AEDC Small Business Lending Center
June 2010 - Vol. 2, Issue 6 |
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| Greetings! |
AEDC has been spending some time in the last year getting to know some of our outlying communities a little better. We're enjoying meeting new friends in Mendocino and Del Norte County. We will be hosting our third lending leader luncheon on August 25. This time we'll be in Del Norte County where we're also kicking off a new Prosperity IDA Scholarship program. Local financial representatives and others interested in economic development are invited to attend this luncheon to learn about AEDC's micro-loan products and other lending programs, as well as programs like the Prosperity IDA program. Attendee's will also be able to meet our Loan Manager Kelli Denney, Loan Officer Jayne Lovig, and Dean Valero from Vogue Beauty Academy, an AEDC client from Crescent City, and talk with Barbara Burke and Janet DePace from the North Coast SBDC about our partnerships.
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| Three new IDA programs underway |
A recent grant from Wells Fargo & Company has allowed AEDC to expand the Prosperity IDA Scholarship program to include an agriculture specific program in Humboldt County; a program in Mendocino County; and another program in Del Norte County.
Working with AEDC Business Development Representative Madelin Holtkamp, Mendo-Lake Credit Union and the West Company, business owners will soon be able to apply for this business education program with a 2:1 savings match from AEDC. Participants must meet eligibility critera include earning an annual income that is less than 200% of the federal poverty level. For one year, participants will take classes and participate in business counseling with the West Company where they will complete a business plan for their micro-enterprise business. Participants will complete a comprehensive financial literacy education program, and begin a savings regiment that will be matched by AEDC. Partcipants can save as much as $1,200 per year to earn a $2,400 match grant that can be used to purchase a business asset. For more information about this program, contact Madelin at madelin@aedc1.org; or call 462-2899.
This same program will begin in early fall in Del Norte County, in partnership with the North Coast Small Business Development Center. For more information about how to apply in Del Norte County, please contact Barbara Burke at burke@northcoastsbdc.org; or call 464-2168. Businesses will be accepted through August.
In October, an agriculture specific microenterprise IDA program will begin in Humboldt County. This is an 18 month education program, with a $1,800 maximium savings and a $3,600 savings match to purchase a business asset to be used on a farm. This program is being offered in partnership with the the University of California Cooperative Extension, California Farmlink and the North Coast SBDC. This application is available online at http://cehumboldt.ucdavis.edu and the deadline for submission is Oct. 1, 2010. For more information, call Deborah Giraud at 445-7351. |
| Local Businesses Hold Memories |
By Susan Seaman, Program Director
Businesses are necessary to build the infrastructure of communities by providing goods, services and employment. Yet we often overlook the important role businesses play in our "sense" of community all through our lives.
We might forget our first taste of independence when our parents walked with us to the corner store to get a treat and let us pay the cashier ourselves. Chances are that we didn't only go to that store once. It became part of our routine. First, we walked with our parents. Then we rode our bike on training wheels, later on two. Soon, we went alone or in packs with friends. We developed habits, and made a beeline to the area with the soda fountain, or the bulk candies, or the deli. That store, whether it was an independent business or a 7-11, became part of what defines our childhood. Most of us probably remember our favorite local pizza parlor, or drive-in, where everybody gathered for parties after playing Little League or soccer. It's likely the same place that was packed after school sports events, like football homecoming games, or the last day of school. As we grew older and started earning our own money, we may have worked for a local business. We likely visited movie theaters and clothing stores. Hobbies required regular trips to the auto parts store, the trading card and collectible store or the pet store. These businesses were helping us to find our place in the community. Many of us have treasured memories of first dates, even engagements at local restaurants. After the earthquake in January, the threat of losing the building that once housed Old Town Bar and Grill evoked memories passionate enough to help save the building. Sometimes businesses that we never even visit play a large part in our collective memories. Those are the landmark businesses. This could include a business that stands out visually, like Pierson's Big Hammer, or the Legend of Bigfoot near Richardson Grove. Sometimes it's the signage or a mural on a building that makes it stand out. It could be a fountain or a sculpture, the shape of the building, or a distinctive location. One of the most interesting things about the sense of community is the desire to create deeper connections by remembering fondly businesses that are no longer around. "I remember when," is the beginning of a statement that says "I belong because I have history here." I recently visited a feed store in a small Texas town. A group of men, between 50 and 70, were talking about coming to the store when they were boys. It used to be the town's general store, and they talked about being fifteen-years-old and riding their bikes to get Blue Bell ice cream after school. They even pointed to the area of the store where they had the freezer case. They still meet for coffee at the store, daily. Some of the men need ranching supplies, but their connection to the store was as much about community as it was about getting barbed wire.
What are your favorite memories? Were they associated wtih a local business. When we build business we are building an economy. We're also building memories.
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| SBA 504 Rates | |
SBA 504 rates are currently: 5.21%
- 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. |
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As noted above, AEDC will be hosting another lending leader luncheon, this time in Crescent City on August 25th. While I have lived on the coast for 25 years, my first five years were spent in Crescent City, where Bank of America had sent me after my Sacramento assignment. It was my first small town experience and I hadn't been there long when a co-worker mentioned that his wife had taken their two year old son to the zoo the previous day. I didn't even know they had a zoo in Crescent City, but he explained to me it was actually Del Norte Feed. Whenever something new was delivered (this time it was baby chicks), she would take him to the zoo. I love Crescent City and I am looking forward to AEDC's luncheon there next month.
Please visit the AEDC website at www.aedc1.org to get more information about AEDC loans, events and programs.
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Ross Welch Executive Director
(707) 822-4616 ext. 11 ross@aedc1.org |
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