AEDC Small Business Lending Center
June 2010 - Vol. 2,  Issue 6
In This Issue
AEDC Receives Wells Fargo Grant
2011 Prosperity Participants Selected
Spotlight on Success Photos
SBA 504 Update
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Two seminars held in Mendocino County, a successful "Spotlight on Success" event and a $100,000 grant from Wells Fargo.  Not a bad four weeks for AEDC.  Check out the details below in this months newsletter.
 
 
AEDC Receives Grant from Wells Fargo
 
         Ross and Donald Wells  
Ross Welch, Executive Director of AEDC and Donald Terry, Wells Fargo Community Development Officer, meet to discuss the Prosperity IDA Scholarship.  
 
Wells Fargo & Company announced that AEDC is one of fourteen nonprofit agencies throughout California that will share in a $1.4 million grant from Wells Fargo called the Technical Assistance Initiative. 
 
AEDC will receive $50,000 per year during this two year initiative, to increase the scope and quality of technical-assistance programs they offer to small businesses run by owners who are disabled, have low incomes, or are women or people of color.
 
"Wells Fargo understands the important role that technical-assistance providers play in increasing the productivity and efficiency of small businesses," said Donald Terry, Wells Fargo Community Development Officer. These providers strengthen small businesses, and through our grant, we want to help them provide further outreach to small businesses."
 
AEDC will use their funding to grow their Prosperity Individual Development Account Scholarship program for low to moderate income micro-enterprise business owners. The program combines business and financial literacy education with individual business counseling and a savings match for participants of $2 for every dollar saved.  
 
Funding from Wells Fargo will help expand the program to include Del Norte and Mendocino Counties, and to begin an agriculture specific program in Humboldt. 
 
"We are so grateful to Wells Fargo for all of the support they have given our business community," said Ross Welch, AEDC Executive Director.  "Their contribution to the matching fund portion of our scholarship program will help our smallest business owners purchase the assets that help grow the value of their businesses."
 
Selection of the winners was based on how well they met the following criteria:
 
Demonstrated ability to deliver effective technical-assistance programs to the target group of small businesses;
  • History of providing measurable, effective technical programs in their community;
  • Sound fiscal management practices;
  • Proven experience and skills of the management team and program staff; and
  • Ability to accurately collect and analyze data on the programs' effectiveness.
2011 Prosperity Scholarship Program Participants Selected
     
Participants have been selected for the 2011 Prosperity IDA Scholarship program, and they have been taking classes through June with Consumer Credit Counseling Services, and establishing their business advisor with the North Coast Small Business Development Center. The Prosperity IDA Scholarship is an education-savings/match program for low to moderate income microenterprise business owners. Over the next year, participants will receive financial literacy classes, business workshops and advising. They will write a business plan and earn a cash award of $2 for each $1 they save toward a business asset. At the end of the program, participants will have up to $3,600 of savings plus match to purchase a business asset of their choice.
  • Jen Brian Bonpane, HumMums Parenting Newsletter
  • Erica Canevari, Back in Balance Horseshoeing 
  • Elizabeth Dunlap, Shivley Farms
  • Christine Justensen, Blue Jay Nursery 
  • Cammille Layton, massage therapist
  • Chris Miller, computer repair
  • Jocelynn Rudig, herbal consulting
  • Sky Speciale, Sky Landscaping
  • Kyle Visser, Shred Tec
  • Leandra Young, Bradley Method Childbirth Coach
 
Good Times -- Spotlight on Success

SOS 2010

We had another great event at Spotlight on Success, Begin Again in 2010 this year. Did you miss the fun, or just want to reminisce? Check out photos here.
 
Good Times Coming Friday!
 
   

Fire in the Belly

 
Parking and entrance to the hall is in the back of the building.
For information and to RSVP, reply to [email protected]
SBA 504 Rates
 
             SBA Logo
 
SBA 504 rates are currently: 5.29% 
  • Low down payment for borrowers
  • Competitive fixed interest rate
  • Long Term loan
  • From $50,000 to $2 million for commercial real estate, construction and equipment acquisition.
 
AEDC is the SBA 504 Leader on the North Coast. Call Kelli Denney, Loan Manager: 822-4616.
                                                                                                    color map
AEDC held two financial partner seminars this month.  The first was a luncheon held at the North Coast Brewery in Fort Bragg and the second was a breakfast held at the Hampton Inn in Ukiah.  Local financial representatives and others interested in economic development were able to learn about AEDC's micro-loan products and other lending programs as well.  Attendee's were able to meet our Loan Manager Kelli Denney and our Mendocino Business Development Representative Madelin Holtkamp.  In the coming months we will be holding similar seminars in Crescent City and Eureka. 
 
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
[email protected]