Announcing the Eel River Valley Prosperity Scholarship/Microenterprise Flight

The North Coast Small Business Development Center (SBDC), in collaboration with the Arcata Economic Development Corporation (AEDC), is launching its business assistance program for start-up businesses or those interested in capitalization of their business.  Meetings will be held in Scotia at the Winema Theater.

This is an opportunity for small business owners in the Eel River Valley to participate in a free savings program where participants save up to $1,200, which is matched through our program up to $2,400, the total of which may be used for a business asset including:

• Inventory
• Equipment
• Marketing
• Other business assets

How the Program Works:

Included in the program are intensive business training, mentorship, resource development, and the savings program that provides matching funds for every dollar saved. 

While completing the training, participants will open a savings account at partnering local banks where participants commit to saving on average $100 per month in an account held in trust by the Arcata Economic Development Corporation.  The 2:1 match is comprised of a federal to community sponsor match.

Participants attend 10 months of small business classes developed by the North Coast SBDC on topics such as preparing financial statements, e-commerce, and marketing.

Participants meet with a dedicated counselor from the North Coast SBDC at least once per month for assistance with their business venture.

Participants also attend financial literacy training developed by Consumer Credit Counseling Service.

Participants must open an Individual Development Account (IDA), a special type of bank account, at a participating financial institution and make a savings deposit of at least $50 per month.

Participants graduate with proven skills for financial success and high-value assets that build long-term economic self-sufficiency.

Application Procedure and Requirements:

Participants will be selected through an application and interview process with representatives from the Arcata Economic Development Corporation and the North Coast SBDC.

Participants must either be a start-up business or currently in business.

Only applicants that have employment and verifiable earned income will be accepted into the program.

Each participant's total household income must be below 80% of the county median income, which includes all sources of income for all household members combined and is based on the total number of people in the household.

People from all geographic regions may apply, and preference will be given to applicants in the Eel River Valley, which includes Loleta, Ferndale, Fernbridge, Fortuna, Rohnerville, Hydesville, Rio Dell, Scotia, and Redcrest, for example.

Sponsors:

Thank you to our generous community sponsors:

• Umpqua Bank
• The McLean Foundation
• US Bank
• Wells Fargo
• The City of Rio Dell

For more information please contact Chelsea Cough at 707-445-4986 or cough@northcoastsbdc.org

Informational Meeting:

Tuesday, March 9, 2010

6:30 pm, immediately following the Chamber of Commerce Mixer

Winema Theater, 117 Main Street, Scotia

Click here for a map of Scotia

Attendees may bring completed application forms and submit them at the meeting.

Application Deadline:

Friday, March 19, 2010

Program Starts:

Tuesday, April 13, 2010

6:00 - 8:00 pm

In order to apply please complete and submit the documents attached below to Chelsea Cough, 520 E Street, Eureka, CA 95501.  Please call if you have any questions.

1. North Coast SBDC Request for Services
2. North Coast SBDC Microenterprise Assistance Application (include documentation of all income sources, see worksheet)
3. North Coast SBDC Flight Application for Participation
4. AEDC Application Packet