November Economic Development News
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From Our Executive Director
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A funny thing happened on the way to this month’s newsletter. On Tuesday November 6
th, our very own Susan Seaman, Program Director for AEDC, was elected to be the new mayor of the City of Eureka. Now on the first and third Tuesdays of the month, Susan will walk the two blocks from AEDC to Eureka City Hall where she will preside over city council meetings. Congratulations Susan!
But, that's not the only news this month. We also have a story about one of our repeat borrowers who is building a much needed collection of child care centers in our region. We'll take a look back at the Housing Summit, hosted by RREDC. And finally, we'll take a look at the California Economic Development Summit, where they introduced CalSavers, a new retirement program starting next year. (Check out the link in the story) Hopefully, we'll hear more about that in the near future!
I will now submit my Executive Director opening paragraph to the Mayor-Elect so this newsletter can be sent!
~Ross
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AEDC client Little Learners (LL) Preschool just celebrated 10 years in business- and owner Shannon Hall says she has no plans to slow down—continuing to expand her locations and offer new and innovative programs to help meet the county’s child care needs.
“In January 2018 we partnered up with Open Door Community health center to help retain Doctors in our area by offering childcare for Doctors new to the area,” Hall said. “We also help support Open Door by providing holiday care and sick care so our local Doctors don't have to take time off and cancel their patients. We plan to continue this partnership in 2019.”
Hall said that LL always operates at full capacity and has a wait list, though she gives priority openings to working class parents “I know the struggle and realize nowadays both parents have to work to make ends meet,” she said. “We try to be as flexible as possible to help with family needs- such as random schedules and times needed for working parents.”
The centers get annual unannounced state licensing visits and Hall was proud to say that LL has never have had a violation. “They just showed up 2 weeks ago and all inspections went great as usual. This is huge because childcare centers have many laws to abide by and laws are constantly changing-which we have to stay updated constantly,” she said.
For more information, visit
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FAST FACTS—
- LL serves between 300-325 children ranging in age from 3 months-6 years old.
- LL has 60 staff members.
- Many families have to wait between 6-12 months to get care or the days needed for care (many of LL openings go to current siblings, which doesn't allow many openings for new families to join).
- Most LL families put their babies on the waitlist while still pregnant.
- LL currently has 10 different classrooms at 4 locations
- Each site required a loan of about $100,000.
- LL is working to open a fifth site (in Eureka) in the fall of 2019 that will offer new spots for infants, toddlers and Pre-K.
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Economic Development Summit- Solutions for our Region
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AEDC Program Director Susan Seaman recently attended the California Economic Summit in Santa Rosa.
The sold-out event offered the only statewide venue with a comprehensive agenda for taking on the challenges of our time: reducing income inequality, increasing economic security and community resiliency in a time of climate change, bolstering wealth generation, and restoring upward mobility.
The Summit network of public-, private-, and civic-sector leaders has championed initiatives aimed at the triple bottom line: seeking to simultaneously advance economic growth, ensure environmental quality, and provide opportunity for all.
“I was asked to participate as somebody who was interested in early childhood development and its role in the economy, but I attended various workshops, participated in stimulating conversations and learned more about many issues facing our region,” Seaman said. Besides child development, topics covered included
CalSavers, a new retirement program for California; Opportunity Zones; the gig economy and more.
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“While I was at the Summit, I was thrilled to run into Pamela Maxwell, VP of Corporate Social Responsibility at US Bank,” Seaman said. “She, and US Bank, have been great supporters of Lemonade Day for years -- and some of AEDC's more innovative programs like Adulting 101 and Workforce Weekend,” US Bank was one of the sponsors of the California Summit.
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AEDC’s Program Director Elected Eureka Mayor
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Susan Seaman, Program Director for AEDC, was elected new mayor of Eureka on November 6. While some votes remain to be counted, Seaman holds a strong lead with over 45% of the vote, with the nearest challenger holding about 30%. The new council will be seated at the meeting on December 18.
“I am very excited the election is over and I can get to work,” said Seaman. “I never even thought about running for an elected office until after I started working for AEDC and was exposed to the world of economic development. This community and region shows a lot of opportunity and I want to support that growth.”
Seaman says she plans to continue her focus on supporting the prosperity of the larger region in her work for AEDC
and the city council. “Economic development was a campaign priority and is the foundation of a strong economy and community,” Seaman added. “It benefits businesses and workforce while providing the resources needed to address other community needs like public safety and infrastructure. The economics of an area rarely exists within city boundaries, especially in rural regions. Understanding the regional picture is important.”
Susan has been living in Humboldt County for 27 years and serves the community by sitting on the advisory committee for the HSU Center for Community Based Learning; serving as a member of the Eureka Chamber Business & Education Committee; volunteering as a Big Sister for Big Brothers/Big Sisters; and making deliveries for Food for People Senior + Homebound Program. She will step down from the City of Eureka Economic Development Commission to serve in her new position.
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Housing In Humboldt
The Redwood Region Economic Development Commission (RREDC) Board of Directors believes that affordable and attractive housing contributes to a strong local economy that benefits all of the citizens of Humboldt County.
In response, in September RREDC hosted a well-attended housing forum focused on local market conditions, opportunities and challenges as well as offering information on innovative new housing projects that have been developed throughout the country.
In addition, RREDC Executive Director Gregg Foster has launched an informative website that contains local, state and national housing news and will be distributing periodic newsletters that focus on housing issues.
Stay Updated re: Housing News
Follow the blog
to learn about and share information on housing issues locally.
Sign up for the Housing Humboldt Newsletter by clicking
HERE
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SBA 504 Current Rate:
5.64%
- 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.
For more information, call Kelli Sterling, Loan Manager: 707-798-6132 ext. 212 or email kellis@aedc1.org.
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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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