RREDC LogoLoan Program Update
RREDC Board Modifies Loan Policies To Allow Greater Flexibility

The RRDollar SignEDC Board of Directors recently updated its loan policies to allow more flexibility to loan applicants who may not have sufficient collateral for a loan.

RREDC policy was to require 100% loan-to-value with certain discounts applied to different types of collateral.

The new collateral policy states: "RREDC requires pledges of collateral for all loans with the goal of 100% loan to discounted value. Greater loan to value will be accepted in specific cases where other loan criteria are judged to provide sufficient support for the loan."

For more information, go to www.rredc.com/loan-program.
RREDC Loan Program Overview

Eel River Brewing Co., Scotia
Eel River Scotia
Why Do We Make Loans?
We make loans to help build Humboldt County's economy. 

Our loans should build our economic base by increasing the amount of goods and services sold outside Humboldt County, create or save jobs, improve a blighted building or area, or bring business to underserved areas



Why Use RREDC?
Fortuna Audio, Fortuna
Halleys
RREDC Loan Funds can help by assisting borrowers who are not eligible for traditional loan programs, providing subordinated gap financing and by offering free technical assistance and consulting to business owners via the North Coast Small Business Development Center.



Giant Redwoods R.V., Myers Flat
RV Campsite


Who Can Get A RREDC Loan?
Most small businesses in Humboldt County will qualify as can certain non-profit organizations

Loans are not made for speculative development, to subsidize interest on an existing loan or to refinance debt to reduce risk to an existing lender



W
Avalon Restaurant, Eureka
Avalon
hat Kinds Of Loans Does RREDC Make?
Our average loan size is approximately $50,000, but can range from $10,000 to $1 million. Loan rates are fixed from 9% to 11%  We offer terms of 36 to 120 months, with longer amortizations available with balloon payments.  We participate with SBA 7A and other loan programs and will subordinate to the lead lender for a combined loan-to-value of 90%.  We do require a minimum 10% equity injection from the borrower  We will refinance existing debt when it results in a substantial improvement in business cash flow. Lines of credit are available.







What Can You Do With A RREDC Loan?
J.R. Stephens Co. Arcata
JR Stephens
  • Purchase or Start A Business
  • Buy Land or Building
  • Buy Machinery and Equipment
  • Increase Your Inventory
  • Have a Line of Credit
  • Use for Working Capital



Our loan fund was created in 1978 with a grant from the U.S. Department of Commerce, Economic Development Administration (EDA).
Quick Links
SBDC LogoIf you need help with your business plan or loan application, the North Coast Small Business Development Center (SBDC) can offer assistance at no cost.
 
Contact them at 707-445-9720 or at www.northcoastsbdc.org.
Staff:
Gregg Foster-Executive Director -  Email Gregg
Virginia Fisher-Lender - Email Virginia

Bonnie Smoller-Administrative Assistant
Suzanne Dockal, CPA - Accounting
RREDC Board of Directors                                         
City of Arcata -   Mayor Alex Stillman     
City of Blue Lake - Councilmember Sherman Shapiro*
City of Eureka - Councilmember Linda Atkins
City of Ferndale - Councilmember Ken Mierzwa
City of Fortuna - Councilmember Ken Zazni
City of Rio Dell - Mayor Pro Tem Melissa Marks
City of Trinidad - Councilmember Julie Fulkerson*
County of Humboldt - Supervisor Mark Lovelace*
Humboldt Bay Harbor, Recreation & Conservation District -Commissioner Mike Wilson
Humboldt Bay Municipal Water District - Director Bruce Rupp
Humboldt Community Service District - Director Frank Scolari*
Manila Community Services District - Director Dendra Dengler
McKinleyville Community Services District - Director Helen Edwards*
Orick Community Services District- Director Kristina Combs
Redway Community Services District - Director John Rogers
Redwoods Community Colleges District - Trustee Tom Ross
Willow Creek Community Services District - Director Tyler Holmes*
 *Members of the Executive Committee 

The Board of Directors meets on the 4th Monday of every month.  Executive and Loan Committees meet on an as needed basis.  For agendas and minutes, click here.
 
RREDC Loan Committee:
Chair:Scott Pesch-Coldwell Banker Commercial Pacific Partners Real Estate
Vice Chair:Liana Simpson-Sequoia Personnel
Helen Edwards-McKinleyville Community Service District-Director
Frank Scolari-Coldwell Banker Cutten Realty
Sherman Schapiro-Enrolled Agent
Jennifer Budwig-Redwood Capital Bank
Phil Sullivan-Umpqua Bank
Dan Sweet-Coast Central Credit Union
Angela Machado - Alternate Member from Umpqua Bank
Dean Charlton - Alternate Member from Coast Central Credit Union