Financing Business Opportunity  

December 2014
In This Issue
Client Profile
Client Spotlight
SBA 504 Rate Update
Partner News
Fly Humboldt
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From the Executive Director




2014 has been an exciting year of collaborations and expansion at AEDC.  Working with partners, we have been able to support the rehabilitation of trails in Humboldt and provide funding for more educational exhibits at the Sequoia Park Zoo.  We have also continued to support small and growing businesses in our region with our many loan products.  This is possible because we have a strong operational structure and a fantastic staff experienced enough in our core activities to utilize our resources creatively for our more ambitious projects. 


We're looking forward to seeing where the opportunities will take us in 2015!  




Client Profile  


Hamanaka Painting   


HAMANAKA PAINTING COMPANY recently became another pleased recipient of a SBA 504 loan thanks to AEDC and Coast Central Credit Union.


"504 loans are a great product," says Bob Moore, Vice

President, Member Loan Services/Chief Credit Officer at Coast Central Credit Union. "These loans preserve the borrower's equity because it requires only 10-15% down and can allow a business to get into a building without using up all of their liquid capital."


For a 504 loan, a financial partner such as Coast Central provides 50% of the financing, AEDC provides another 40% through an SBA loan and the owner covers the balance. According to Moore, the SBA portion of the loan is fixed for the life of the loan, which also mitigates interest rate risk. "Standard commercial loans often offer 5 years fixed rate (and some as high as 7-10 years) but then it goes to a variable rate, which could subject the client to higher rates and payments in the future."


Glenn Hamanaka sought a 504 loan to help finance the construction of his new commercial building. "Kelli at AEDC and Dan at Coast Central did a great job of working together," Hamanka said, "Their communication was great and they helped me through the whole process."


HAMANAKA PAINTING COMPANY was established 1993 

and has painted hundreds of residences, commercial buildings, and housing complexes in the Humboldt County area. Services include Commercial, Residential, and Interior, Exterior, Lead renovation work, paint removal, parking lot striping, floor finishes and more.


Visit them at




Client Spotlight  

O'Meara Bros. Brewery



AEDC clients Alex and Tim O'Meara are poised to fulfill a dream AND take advantage of staggering double digit market growth. According to The Brewers Association, craft beer sales grew  over 17% in 2013 and with experts expecting that trend to continue,  O'Meara Brothers Brewing Company in Lakeport is well positioned to enjoy that growth.   


"Each day there are more drinkers demanding craft beer, retailers making more room on the shelves and bars adding more

tap handles. I think there is room for two or three, or maybe even 4,000 more craft breweries," observed Samuel Adams founder and Boston Beer Chairman Jim Koch.

"We've been small scale brewing for about six years but when we looked at the growth of the industry, we knew the time was right to take the next step, and open a craft brewery and restaurant," Alex O'Meara explained.  
Tim attended brewing school at UC Davis and the brothers also interned with experienced brewers to get  more hands-on knowledge of the industry. They also spent lot of time visiting local restaurants.  "We saw what was missing and want to fill the niche," Alex explained. 

The brothers found a location right off the freeway in Lakeport. They have created an upscale atmosphere coupled with low prices and "Pub Grub"-uncomplicated, delicious food that aims to compliment the beer rather than overs
hadow it.  Their beers are complex, with lower alcohol content and layers of flavor, offering a variety of regional styles that appeal to everyone.


Funding for the new enterprise came from a collaboration between AEDC, Ukiah's Economic Development Financing Corporation (EDFC) in Mendocino, and Lake County Community Development Services.  Loan proceeds will be used to purchase brewery equipment, kitchen equipment, fixtures, inventory, leasehold improvements and working capital.



Enjoy good beer and pub food at 

901 Bevins Street, Lakeport 

For more information, visit


Or Call 

 (707) 262-1234


SBA Commercial Property 504 rates


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.  


Kelli Sterling

Loan Manager

(707) 822-4616  Ext 14

[email protected]

Partner News



Humboldt Made 

Director Announced 


Humboldt Made recently welcomed T. Aaron Carter as their new Executive Director. "Aaron has already worked with several Humboldt Made members, helping them with product branding and social media campaigns," said Kathy Moxon, director of Redwood Coast Rural Action (RCRA), Humboldt Made's parent organization. "We are excited to have him on board as the executive director, building the Humboldt Made brand and feel that member businesses will benefit from what he brings to the organization."

T Aaron Carter


"I look forward to working with this extraordinary group," Carter added. "We share the same passion-- to make our home a better place and leave our local economy stronger by supporting the businesses and entrepreneurs that have made Humboldt County what it is."

AEDC is a business services member of Humboldt Made, as are several of AEDC's clients old and new. The mission of the organization is to grow the Redwood Coast economy by supporting homegrown businesses and providing development activities that assist businesses in creating jobs. 

A previous newsletter incorrectly listed Kathy Moxon's organization as the California Center for Rural Policy (CCRP). Connie Stewart is the executive director of CCRP. Kathy Moxon's organization Redwood Coast Rural Action (RCRA) is the umbrella organization for Humboldt Made. We apologize for the error and any confusion it may have caused.


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Learn more about Humboldt Made at

Partner News  


Fly Humboldt  


A group of business, manufacturing and government folks has been working with Fly Humboldt to raise one million dollars to entice an airline into ACV.


The funds will comprise a Minimum Revenue Guarantee that will be used to attract another airline to the area. So far, over $985,000 has been raised toward the $1,000,000 goal.


More and more reliable air service to more destinations is critical to the well-being and economic prosperity of the region. Fly Humboldt was created to educate the community and help the region in securing continuing, affordable, and predictable air connections to the outside world.


Tax-deductible donations can be made at



Fly Humboldt is dedicated to 
bringing more flights to more destinations



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) 822-4616 ext. 11