Economic Development News |
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From Our Executive Director |
In just a few short weeks, we will meet our one-year anniversary of the first COVID 19 shelter in place order, impacting our economy, our individual businesses and our daily lives. It’s a bit surreal to consider all that has happened since March 2020, but in the challenges, we have seen the strength of our community. I’ve been reflecting on how our collective and collaborative efforts are creating a stronger foundation to help us weather the aftermath of the pandemic.
I’ve been so inspired by all of our regional chambers and the ways that they continue to uplift our community. Even within AEDC, our very own Brandi Easter went above and beyond to assist people individually when applying for the California Relief Grant. One client was so grateful for Brandi’s support that he proposed! She politely declined... As I said, the power of a community that works together is quite the force to reckon with. If you or someone you know could also use some support from our team here at AEDC or from within our community, please reach out to us, and we’ll see how we can help.
-- Ross
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Chambers Offer Beacon of Support |
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Our chambers of commerce are one of the major driving forces of economic success and support for our local business community. From networking opportunities to educational workshops, legislative advocacy to marketing support, these organizations are an essential part of getting connected and growing your business.
While this has been the case for decades, our chambers have never been more important than this past year. In the midst of the onslaught of curveballs and the continually changing definition of “business as usual,” our chambers have truly been beacons of support.
Did you know that we have dynamic, talented women leading each of our local chambers of commerce? From Southern Humboldt to Del Norte County, it’s women at the helm of promoting our local businesses and guiding entrepreneurs through this challenging time. Dozens of local establishments have been able to keep their doors open, and even thrive, because of the work they are doing.
Allie Jones had a chance to chat with a few of these powerhouse women—to hear their perspective of how our community has responded to the challenges we’ve faced over the last year, and how their chambers have played a role in helping our community move forward.
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Assistance Above and Beyond CA Relief Grants |
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AEDC is not only a lending institution—it’s a bit of a hidden gem. Our staff continues to go above and beyond when it comes to customer service and helping small businesses. AEDC Office Manager Brandi Easter helped 20 different business owners throughout the application process for the California Relief Grant. Knowing just how difficult and important this process could be, Brandi felt passionate about being able to provide one on one guidance for businesses not only locally, but from all over the state; Los Angeles, Merced, Kern, Santa Clara, San Francisco, Sonoma, Del Norte, and of course Humboldt County.
The California Small Business COVID-19 Relief Grant Program provided grants from $5,000 to $25,000 to eligible small businesses and nonprofits impacted by COVID-19. Those who were eligible had to be considered a “small business”, meaning they had a yearly gross revenue of $2.5 million or less (with a minimum yearly gross revenue of $1,000). “Small nonprofits” were also eligible, as long as they had a yearly gross revenue of $2.5 million or less (with a minimum yearly gross revenue of $1,000).
To provide further support and services, AEDC also hosted two webinars guiding people through the grant application process. Here’s what one of the business owners, Larry, had to say about applying, “I need to give you a big THANK YOU! for all of (Brandi’s) help. I gave up in January at the first deadline when I could not get past the error message, and zero of my calls or emails were returned for help. Then yesterday, my CPA told me of the second deadline at 6 pm, so I thought I’d give it another try. I called and emailed everyone I could on the “find a partner” page, but (still) have not heard back from anyone. I feel lucky to have found you and really appreciate your efforts to get past the technology problems and walk with me through it all step by step. They don’t make it easy! Thanks very much!”
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SBA 504 Loan At Historically
Low-Interest Rate At 2.37%
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Exciting news! The SBA 504 loan is at a historical low right now at 2.37% and if approved by September 27th, borrowers will have CDC and Third Party lending fees waived (each fee is 1.5% of the 3rd party lender loan). If you’re a business owner considering purchasing the commercial property where you run your business, this is a great time.
This loan product can be used to purchase commercial real estate or pieces of equipment. SBA 504 loans are always made with a financial partner with the primary lender taking the first and providing 50% of the purchase price. AEDC is the third-party lender and provides an additional 40% of the cost -- at a fixed rate. With the two financial institutions working together, borrowers only need 10% down -- leaving more money as capital for your business.
If you think the SBA 504 Loan could be right for your business, call (707) 798-6132, and we’ll talk through your options.
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Black History month is ending, but support for the economic equity of all people should be an ongoing commitment. We have posted this before, but it's worth reminding you that Black Humboldt has a directory of BIPOC owned companies here in our community. Visit the links below to learn more.
Beauty services, Beauty and Hair products, Hair Salons, Barbers, Hair Services, Clothes, and Jewelry.
Doctors, Dentists, Dance Studios, Gyms, Fitness, Health/Diet coaching, and Yoga.
Visual Arts, Performance Arts, Visual Arts services, Graphic Designers, Community Organizing, Marketing, Poets, Musicians, EmCees, Podcasts, and more.
Restaurants, Food Trucks, Catering, and Desserts.
Religious buildings.
Cleaning Companies, Security, Auto Repair, and more.
If you’d like to know more information and learn about Black Humboldt’s community resources visit their website here.
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Arcata Economic Development Corporation
Fax: (707) 798-6130
Tel: (707) 798-6132
707 K Street, Eureka, CA 95501
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