Learning Together:

James makes his first loan

AEDC’s newest loan officer, James Schaeffer, just celebrated the close of his first loan, an SBA Microloan with Savage Henry Independent Times.

“Nothing was conventional about the process and I needed a lot of support from my fellow loan officer Jayne, and loan manager Kelli,” Schaeffer admitted. “Even with their help the loan still took a long time but Chris was extremely patient during the whole process."

The loan applicant was Chris Durant, owner and sole proprietor of Savage Henry, which produces a humor magazine and live comedy shows. The magazine is distributed locally and can be found as far as Grass Valley, Chico, Brookings and Medford. “I think of it like the old MAD Magazine,” Schaeffer explained. ”Chris had this crazy idea that he had to bring laughter to the community. And he is still doing it 8 years later.”

The magazine has remained financially viable since its inception in 2010, but Durant came to AEDC to access funding to grow the business and establish a more central location/storefront and comedy venue in Eureka. The location will also offer merchandise.

“This was our first business loan for Savage Henry, so I really didn't know what to expect but the loan experience was great,” Durant said. “It forced me to look in every nook and cranny of the business, something I should've done from the start. This showed me new ways to bring in revenue and the plan evolved the more I learned.”

“I wish all customers were as excited and ambitious as Chris was when going through the lending process,” Schaeffer added. “It's definitely a commitment and not easy. AEDC has to learn anything and everything from our customers since we typically have no prior relationship and are lending large sums of money. Most folks get nervous or protective of their information. At the end of the day though, we are here to help them. I'm just glad Chris was here to learn with me and took the time and patience needed to get his loan. Now he's more excited and savvy than ever, and is ready to grow his business and tackle new challenges.”

For more information, visit

http://savagehenrymagazine.com/

Below: James Schaeffer, right, looks on as Chris Durant signs the final papers completing his business loan and an important learning process for both of them.

AEDC Annual Meeting

Tuesday, October 23

AEDC's Offices

707 K Street, Eureka

Join us for food and drink, and to learn

about what's new at AEDC.

Look for your invitation coming soon!

On Thursday, Sept. 20 about 80 people attended a forum focused on Housing as an Economic Driver, hosted by RREDC, CCRP and St. Joseph Health System. 

Presenters, included local staff and policymakers, real estate professionals, local builders and developers, employers and more. They addressed a number of issues that come from a lack of housing and the challenges building more housing.

This forum kicked off a four-year collaborative effort sponsored by Redwood Region Economic Development Commission, California Center for Rural Policy and St. Joseph Health System to address housing challenges in Humboldt County. 

For more information, visit: rredc.com

Below: Participants listen to panelists including realtors, property managers, student housing advocates, employers and community development professionals talk about their take on the housing market.

On Sept. 21 and Sept. 22, the cities of Arcata and Eureka, along with the County of Humboldt, in partnership with the Redwood Region Economic Development Commission and Planwest Partners, hosted an ADU (Accessory Dwelling Unit) Fair.

Organizers shared a goal of increasing the construction of ADU housing by increasing education and making the permitting process as easy as possible. The fair was designed to help homeowners learn everything they need to know about



One participant stopped by to ask about adding on a second unit in Eureka, according to George Williamson, of Planwest Partners. He said he previously tried to build one and gave up frustrated. After the fair he said he had a greater understanding of the process and confidence that the City would be helpful in making it successful.

North Coast Procurement Expo

Please attend the North Coast Procurement Expo for workshops, networking, and exhibits

Purchasers from federal, state, and local government agencies will be coming to Eureka to make connections with local business owners. They want to buy your products or services - are you ready to sell them?

Preparatory Workshops

October 3, 10am - 4pm

REGISTER



*This day is for businesses new to government contracting and is designed to help you make the most of the expo. 

These workshops are not required.

Agenda:

Humboldt Bay Aquatic Center

921 Waterfront Drive

Eureka, CA 95501

Procurement Expo

October 4, 9am - 2pm



REGISTER



Network with local, state, and federal agencies who are looking to buy the products or services you sell. Lunch & continental breakfast catered by Ramones.

Confirmed Agencies:

Sequoia Conference Center

901 Myrtle Avenue

Eureka, CA 95501  

SBA 504 Current  Rate:  5.29%

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. 212 or email kellis@aedc1.org.

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