June Economic Development News
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From Our Executive Director
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AEDC is all about supporting local established and emerging businesses and that is very evident in this month’s newsletter.
We take pride in our role as business supporter and educator as well as lender – seeking organizations, programs and trainings that strengthen our local entrepreneurs. Our community helps by doing the same. If you have an aspiring young entrepreneur in your family, support them to create lemonade stands or other small businesses long after Lemonade Day. If you’re looking for a loan, talk to local lenders, or to us. If you are a person of color operating or interested in supporting local businesses, check out Black Humboldt.
There are a lot of resources in our community. Take advantage and thrive.
~Ross
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Humboldt County Celebrated Lemonade Day 2019 on Saturday, June 1.
On June 1, over 53 stands were located throughout Humboldt County, serving Lemonade and raising funds for profit and various community causes.
- Revenue $10,146
- Profit $8238;
- 84% Paid Back Investor
- 90% Met their goal
- 68% Shared their profit
57% of those reported that this was their first year, 21% 2nd year and 21% participated 3 or more years
* based on a 35% response rate (53 stands total)
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Those preparing for or seeking a business loan will find a lot of advice out there, but most businesses can boil it down to the basics. If you need or are contemplating a loan for your business, consider the following- and remember that being prepared will make the process easier.
1. Assess your credit and revenue.
You can’t get a loan without good credit. Many recommend you check your credit score before applying for a loan, but you should be working on that score long before you need it. Build your credit- make your payments.
Also make sure the loan you’re seeking makes sense given your revenue and expenses. There are many
loan calculators online
that will allow you to calculate loan payments.
2. Be ready to explain exactly why you need the loan- and how it will help your business.
Common needs for funding include
- To start your business.
- To manage day-to-day expenses.
- To grow your business.
- To have a safety cushion.
3. Have a strong business plan.
You want your lender to trust you. A strong business plan will help prove that you are a good investment.
4. Find the right loan and lender
Nerd wallet offers a summary of many loan types
HERE
. Lenders can vary from mom and dad to credits cards to your local bank or credit union. Do your research and ask questions to make sure you’ve found the right loan, terms and lender for you.
5. Gather your documents and approach your lender
Many local lenders will sit down with business owners to discuss lending options – call and make an appointment to get more information on how to most successfully move forward.
Bring
- Business and personal tax returns
- Business and personal bank statements
- Business financial statements
- Business legal documents (e.g., articles of incorporation, commercial lease, franchise agreement)
6. Be ready to try again
It can be difficult for a new business to get a loan. Listen to your lender. Consider coming into AEDC to discuss your lending needs – and see if we can help make your business goals a reality.
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The Governor's Office of Economic Development is Coming to Humboldt !
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One day left to register !!!
The Humboldt County Office of Economic Development is hosting the 1
st
Annual Economic Prosperity In our Counties (EPIC) Symposium, featuring the Governor’s Office of Business and Economic Development (GO-Biz).
When and Where:
June 28, 2019 (9 am - 4:30 pm)
College of the Redwoods, Eureka Ca
More about GO-Biz
GO-Biz serves as our regional partner for job growth and economic development efforts and offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit assistance, regulatory guidance, small business assistance, international trade development, assistance with state government, and more. The conference will include an overview and details about state programs and incentives as well as opportunities to network with economic development professionals from across the region.
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GO-Biz programs include:
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Supporting Black Humboldt
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AEDC is proud to sponsor mixers hosted by Black Humboldt, an organization focused on
networking and building relationships and community with the black population residing and visiting Humboldt County.
“By sponsoring Black Humboldt mixers, we want to support the community building that happens during the events,” explained AEDC program director Susan Seaman. “Black Humboldt has an impressive knowledge about local businesses owned by people of color and their needs. We also hope that their participants will get to know and understand what AEDC has to offer for those who currently have, or might consider owning their own business.”
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About Black Humboldt
The 2018 census estimates that 1.4% of the population in Humboldt County are Black or African American alone, compared to 13.4 % nationwide. The goal of Black Humboldt is to represent and support one another by focusing on positive stories from the community, investing in black business, arts and culture and building community awareness of issues affecting Humboldt County residents.
For more information, visit
Or read the blog post
HERE
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SBA 504 Current Rate:
4.09%
- 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.
For more information, call Kelli Sterling, Loan Manager: 707-798-6132 ext. 214 or email kellis@aedc1.org.
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Arcata Economic Development Corporation
Fax: (707) 798-6130
Tel: (707) 798-6132
707 K Street, Eureka, CA 95501
Newsletter produced by
Lynette Mullen, Projects Delivered
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