Financing Business Opportunity  






January 2016
In This Issue
Client Spotlight
Meet AEDC Staff
More Client News
Partner News
AEDC News
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From the Executive Director
 
 
American inventor Thomas Edison is often quoted as saying,

"Most people miss opportunity because it is dressed in overalls and looks like work."

At AEDC our most successful entrepreneurs have challenges that their more urban entrepreneurs don't face, but they work hard to achieve their goals. Our clients write their business plans, build new skills, network to learn from one another, promote their businesses hard and always look for opportunities to improve and grow. Because of this, we support them with capital and the community supports them by soliciting their business.

We try to keep our newsletter full of those opportunities, like the availability of a one year MBA program currently offered by HSU and the Next Generation Eureka workshops, where our young people are being offered an opportunity to help shape their community.

"Someone's sitting in the shade today because someone planted a tree a long time ago." 

 
-Ross

AEDC Client Spotlight 


Harvest 

Jason and Allison Valentin opened their first Arcata restaurant, Crush, in 2013 and admit they didn't expect their food menu to be so popular.  "We didn't anticipate that the food portion of the business would generate more than twice the revenue of the beer and wine sales," they explained. That success, and the small kitchen at the Crush location, prompted them to open a second location.
 
Harvest, Arcata's newest restaurant and AEDC client, opened December 7th and has been enjoying a wellspring of support ever since.  "It has been fantastic, with a steady stream of people in," Jason said. "We see
regulars from Crush as well as new customers. The building (formerly the 3 Foods Café at 835 J Street) is known and people are excited to have something in such a beautiful space."
 
Harvest offers double the seating capacity of Crush as well as outdoor patio seating and a full size kitchen, allowing them to better accommodate customer demand and manage the 20+ local vendors that supply organic and sustainable products to the business.
 
"At Crush we offer soups and salads, small plates and paninis," Jason explained. "At Harvest we offer casual fine dining with an extensive wine menu."
 
Harvest specials so far have included 

* Seared Ahi Tuna with black heirloom black rice, shiitake mushrooms and wild arugula drizzled with lemon ginger beurre blanc

* Dry rubbed baby back ribs in a smoky red wine barbecue sauce with mashed potatoes & greens; Roasted Delicata squash stuffed with wild mushrooms, quinoa, toasted almonds, shallots and garlic

* Frutti di Mare Pasta, Scallops, Prawns and Calamari in a homemade tomato basil sauce on a fresh linguini with Becks Bakery Crostini

 
The AEDC loan was used to fund facility updates, restaurant equipment, new furnishings, a POS and inventory tracking system, security cameras, inventory and working capital to bring in staff.
 
Harvest plans to host a grand opening in early February-watch for updates at www.harvestarcata.com of follow them on Facebook

Winter/spring hours
Dinner nightly 5-9 p.m.
Sunday brunch 10 a.m. - 2 p.m.
Closed Wednesdays


 
WAGE EQUALITY

Following the trend of select high profile restaurants, Harvest has implemented an 18% service charge in lieu of tipping.

For our guests, this means you will enjoy fantastic service knowing that your server genuinely wants your experience to be phenomenal. For our staff, this means we are able to distribute these funds between servers and kitchen staff, to better reflect (and compensate) the hard work and passion that everyone provides to make your meal one to remember.
AEDC Staff  

Meet Your Lender 

Kelli Sterling 

Kelli Sterling has been AEDC's Loan Manager since September 1999 and came to AEDC with a strong background in banking. Kelli's experience included data processing for the Bank of Loleta, Real Estate Loan Processing for US Bank and consumer and commercial lending for Six Rivers National Bank.  By the time Kelli left Six Rivers National Bank in 1999, she was an Assistant Vice President/Commercial Loan Officer doing primarily SBA 7A guaranteed lending. 
 
"At that time there were changes going on at the Bank and I needed a change," Kelli remembered. "AEDC Executive Director at the time, Jim Kimbrell, contacted me...I haven't looked back since."

Kelli said she especially enjoys helping businesses achieve success that wouldn't be possible without the help of AEDC. "Being able to say, 'I helped that business get their start' is something that not a lot of other people can say. I can drive around the different counties that we serve, especially Humboldt County, and know that AEDC, and myself in part, have helped so many people achieve their dreams.  It's a nice feeling."

As a member of the Karuk tribe, Kelli has deep roots in Humboldt County. She and her husband are raising three daughters, ages 15, 10 and 9 years old. 


To  discuss your loan options, please call or email Kelli at 
707-822-4616
Kellis@aedc1.org


More Client News 


76 New Jobs in Arcata!  

 

Wing Inflatables recently secured $2.65 Million that will be invested in their Arcata plant and help create at least 76 new high quality jobs in our community. These new employees will help Wing with an ambitious expansion project for which they already have contracts lined up.

"Thanks to AEDC for great underwriting and Redwood Capital and the State CDBG program for the financing.  In the end, it was the hard work of the people at Wing that deserve the credit."
 Larry Oetker, Community Development Director


 

Assembly Member Wood's office organized a press event on January 22 to recognize this significant project for our community. Assemblyman Wood, Arcata Mayor Paul Pitino, Redwood Bank representative Jennifer Budwig, John Driscoll from Congressman Jared Huffman's office and Mike Dunaway, Wing's Chief Operating Officer spoke at the event. 

* * * 







Enroll now for the HSU MBA Program  

Humboldt State University's Master of Business Administration program educates the responsible business leader of tomorrow. Apply now for a Fall 2016 start!

The program
  • Focuses on strategic sustainability
  • Can be completed in 1 year
  • Offers evening classes to accommodate working professionals.
 
 Quick Facts
  • No work experience required.
  • Customized based on prior business education.

  • Scholarship support to all enrolled students ($1000 to $3000).
  • A summer internship.
  • A comprehensive final exam
For more information, contact David Sleeth-Keppler at david.sleeth-keppler@humboldt.edu or (707) 826-4764

AEDC News Briefs


Program Director Appointed to Eureka's Economic Development Commission 

Susan Seaman, AEDC's program director , was recently appointed to the City of Eureka's Economic Development Commission (EDC). The EDC was created in response to the adoption of the Economic Development Strategic Plan. Some of the duties of the commission include advising the city council, city manager and staff in matters pertaining to economic development, including helping to guide efforts to promote local economic development and actions that support creating and maintaining high quality jobs, creating a diverse and resilient economy and strengthening the City's revenue base. 

 

AEDC Receives Additional Funds from US Bank  


AEDC offers a thanks to US Bank for their continued support with additional operating funds following last month's grant.


 
AEDC is Moving Soon! 




We are getting to the final stages in our renovation project at the new office. 

We are starting to pack and will soon be moving to 

707 K Street, Eureka
 

Watch here for updates

 

 
Partner News   

Youth turned out to discuss the future of their city at Eureka's first Next Generation Eureka Meeting

On Wednesday, January 6, Next Generation Eureka (NGE) meeting hosted by the City of Eureka at the Wharfinger Building. Young adults (ages 16-30)  gathered to hear a presentation about the City from Community Development Director, Rob Holmlund. After, they discuss and brainstorm current city projects and plans- including waterfront development,  small business opportunities, local outdoors late night activities and more.

Given $100 "Eureka Bucks" participants were asked to prioritize where they think the city should focus their spending. Their top three choices were: street and maintenance repair, economic development and non motorized transportation plans. 

In describing the words that described their ideal Eureka in 20 years, the three words that stood out were: safe, bright and clean. 
 

NEXT GENERATION EUREKA will meet again 

When
February 27th at 5:30

Where
Wharfinger Building, 1 Marina Way, Eureka 

Who
All Humboldt county residents ages 16-30 are invited to attend. 

If you interested in learning more, join the Next Generation Eureka Facebook Group. The page will be updated with information about upcoming events.

                                                                                                     
color map 

We are proud of the variety of businesses we've served over the years at AEDC. We would love to include you in our family of success stories. 

 

Visit www.aedc1.org to get more information about AEDC loans, events and programs. 

 

 


Ross Welch
Executive Director
(707) 822-4616 ext. 11