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August Economic Development News
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From Our Executive Director
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They say that change is inevitable, but
through the challenge of change we can find
progress and growth.
In this newsletter, we'll look at how franchise owners, after many years, have purchased their first business property as a way to grow their assets. Economic development professionals continue to gather information about how one long-time local industry is evolving and how entrepreneurs in the industry are learning new ways of doing business.
You'll also get to meet Peter Jermyn, a long time AEDC supporter who has returned to our Board to bring the benefit of his years of experience to our organization, demonstrating that the more things change, the more they stay the same. Peter has been part of AEDC's history for over 30 years.
If change is inevitable, then we should ask ourselves how to make sure those changes are positive and geared toward growth. Have you asked yourself how you can evolve your business to make sure that upcoming changes are positive?
Please talk to us here at AEDC and we’ll help you find the answers.
Ross
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Local Denny's owner purchases commercial property using the SBA 504 Loan program
“The earth is not getting any bigger,” Eureka Denny’s franchise co-owner Safar Ghaffari observed when asked why he and his wife Lori decided to purchase the restaurant property. “And real estate is a good investment.”
The Ghaffaris have been tenants in the building located on 5th Street in Eureka since 2000. As lessor the couple had the first right of refusal when the Denny’s corporation decided to sell the property. An SBA loan through Coast Central Credit Union and AEDC helped make the property purchase happen, though Ghaffari admits it wasn’t easy.
“It was our first time tackling such a process in 42 years and there was an avalanche of paperwork,” Ghaffari said. “We worked with Dan Sweet (at Coast Central) to connect with AEDC. Kelly Sterling and all those we worked with were professional and helpful far beyond our expectations. Everyone was also very patient and methodical.”
That patience paid off, Gharfarri said, “Because now we own the restaurant 100 percent.” Gharfarri said that while he and his wife are pleased with the ownership change, customers won’t notice any differences. “We always treated someone else’s property as if it was our own,” he explained. “That is the only way to do it, with no compromise in integrity and work ethic. We also believe that our customers are our largest asset, and our employees our second largest. If we put those two first, we find that we, as the 3
rd
piece, gets taken care of. Like a perfect puzzle.”
Denny’s is open 24 hours and located at 136 5th Street, in Eureka.
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Meet AEDC Board Member Peter Jermyn
In 2017, AEDC welcomed Peter Jermyn to the board of directors, but it wasn’t the first time Jermyn has contributed to AEDC. Jermyn previously served on the board in the late 1980s through the mid 1990s, served on the Loan Committee from 2011 through 2016 and served on the Program Committee from 2008-2009.
“AEDC is a mechanism to maintain economic diversity in our region, and I am so proud to be part of that,” Jermyn said. “And Ross provides strong leadership that does a great job of balancing community banking and public benefit.”
Jermyn pointed to Lemonade Day, one of the initiatives driven by program director Susan Seaman, as an example of how AEDC also contributes to a stronger economic future in the region. “Lemonade Day fosters entrepreneurship and gives young people a greater understanding of small business and economic development in such a positive way,” he said.
Jermyn first became familiar with AEDC while working with Los Bagels to secure a business loan—a loan the business owners found they didn’t need and quickly paid off. Los Bagels also worked with many AEDC clients that were involved in the Arcata Food Works project, like Mad River Jams and Fish Brothers, helping them grow their businesses, which in turn helped Los Bagels with theirs.
“It is important to understand that the health of our community lies with small businesses,” Jermyn added. “Small businesses are the lifeblood of our economy and community.”
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Redwood Coast Broadband Forum
It's time again for a Redwood Coast Broadband Forum on Sept. 14 from 9 a.m. to 4 p.m. at the River Lodge in Fortuna.
Come hear about what's been happening with broadband policy from local, state, and national industry leaders. Find out what's been done and what's next for broadband deployment in our region. Make your voice heard to government and industry leaders on the importance of connectivity in our community.
The event is free and a continental breakfast and lunch will be provided.
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Prosperity Network Tours Cannabis Farm
Members of the
Prosperity Network recently toured a cannabis cultivation farm in southern Humboldt County. The tour was offered in cooperation with Matt Kurth at Humboldt Cannabis Tours.
Sunshine, the owner of Dancing Frogs Farm, offered a tour of her farm and shared the challenges she faces in bringing her operation into compliance while also facing challenges typical to any young business, including the need for business loans/capital; developing a marketing plan, assessing workload, determining whether or not to hire employees and more.
Discussions also centered around permitting processes and how the cannabis industry fits into Humboldt County’s larger economic picture.
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There is still time to register for the SBDC's tourism flight !
The North Coast Small Business Development Center is building a learning and coaching program for entrepreneurs in the tourism industry.
Is This for you?
Do you wish you could earn a living or increase your income from a business that depends on tourists for at least 50% of its revenue? Does your business have fewer than six employees, or are you pre-start-up? Does your household live with a low-to-moderate income? If you answer yes to all of these questions, then you may be eligible.
This learning program will run from September through November 2017
For more information
Call: (707) 445-9720
Email: flights@northcoastsbdc.org
Visit: http://www.northcoastsbdc.org/tourism
Please offer input to shape the program
The SBDC is gathering information from YOU so they can build a program that best meetings your needs: Find the survey
HERE
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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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