SCED Board Update - January 4, 2024

Hello CHERYL,

My goal is to keep you up-to-date on SCED activities between board meetings. We will feature project updates, share success stories, provide key SCED facts, and delve into noteworthy economic development events. Let me know if you'd like to hear about a specific topic.

Welcome New Board Members

I want to welcome Megan Jenkins from Five Star Bank and Cassie Oyarzun from Plumas Bank to the SCED Board of Directors. Cassie and Megan will fill important roles on SCED's board and Executive/Loan Committee. SBA requires we have at least two board members with commercial lending experience. With Amy Morin from Northern California National Bank, we now have three board members with commercial lending experience.

As part of Cassie and Megan's onboarding, we did an introduction to SCED, and the slides can be viewed here. If you are interested in learning more about SCED's role and organization please let me know.

I Need Your Help - Project Identification

I completed the Council of Development Finance Agencies' (CDFA) two-day Introduction to Federal Finance WebCourse. Funding sources from EDA, USDA, SBA, EPA, DOE, HUD, and CDFI Fund were highlighted.

One of SCED's functions is to help funnel federal funds into the region. In order to do that, could you help me identify economic development projects in your area that need funding? I'm looking for projects that include:

• Feasibility Studies (can include preliminary engineering and NEPA environmental studies)
• Projects that support water infrastructure, wastewater, or broadband development
• Brownfield Assessment
• Clean Energy Projects
• Rural Utilities & Telecommunications
• Telemedicine & Distance Learning
• Rural Transportation
• Workforce

CEDS - 2023 Annual Update

As part of SCED's Economic Partnership Planning (EPP) grant with EDA, we produce the regional Comprehensive Economic Development Strategy (CEDS) every five years and provide annual updates. Points Consulting worked with SCED and our CEDS Advisory Committee to create the 2023 Annual Update. Click here to read the update.

Modoc County Meat Processing Feasibility Study

SCED received a grant from the USDA to determine the feasibility of a meat processing plant in Modoc County. The advisory committee selected to contract with Morrison, Inc. from Chico to prepare the feasibility study. Morrison will present the study results at the Modoc County Board of Supervisors meeting on January 9th.

Sierra's First SBA 504 Approval!

Congratulations to Sierra on getting her first SBA 504 loan approved by SBA! A hat tip to Amy Morin for referring a great project. Since joining SCED in October, Sierra has received approval on three RLFs totaling over $700,000 and an SBA 504. I look forward to seeing Sierra do great things in 2024.

The SBA 504 is an economic development program that helps business owners purchase owner-occupied commercial real estate for as little as 10% down, which is rare in commercial lending as most lenders want 20-25% down, depending on the project.

Ryan's Ramblings

I was at a Shasta EDC Startup Redding event and they played a video they produced on Maas Energy Works. For those who have been around SCED for a while you might recognize Maas Energy Works as one of our economic development loan borrowers.

Ryan