AEDC Small Business Lending Center
June 2010 - Vol. 2,  Issue 6
In This Issue
AEDC receives $750,000 Grant
LaDolce Video one year anniversary
SBA 504 Update
Controller Position Open
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Greetings!
AEDC has now hosted three lending leader luncheons this year in Mendocino & Del Norte Counties; Crescent City, Fort Bragg and Ukiah (actually a breakfast in Ukiah).  On September 14th we will be hosting a luncheon in Eureka, so you Humboldt County people watch for your invitation next week! 
 
A few days ago we received notification that we will be receiving a $750,000 grant from CDFI.  This is very exciting for AEDC because combined with our recently renewed & increased Headwaters fund (from $1.5M to $3.0M) and $300,000 in SBA microloan money received earlier this year, our available loan funds have increased by over $2,500,000 in a very short time.  We just need to get the funds loaned out now, so please remember to pass on your referrals to us!
AEDC receives $750,000 from CDFI 
 
 
The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund recently announced $104.8 million in awards for 179 local financial institutions serving struggling communities in 44 states and the District of Columbia. These grants represent the largest single round of awards in the CDFI Fund's history and will help those financial institutions support local entrepreneurs and small businesses, and spur local economic growth and recovery by expanding access to capital and affordable financial services in underserved areas.
 
AEDC was one of the 179 financial institutions that received an award.  We will be receiving a $750,000 grant from CDFI that can be used for loans in our target market; the business community in our six-county serving area.  What's exciting about this grant is that we do not have to provide matching funds.  We have three years to get this money out and it can be utilized in any of the six counties that we currently serve.  For more details and a list of other awardees', go to the CDFI website at: https://www.cdfifund.gov and go to announcements.  There is a link to all of the 2010 recipients.
 
CDFI Logo 
Congratulations on one successful year LaDolce Video!
 
 

La Dolce Video

Three months before hosting their own One Year Anniversary party at the Arcata Theater Lounge this month, LaDolce Video owners Amy Hennessey and Merrick McKinley celebrated the success of all small businesses at Spotlight on Success with AEDC. 
 
Hennessey and McKinley were able to make their business dream a reality by working with AEDC Small Business Lending Center and North Coast Small Business Development Center. 
SBA Rates Below Five Percent 
              
 

SBA Logo

 
SBA 504 rates are currently: 4.93%  
  • 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.
 
Did you know?
 
Recent loan data has shown that a large percentage of SBA 504 borrowers are professional practices. The greatest concentration of loans has been to physicians, dentists, veterinarians, lawyers and accountants. Professionals are realizing that owning their own property is a savvy financial move. Interest rates are as good as they get. If you've been considering stepping up from renter to owner for your business property, consider an SBA 504 loan.

 
 
AEDC is the SBA 504 Leader on the North Coast. Call Kelli Denney, Loan Manager: 822-4616.

 
 
Job Opening: Controller
 
 
AEDC currently has an opening for Controller, a management position. The controller is responsible for maintaining financial systems, policies, procedures and financial compliance requirements. Degree in accounting or business administration, five years experience and strong communication skills are required.  A complete job description can be found here. Send your resume and cover letter by 5 p.m. Aug. 30, to AEDC, 100 Ericson Ct, Ste 100A, Arcata, CA 95521 or email to: [email protected].
 
 
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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.
 
 
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]