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AEDC Small Business Lending Center
October 2010 |
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| Greetings! |
Highlighted below is news of our most recent grant, $45,000 from Bank of America, which makes an additional $300,000 in SBA microloan funds available to AEDC clients. We now have over $3,500,000 in funds to lend out in our six county serving area. We want to get this money out working in the community as soon as possible, so if you know of anyone who is starting a business or wants to expand an existing business, please refer them to AEDC! |
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AEDC receives $45,000 grant
from Bank of America |
AEDC has received a $45,000 grant from Bank of America for use as loan loss reserves required by federal microloan programs to access an additional $300,000 in loan capital that is then used to make small-sized loans to local businesses. In an effort to find new ways to help struggling small and start-up businesses in the region, AEDC is working with Bank of America to tap unused federal funds.
According to AEDC Executive Director Ross Welch, "$45,000 can help as many as half a dozen small local business owners by freeing up funding for microloans." Business owners can use the funds, up to $50,000, for start up costs, working capital, asset purchases, expanding inventory, and energy efficiency improvements." Microloans range from $5,000 to $50,000.
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SBA Rates Below Five Percent | |
SBA 504 rates are currently: 4.62% - 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? Fee waivers are still in place for SBA 504 borrowers who get their applications in before 12-31-10. 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 end of the year. In addition, new legislation recently passed allows businesses with high interest loans or balloon payments to use the SBA 504 to refinance existing debt. Check with us for details.
AEDC is the SBA 504 Leader on the North Coast. Call Kelli Denney, Loan Manager: (707) 822-4616. |
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AEDC Builds Enthusiasm for Lemonade Day
on June 4th | |
Lemonade Day is a hands-on way to teach kids about business and to create the next generation workforce. The purpose is to empower them to think big! As youth start their own business - a lemonade stand -- Lemonade Day gives them tools to be successful in life. Be part of this national initiative as it strives to have 1 million young entrepreneurs across the United States open a lemonade stand for one day by 2013. AEDC is working to encourage hundreds of North Coast kids to host their own Lemonade stand on June 4, 2011.
Julie Eberly, Executive Director of Lemonade Day in Houston, was recently in Humboldt and Del Norte having conversations with community members about how to get the most from this event. Youth organizations like Boys and Girls Clubs 4-H, Boy Scouts and more connected with AEDC and Julie to see how to get involved. It's not too late. If you have a church, club, a neighborhood, or a child who wants to participate, call Susan Seaman at (707) 822-4616 ext. 12. You can also follow local youth entrepreneurship activities on Facebook at North Coast Lemonade Day, or learn about the national project at www.lemonadeday.org.
Julie Eberly, Executive Director of Lemonade Day, shares a laugh with Brannan Torino, an 11-year-old entrepreneur who made enough money with a friend in four months doing odd jobs to visit Disneyland.
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Community Events | |
Plan It Green Luncheon on Monday
The second luncheon in the Plan It Green 2010 Green Business Series will be held Monday, October 18 from 11:30 a.m. to 1 p.m. at Three Foods Cafe in Arcata (835 J Street). The topic for discussion will be "Wise-Water, Water-Wise." Please contact Susan Seaman for more information: (707) 822-4616 ext.12. For more information, click here.
Fire in the Belly
What do Don Banducci, Joe Mark, Barbara Browning, Kevin Hoover, and Kit Mann have in common? FIRE IN THE BELLY! They are all featured entrepreneur storytellers who will take the stage on Nov 5 at the Arcata Playhouse at 7PM. $5 donation at the door. Be entertained. Be inspired.
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As mentioned above, AEDC has money to lend and we want to get it out to those who need it. On October 27th I will be in MT. Shasta at the "Meet the Lenders" event organized by JEDI (Jefferson Economic Development Institute). This is our first foray into Siskiyou County for quite a while and I am looking forward to talking about our SBA microloan product and looking for new financial partners for AEDC as well. AEDC's annual meeting will be held on October 26th from 5:45-7:00 PM. The meeting will be held at our office located at 100 Ericson Court, Suite 100A here in Arcata. Come learn what's new. Refreshments will be served. Please RSVP to susan@aedc1.org. Visit 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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