Financing Business Opportunity  

August 2016
In This Issue
Client Spotlight
Finance Committee
Meet Your Lender
Workforce Development Conference
Last Day to Register for BLL
Quick Links

Join Our Mailing List!
From the Executive Director
Most people are aware that we finance business loans, and in doing so we request a lot of financial information from our borrowers. They would probably be relieved to know that we are as demanding about our own financial status. That strong foundation allows AEDC to be there when small businesses and community development projects need a leg up. Funders like SBA, USDA and CDBG have a great working relationship with AEDC because over the past 30+ years we have become fastidious about our lending and financial procedures. Our strong track record gives local funders like the Headwaters Fund and Humboldt Area Foundation the confidence to invest in local projects with us. We have a wonderful Controller and Finance Committee to thank for our current status. You can learn more about them below. 

But, AEDC is not only about the bottom line. As always we are invested in supporting and offering events and programs, like this month's Business Leader Luncheon and the upcoming CALED Conference on engaging young professionals. These events are based on the issues that we hear from community leaders and are important to the economic development of our area. We want to stay informed and engaged, and we try to bring the community in, too. Funding small business is one way to promote economic development, and we are dedicated to being the best at doing that. But, we don't live in a vacuum, and our businesses succeed when we have good infrastructure and a strong workforce. Also, it's a lot of fun to be part of so many important discussions. 


 Client Spotlight 
Advantage Rental Purchase 

Advantage Rental Purchase is a family business in the truest sense, owned by John W. Martin and managed by John's son Anthony. "I have been involved in the company since we opened in 1984," Anthony explained. "I started as a stock boy and have worked in every aspect of the business in the last 32 years. I am currently the General Manager and am in charge of all aspects of the operation."
A  recent loan from AEDC is being used for inventory acquisition and to update and repair the building at 315 L street, Crescent City. " We have been able to place a new roof on the building and start preparing for the remodel of the exterior of my building which will make it one of the nicest in the Crescent City area," Anthony said. "We are also acquiring inventory necessary to inject new life into our business. My business is now seeing a positive upswing with the fut ure looking very bright."
The store serves Northern California customers from Crescent City to Brooking-Harbor, Oregon looking for the opportunity to acquire home furnishings with no long term commitment. Anthony said customers also appreciate having the flexibility to try before they buy. The store offers short-term and corporate rentals, cash/credit purchases or rent-to-own payment options.
"We give our customers a choice when it comes to purchasing home furnishings," Anthony added, "My philosophy is that we treat everyone like they are somebody. It doesn't matter if you are rich, poor, have a very successful job, on state assistance, disabled, retired or unemployed; Advantage Rental Purchase is here to help you get what you want. You are and always deserve to be treated like you are amazing; because you are."
Anthony grew up in Eureka, CA, attending Eureka High School and Humboldt State University. "I have lived the majority of my life on the North Coast and love the environment and the people here. The ocean and the redwoods are home and will always be for me."

Visit Advantage Rental Purchase at

315 L Street, Crescent City

Or on 

 AEDC News 

Meet the AEDC Finance Committee 

The Finance Committee is responsible for reviewing and making recommendations to the AEDC Board of Directors on general financial matters. The committee works with staff to develop and recommend annual budgets. It also reviews and makes recommendations concerning mid-year budget adjustments; and monitors expenditures and revenues. The committee reviews periodic financial statements and reports to the Board on the financial status of the corporation. It is responsible for assisting the BOD in protecting AEDC's assets and financial health.

In conjunction with the loan committee, The Finance Committe also reviews and make recommendations to the board on loan policy and procedures.

Members: Michael Proulx, AEDC Treasurer;  Janet DePace, Northcoast Small Business Development Center; Deborah Downs, Humboldt Area Foundation; Mark Loughmiller, Kokatat; Steve O'Meara, Kokotat; Antoinette Highsmith, Wildberries; Walt Geist, American Ag Credit.
From Teri, AEDC's Controller:

Our Finance Committee is awesome!  The history that comes with the individuals on the committee is invaluable. All of the members have been a part of AEDC for many years.  Michael Proulx, our Treasurer, is our longest standing committee member. He has a very long history with AEDC and his knowledge of our fiscal history has been very important.

Janet DePace, an advisor at the North Coast Small Business Development Center,is another long time committee member who also co- founded several well known manufacturing businesses, at least one of which was one of AEDC's earliest loan recipients.

Mark Loughmiller and Steve O'Meara are two more committee members who bring a wealth of history and experience. Steve O'Meara has been involved with AEDC for decades, and has served on the board. 

Mark was an AEDC client when he served as the General Manager of Arcata Recycling.

Deborah Downs is  currently the Chief Financial Officer at Humboldt Area Foundation and was a previous controller at AEDC. Her experience with AEDC is an obvious asset, but she has also been a valuable partner at HAF, helping to structure the partnerships that are leading to many of our more recent community development projects.
Antoinette, or T,  Highsmith is a controller at Wildberries. She has a keen eye for details and is a big asset to the committee.
We are rounded out with our most recent addition in Walter Geist. Walt is Vice President at American Ag Credit. Walt understands and has the knowledge of loans, risk ratings, legal requirements (foreclosure) etc. in addition to his experience reading the financial statements of his clients. He brings another level of expertise that completes this committee of such amazing and hard working people. I feel very fortunate to get to work with them!

* * * 

Meet your Lender  

Teri Paterson, 

One would think that being responsible for ensuring the financial health of AEDC might weigh heavy on the Controller, who is tasked with monitoring and balancing all loan funds and reporting to various agencies. But when Teri Paterson, AEDC's controller since October 2010 is asked what she finds most challenging about her job, her reply was "It's funny ~ but I can't really think of anything.  I enjoy what I do. Since I've had such a long background with small businesses at the retail end, it's very rewarding to be part of the team that helps small businesses grow. "

Teri came to AEDC with over 25 years of business management background in a retail environment that included extensive accounting experience.  Before AEDC she served as the business manager/controller at Redwood Harley-Davidson, where she first learned about AEDC.
"Redwood Harley-Davidson purchased land and was in the process of building the new building.  We were looking at financing options and I heard about the SBA 504 program from Jennifer Budwig.  I met Kelli from AEDC at that time and we followed through with the loan with both Jennifer and Kelli.  A SBA 504 loan takes many months to close and I got to know Kelli pretty well during the process.  Several years later my daughter and Kelli's daughter were on the same sports team and she let me know that AEDC was looking for a new Controller and asked if I may be interested.  The rest is history." 

Teri is currently working on AEDC's  audit from this past fiscal year -  an important evaluation of the organization's operational effectiveness. "A clean audit is a priority, for our executive director, board, and funders," Teri said. "Another  important part of my position is maintaining relationships with our various funders and continued accuracy with reporting and fund management."

For more information, visit
 Retaining and Engaging Young Professionals

 California Association for Economic Development and 

 "Engaging and Retaining The Next Generation  of Young Professionals

Monday, Oct. 3; 
Conference Noon to 5 p.m. 
Next Gen Eureka Mixer 5 p.m. to 6:30 p.m.

Sequoia Conference Center
901 Myrtle Ave, Eureka
Conference: Free 

Box Lunch from Ramone's will be available for purchase at the time of registration for those who want to order lunch.

* Learn how young professionals effect economic 
development in a rural community, presented by Gurbax Sahota, President and CEO at California Association of Local Economic Development (CALED) 

* Where are the jobs? Occupations of Opportunity presented by Randy Weaver, Labor Market 

* Discovering gaps between HSU programs and 
local industry needs based on a summer research project, presented by Chris Gaines, HSU Business Lecturer and Internship Director

* Myth/Reality and Expectation Gaps for Young Professionals and Industry Leaders panel discussion, presented by Michael Kraft, Sequoia Personnel Services 
Featuring: Gurbax Sahota, President & CEO at CALED

Gurbax brings her economic development experience at the state level to Humboldt County where she will address how other communities are addressing retaining young professionals, and why it matters. 

Emcee and Keynote by: Jessica Pettitt, Good Enough Now

Through a background in stand-up comedy, professional speaking, expert facilitation skills, and well-tested adult education consulting, Jessica guides groups to challenge assumptions, engage in tough conversations, move past excuses, and get things done NOW. 

Sponsored by the Humboldt County Workforce Development Board 

Look for an email invite in the coming weeks, or check in at AEDC's website to register by Sept. 1. 

Last Day to Register!

The Prosperity Network Presents a Four-Part Series on

Connecting Our Community in the 21st Century

Creating Infrastructure for Prosperity
Part One: Aviation and the Economy

1:30 am - 2:00 pm
Dow's Prairie Grange

Check in/lunch begins at 11:30 a.m. 
Discussion begins promptly Noon and ends at 2 p.m.
Buffet Lunch by Cassaro's Catering.
TICKETS: $25.00

Online Registration Through Thursday. 
Friday walk-ins welcome (but may be unable to purchase lunch

* * * 
Aviation is more than just passenger service.  Our aviation infrastructure supports cargo shipping, public safety, health care, and more.
Our airports can also be centers of commerce, supporting the growth and development of aviation related and compatible businesses.
Join us for a discussion of how we can maximize this important resource to support the growth and diversification of our local economy.

Tours of the California Redwood Coast - Humboldt County Airport
will be available following the luncheon.

Business Leader Luncheon series is being presented by:
Humboldt County Workforce Development Board
AEDC Small Business Lending Center
Redwood Region Economic Development Commission

The Prosperity Network is soliciting requests for ideas for the other infrastructure related topics. Please send your topic suggestions to: ch 

SBA 504 Refinance Program is permanent
SBA Logo   

SBA 504 Current
  • 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.

Some refinancing is also eligible through the 504 Refinance Program. This was made permanent in late May of 2016. It will help small business owners ease their financial burdens and create incentives for potential expansion and further job creation.  

The 504 loan program, with is long term fixed-rate can help refinance debt from adjustable rate loans with significant savings to borrowers. For more information about this newly re-instated program, contact us at AEDC.

Kelli Sterling
Loan Manager
(707) 798-6132  Ext 214

color map  

We are proud of the variety of businesses we've served over the years at AEDC. We would love to include you in our family of success stories. 


Visit to get more information about AEDC loans, events and programs. 



Ross Welch
Executive Director
(707) 798-6132 ext. 211