July Economic Development News

From Our Executive Director  This is NOT the executive director -- It's a newsletter take-over! You might expect that Ross is on vacation in the middle of summer, unless you know him well. Then you would remember, he doesn't take days off. He is currently in Davis with our newest Loan Officer James Schaeffer getting training on the USDA Intermediary Revolving Loan program, which we've been working with for years, and the Rural Microenterprise Assistance Program, which will be a new product for us. He'll also be doing some presenting on partnerships -- something that is part of AEDC's core values. While Ross is working on strengthening the foundation of our own organization, AEDC remains committed to being a leader in Economic Development in Humboldt County. We have been thrilled to participate in economic development opportunities afforded by the County through last month's EPIC Conference and RREDC's hosting of the CALED Rural Exchange -- both of which you can read about below. We're even more excited about our discussions to pull all of our efforts together next year into a regional conference. So, enjoy this month's newsletter. Next month, we'll get Ross's handsome mug back on the front page. Happy Summer! Susan Seaman, Program Director 

Generous Lemonade Day Entrepreneurs !

Celebrating a Gift to College of the Redwoods On July 9, Everly and Lincoln, proprietors of “Good Ol Fashioned Lemonade Stand" presented part of their profits to College of the Redwoods at their Board of Trustees meeting. The Lemonade Day Entrepreneurs wanted these fund to benefit CR’s Room and Board Scholarship Fund. President Flamer, Board president Bruce Emad and more took the opportunity to thank the kids for their efforts and generosity in supporting such a critical program that provides dorm rooms and meal plans free of charge to students experiencing housing insecurity and homelessness. “It was a pretty inspiring moment,” recalled AEDC program manager Susan Seaman. “We want to say ‘Good job’ to Everly and Lincoln and thank College of the Redwoods for being such a gracious recipient of this small business's donation.”

CR's president Keith Flamer and Board of Trustees President Bruce Emad thank Everyly and LIncoln for their generous contribution to the Room and Board Scholarship Fund.

CALED Event Coming to Eureka!

The Community is cordially invited to attend the CALED (California Association for Local Economic Development) Rural Economic Development Exchange on August 7 th  & 8 th   in Eureka . The Exchange will support efforts to help rural economic developers connect, share resources, and engage in policy conversations and initiatives. * * * CALED Member: $50 Non-Member: $65 Register for the Exchange Find the Agenda and other details  HERE     * * *

More about the CALED Rural Economic Development Exchange In May of 2018, the CALED Board approved the creation of a Rural Economic Development Exchange that allows CALED to direct some resources to support our efforts to help rural economic developers connect, share resources, and engage in policy conversations/initiatives. Specifically, CALED is committed to these goals: Convene rural economic development stakeholders at least one time per year (outside of CALED’s Annual Conference) Include a Rural Exchange opportunity at the conference for resource providers to share updates on how they can support rural economic development as well as showcase best practices Work with USDA Rural Development in California to identify ways CALED can support their priorities and promote their work/grants. Share what we learn with partners that may be in a position to assist in addressing priorities, challenges, solutions, and resources to grow rural economies Read the  full Charter here .

Compass Opens New Branch

On June 10, Compass Credit Union hosted a ribbon cutting/grand opening of their newest location in Eureka. The Henderson Center branch is the second branch to open in Humboldt County in the past 3 months (Compass opened their Arcata branch April 15, 2019).  SIx team members will staff the new branch, located at 2861 E Street, Eureka. . “We are thrilled to be centrally located in Henderson Center to better serve our members and the local community,” said Ray Litchfield, the credit union’s Chief Executive Officer and member of AEDC’s Board of Directors . “Our vision for the branch was a modern, comfortable feel and the team we’ve assembled is phenomenal. Our goal is to make it easy to bank with us and continue to provide exceptional member service.”   Compass Community Credit Union is a full-service financial institution that has served Humboldt and our neighboring counties for over 68 years. They serve over 5,900 people in Humboldt, Del Norte, and Trinity Counties. As a credit union, Compass offers many of the same products and services as a bank, but with better rates and a more personal touch that reflects their status as a not-for-profit organization. Compass Community Credit Union Mission "Making a difference in our community by providing solutions to achieve financial aspirations at any stage in life"   Click HERE to learn more

State and Federal Resources for Business are Available

EPIC Symposium a Success On June 28, 2019, the Humboldt County Office of Economic Development presented the first annual Economic Prosperity In our Counties (EPIC) Symposium. The event featured presenters from the Governor’s Office of Business and Economic Development (GO-Biz), U.S. Department of Commerce/Commercial Service and more. It was hosted by College of the Redwoods. Presentations included information about International Trade, Department of Resources, Recycling and Recovery (CalRecycle) Recycle Market Development Zones, California Infrastructure and Economic Development Bank (IBANK), Agricultural Resources and Programs and more. Many PowerPoint presentations from the event can be found HERE

Fish Farming in Humboldt

Learn About Nordic Aquafarms  Aquafarming for Humboldt Bay” will be the topic at the Humboldt Bay Harbor Working Group monthly luncheon on Wednesday, July 31st. Lynette Mullen, Nordic Aquafarm’s local Community Liaison, will be presenting an overview of the project planned for the Samoa Peninsula. Nordic Aquafarms is one of the premier investors and developers in land-based aquaculture internationally, with production facilities in Norway and Denmark, and two projects under development in Maine and Humboldt County. The luncheon is a "no host" event. Lunch starts being served at noon; and the presentation starts around 12:30. A complete lunch is available for $16 and soup and salad is available for $12. Please RSVP at 707-441-1974 or charles.bean@yahoo.com

More information about the proposed project can be found at www.nordichumboldt.com

SBA 504 Current  Rate:  4.01% 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 ‌ ‌ ‌