707) 822-4616 ext. 14
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| Begin Again in 2010 |
 Renewed energy and optimism are the themes for AEDC's fourth annual Spotlight on Success "Begin Again in 2010." We'll swing into economic recovery with music provided by the swing band Magnolia. An optimistic theme was chosen for the event following a tough year for many local businesses. This event will be held at the Arcata Theater Lounge on May 18, from 5:00 to 7:30 p.m.
This year, we will be honoring North Coast Small Business Development Center for 25 years of service. NorCan will also be presenting their award for Non-Profit Leader of the Year to Sharyn Harper of Humboldt Domestic Violence Services. The event will also feature local AEDC business clients and partner agency displays, demonstrations, samples from local food manufacturers and door prizes.
"Some of our local businesses are coming out of this past year a little battered, but standing, and stronger for it" said Ross Welch, executive director of AEDC. "When we take a minute to look around, we do have a lot to celebrate in our community, and a lot to look forward to."
To reserve free tickets to this event, call AEDC at 822-4616.
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| $300,000 in SBA Microloan Funds Awarded to AEDC |
$300,000 in U.S. Small Business Administration (SBA) Microloan funds have been awarded to AEDC. The SBA Microloan Program provides small, short term, fixed rate loans ranging from $5,000 and $35,000 to small businesses. Funds are made available to designated lenders, such as AEDC, who then make loans to eligible borrowers. Entrepreneurs can use these funds for working capital, to expand a business, or to purchase inventory, supplies, machinery, and other necessary business equipment. AEDC's Microloan funds are available to residents of Humboldt, Mendocino, Del Norte, Trinity, Siskiyou, and Lake Counties. AEDC also provides technical assistance and business training to micro-borrowers in order to help them succeed.
If you would like more information about micro-loans, call Jayne Lovig with any questions at 822-4616.
Champion Advocates benefitted from the SBA Microloan Program in 2009. |
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AEDC's Small Business Development Center finances small businesses in a six county area of Northern California. We have loan funds available from several sources, including the SBA, USDA, the Headwaters Fund and the Old Growth Diversification Fund.
This year we plan to hold three separate lender's conferences in Mendocino, Del Norte and Lake counties. Look for details in our upcoming newsletters. In addition, our 4th annual Spotlight on Success will be held on May 18th at the Arcata Theater Lounge. Make sure to pencil in the date for this popular event.
Please visit the AEDC website at www.aedc1.org to get more information about AEDC loans, events and programs. |
Ross Welch Executive Director
(707)822-4616 ext 11 ross@aedc1.org |
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