From the Executive Director
Sometimes our newsletters fall into a natural theme - and I realized that as the New Year approaches, this is a fitting time to see that the theme this month seems to be Improvement.
The Jefferson Community Project is working on improving their facilities, and in turn the services they can provide to their neighborhood, and even the neighborhood itself.
AEDC has been fortunate enough to get a US Bank grant for operating costs, which means an opportunity to improve our website, and on-going efforts for new programs like the SBA Community Advantage program help us to improve how we can serve our clients.
The City of Eureka is making efforts to seek public input in their efforts to improve business opportunities in the city.
Now is a great time to think about improvements you want to make in your business, too. Ask AEDC about a capital improvement loan or new building purchase. We have a great variety of loan options to help make your dreams for improvement a reality.
AEDC Project Spotlight
Jefferson Community Project
A loan from AEDC is allowing the Jefferson Community Project to take advantage of a $3.3 million grant to expand their facility and programs.
When we landed a 3.3 million dollar grant for acquisition and infrastructure improvements we needed to determine where the cash flow was going to come from. The Bridge Loan from
AEDC has made it possible for our small community based non-profit to participate in a large project like this, keeping the project moving and making sure our LOCAL contractors are paid on time," explained
President of the Westside Community Improvement Association. "
The loan will also be used to cover a 20% retainage-which is the amount we have to finance ourselves up front -that payment is held until final inspections and approval, which could take up to 6 months. "
The funds will be used to purchase property and finance the construction and improvement costs for
- a new playground area & basketball courts
- community garden
- walking paths, landscaping
- exterior ADA compliant restrooms
- a new parking area
- the replacement of two portable buildings with a brand new building for an infant/toddler center
- renovation of an existing building to house a new community library, several multi-purpose rooms, a performing arts recreation space, a new fully functional commercial kitchen area, new ADA compliant restrooms, and a conference/community room.
* * *
In 2005, the Eureka City Schools closed down the Jefferson Elementary School located at 1000 B Street. Over the next several years, the
property became blighted with broken and boarded up windows and i
n 2007, a group of neighbors began to care for the grounds by pulling weeds and painting over the graffiti. In 2011, the group formed the non-profit organization known as Westside Community Improvement Association and secured the financing to purchase the Jefferson school property.
In 2012, the non-profit received a $3.3 million grant for the improvement and construction of a new community center. Since its inception, the Westside Community Improvement Association has completed many renovations at the former Jefferson School Site.
"The Jefferson Project has really given Westside residents the opportunity to participate in building something so incredibly beneficial for the community. It is empowering because as neighbors we can truly say "look what we built!" Benzonelli said.
AEDC now offering
Community Advantage 7(a) Loans
The SBA is committed to expanding access to capital for small businesses and entrepreneurs in underserved communities to help drive economic growth and job creation. THE SBA 7 (a) loans support these efforts through Community Advantage and Small Loan Advantage programs.
"This program just puts another arrow in our quiver," noted AEDC program director Susan Seaman. "Banks have a similar program, but we won't be competing with them because these loans are smaller than those banks usually make. They can continue to send those borrowers to us to meet that gap in lending."
- Maximum Loan Size: $250,000
- Guarantee: 85 percent for loans up to $150,000 and 75 percent for those greater than $150,000.
From the SBA,
"Community Advantage leverages the experience ...institutions [like AEDC] already have in lending in economically-challenged markets, along with their management and technical assistance expertise to help make t
heir borrowers successful."
For thirty years, AEDC has strengthened the economic infrastructure of local communities by providing funding for new and growing businesses. Through various loan programs, AEDC can provide loans from $5,000 to $5 million for various commercial projects.
AEDC Receives US Bank Grant
AEDC is pleased to announce that we just received a grant of just over $8,000 from US Bank for general operational expenses, which will include an updated AEDC website and other designated expenses.
"US Bank has always been a good partner to AEDC," said Ross Welch, executive director. They support programs like Lemonade Day, Spotlight on Success and previously our IDA program. Mandy Marquez serves on our board of directors, and is a strong advocate for AEDC in the community."
Thank You US Bank!
The Prosperity Network presents the next in a four part series on the
Part III - Research
January 8, 2016 | Noon-2 pm
The Great Room, HSU
Humboldt State University
AEDC Board News
Board Officers for 2016
Scott Bartlett, President
Mr. Bartlett was elected to AEDC's board in 2014. He is the COO and co-owner of Eureka Payments.
Walt Geist, Vice President
Mr. Geist was elected to the board in 2014. He is the Associate Vice President of American AgCredit.
Michael Proulx, Treasurer
Mr. Proulx has served in various capacities on the Board of AEDC since 1983. He is lecturer at Humboldt State University.
Kathy Montagne, Secretar
Ms. Montagne has served on the board at AEDC since 2004. She is the Executive Director of Northcoast Children's Services.
Learn more about our new officers and other members of the AEDC Board of Directors on AEDC's website
The City of Eureka wants to know what young adults (ages 16-30) want for their city and is offering an opportunity to discuss and brainstorm current city projects and plans- including waterfront development, small business opportunities, local outdoors late night activities and more.
From the City:
Choices made in developing Eureka will affect the next generation's ability to live, work, and play-so join us January 6th for a kickoff meeting and have your voice be heard by city staff and your peers!
Wednesday, January 6, 5 - 7:30 p.m.
Wharfinger Building, 1 Marina Way, Eureka.
Free pizza and beverages
Residents ages 16-30 are invited to attend.
For more information, c
City of Eureka Development Services
Don't Forget !
Attention Mobile Food Vendors
This is a reminder that t
he City of Eureka
Development Services Department
is seeking public input regarding Mobile Food Facilities (AKA Food Trucks).
1 Marina Way, Eureka