From the Executive Director
This weekend local residents will have an opportunity to learn about many of the fantastic economic development projects happening right here in Humboldt County.
During Eureka's Arts Alive, The North Coast Prosperity Network is presenting Prosperity Showcase, an event that highlights many projects that feed our local economy. Projects like the Carson Block Building Rehabilitation, HSU Business Internship Program, Humboldt Business Challenge, Decade of Difference (featuring Lemonade Day) and more.
One great thing about these projects is that they all involve collaboration between different agencies-and many of the projects are happening only because these groups chose to work together and find solutions.
I've written before about the fact that we have a lot going on behind the scenes to build the economy of Humboldt County. Please attend our showcase to learn more about them
The Hydrangea Inn is a beautiful extended vacation residence owned by AEDC client Renee Chappelle.
Chapelle recently used AEDC funding to help finance exterior improvements to the classic 1930s Eureka-based inn. The Inn was recently recognized by the Eureka Sequoia Garden Club as one of "The Garden Jewels in Eureka" for those upgrades.
Natzler Landscapes created the overall design, which includes a new concrete fence by Bass and Guerrero Concrete and plants from Luscious Landscaping. Orange wall-flowers were planted to add seasonal color and small hydrangea shrubs will add dramatic affect once they mature. A privet hedge frames the border near the building and dogwood, Japanese maple, river birch and California lilac trees emphasize the two-story home. Additional perennials complete the plan.
While the community enjoys the beautiful exterior improvements, guests from all over the world enjoy this beautifully preserved home built of old growth redwood. The Inn features original fixtures and detail including gum wood doors, period light fixtures, wall sconces and more. One of the premier features of the home is the wide curved, gum wood stairway.
The Inn offers overnight and short-stay accommodations with a variety of options.
This private, detached bungalow provides all the bed and breakfast amenities and a private, gated yard.
The Trillium Suite is a beautiful apartment of rooms that includes bedroom, separate living room, fully stocked, modern kitchenette and large, private bathroom.
The Rhododendron Flat is a two bedroom, full service apartment.
The Manzanita Room is single bedroom with private bath.
For more information, call (707) 442-0415 or email firstname.lastname@example.org.
To view the rooms and rates, visit www.hydrangeainn.com
The Public is Invited to Attend...
LEARN about projects that are happening now to strengthen our local economy
MEET agency representatives that help make it happen
ENJOY food and drinks hosted by Humboldt Made
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Carson Block Building, 233 F Street, Eureka
During Eureka Arts Alive
AEDC has initiated efforts to update their Five Year Strategic Plan with 3 focus group meetings designed to gather feedback about how AEDC can be more effective in fulfilling its mission to provide funding and support to economic development projects
Each group met with consultants Julie Fulkerson and Colette Metz to share their experiences with AEDC. Their feedback will be used to help create a more robust and effective Five Year Strategic Plan.
AEDC wants to thank the following for their time and participation in this important part of the strategic planning process.
- Abe Stevens-Humboldt Distillery
- Art Jiminez-JSG Studios
- Craig Lord-Eureka Car Stereo
- Jenessa Lund-Hoppy's Fro Yo
- Matt DeShazo-Far North Climbing
- Shannon Dawson-Little Learners Pre-School
- Shelly Nilsen-Express Personnel
- Tom Tellez-Wallace and Hinz
- Alex Stillman-City of Arcata
- Cedar Reuben-Headwaters Fund
- Dianna Rios-Fortuna Business Improvement Dist.
- Don Smullin-Eureka Chamber
- Judy Harrison-McLean Foundation
- Kirk Cohune-Greenway Partners
- Larry Oetker-City of Arcata
- Maggie Gainer-Consultant/Arcata ED Commission
- Patrick Cleary-Humboldt Area Foundation
- Bob Moore-Coast Central Credit Union
- Dan Sweet-Coast Central Credit Union
- Evelyn Giddings-Umpqua Bank
- Jennifer Budwig-Redwood Capital Bank
- Mandy Marquez-US Bank
- Shannon Maciel- US Bank
- Shelley Derr-Wells Fargo
- Shon Wellborn-Southern Humboldt Credit Union
AEDC Board News
Annual Meeting Updates
On October 28, AEDC Board and Committee members gathered for the AEDC's Annual Meeting.
From the Treasurer, Michael Proulx
This year is the fourth year AEDC's audit had "no findings," making AEDC a low risk auditee.
In one year, AEDC's net assets have increased from $1.1 million to $2 million. This is impressive considering that only five years ago (2009), AEDC's net assets were just over $302,000.
The increase this year can be primarily attributed to Old Growth Redwood Funds being released to AEDC, which means that the Old Growth loan portfolio is now part of AEDC's loan portfolio with no restrictions. The trust (liability) is now gone and the money is now available to further fund loans.
From the President, Antoinette "T" Highsmith
In 1995, the US Forest Service's Old Growth Diversification Revolving Loan Fund became available to AEDC and two other CDFIs that are in the current collaborative as the Old Growth Trust Loan Fund. After complying with all fund requirements, the three agencies approached the US Forest Service as a group and requested that the funds be released to the agencies. Their request was granted and those funds will continue to be used to promote businesses and increased jobs in communities.
Recent collaborations have allowed AEDC to facilitate the financing of large local projects that would not be possible for any agency to accomplish alone. For example, with partners like the Humboldt Area Foundation, the Headwaters Fund and Redwood Region Economic Development Commission, AEDC was able to put together packages that allowed the Carson Block Building project to happen.
From the Program Committee, Susan Seaman for Kathy Montagne
This last year, AEDC worked to close out the Assets for Independence Grant for the IDA program. This is a savings match program which primarily supported Business Savings programs. Low to moderate
income participants learned about financial literacy from Financial Resource Services, took business workshops and advising with the SBDC and developed a business plan.
AEDC also offered two education programs, one for college bound high schoolers and the second for low wage earners who wanted to earn medical assistant
certification. During that time, participants earned either $2 or $3 for every dollar saved. In Humboldt County 67 participants went through the program: 58 earned matching funds for their businesses and 9 earned matching funds for their education.
During the five year IDA grant period, in Humboldt County IDA participants program received $164,224.22 in matching funds.
AEDC continues to manage an IDA Grant for outlying communities. Jefferson Economic Development Institute, AEDC's partner in Siskiyou County, has offered matching funds, which enables AEDC to offer a 3:1 business match to 21 small business participants.
SBA Commercial Property 504 rates
- Low down payment for borrowers
- Competitive fixed interest rate
- Long Term loan
- From $50,000 to $5 million for commercial real estate, construction and equipment acquisition.
Many commercial loans available on the market require a sizeable percentage down before the loan will be granted, and this can be an obstacle for many business owners looking to improve their facilities. The SBA 504 Loan offers a solution for that -- you can borrow up to 90% of your financing needs at a fixed rate, so only a minimum of 10% down is required.
The remainder is split between the SBA loan (40%) and a bank loan (50%), and the Arcata Economic Development Corporation will work with your bank to submit your loan application. Loan amounts range from $50,000 to $5 million, and some restrictions apply.
(707) 822-4616 Ext 14