HomeMy WebLinkAbout10/04/2016 04B Rural Community Development Resources Presentation Center for Business Develop rio str bute e#
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Crow ' Entrep re vteu S%v�.ce� 1 991 Meeting I
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YTD Impacts 1996 -2016
Busines Type
Manufacturing 434 J Created
Retail
11%
Service
86%
360 Jobs Saved
Income Limits
Job Very Low
Creation (50%)
39% 31% 29 Clients Served
Low
(80%)
30%
Ethnicity
White $6,344,362
8%
Total Investment
Hispanic
92%
www.rcdr.biz j 509 -453 -5133 ( businessresources @rcdr.b,z
Distributed at the 4
Center for Business Development Meeting
Business Assistance & Lending Program
Services are provided for entrepreneurs with one -on -one technical assistance in business
plan development, obtaining business licenses, business certifications and educational
workshops on financial management and tax reporting. The targeted group is
low /moderate income (LMI) entrepreneurs that do not qualify for bank financing, and
want to set up a microenterprise. All services are provided in both English & Spanish by
culturally competent employees.
Community Loan Fund
The primary reason for the success of the program is access to credit for entrepreneurs. A
revolving loan fund was initiated in 1996 with funding from WA State Dept of
Commerce, and expanded with grants from EDA and private banks. Direct loans ranging
from $2,000 - $50,000 are provided for startup microenterprises, and loans for up to
$250,000 for a business expansion. The loan capital is derived from EDA & SBA, as well
as loan capital from Banner Bank and Bank of America. The City of Yakima and the
Small Business Administration (SBA) and private banks provide technical assistance
(TA) funding to provide pre loan work and post loan technical assistance to enhance the
long term success of microenterprises.
Small Business Incubator (SBI)
Enhanced services for start up and microenterprises are provided via a virtual incubator
concept that provides ongoing on site technical assistance for start up businesses. The
microenterprises are called desk tenants and have access to staff support and computers
to help with bookkeeping/payroll, obtain the appropriate licenses and certifications,
workshops, etc. The targeted industries are general /specialty contractors and
owner /operator long haul truckers, service businesses and cooperative groups. Procuring
contracts with local, state or federal government or connecting them with prime
contractors is also provided. There are executive suites for rent with access to fax,
internet services and use of a conference room.
Center for Latino Farmers (Center)
The Center was created based on the demand for services. The target market is new and
beginning socially disadvantaged farmers /ranchers with special focus on limited English
speaking immigrants in their transition from farmworkers to farm owners. The program
helps empowers the farmers by educating them on personal financial responsibility, loan
processing and more importantly connecting them to USDA programs and services such
as obtaining FSA loans for a purchasing land, equipment or operations as well as
obtaining crop insurance and increased conservation practices. Thanks to the work of the
Center, the Ag Census has ranked WA State as #6 in the nation in regard to growth of
Latino farmers.
Center for Business Development , P 0. Box 9492, Yakima, WA. 98909 453 5133 Revised 2 -10 -16
Community Loan Fund
Family of Funds
Funds Loan Business Interest Rate Term Loan Use of Proceeds Who Qualifies
Amount Type Q Service Area
J�
$2,000 New - Equipment - LMI individuals Yakima County to & 7% 3 — 5 4% - Inventory - Businesses that h'
years ry creates jobs for (Outside City of
$35,000 Emerging - Working Capital LMI Yakima)
$2,000 New - Equipment - LMI individuals
USDA to & 7% 3 — 5 4% - Inventory - Businesses that Sunnyside &
$35,000 Emerging y ears - Working Capital creates jobs for Grandview
LMI
- LMI individuals Yakima County,
$2,000 New - Equipment Royal City, Pasco
SBA to & 7% 1 — 6 $100 - Inventory - Businesses that Moses Lake, Walla
Microloan $50,000 Emerging yew - Working Capital creates es jobs for Walla, Othello,
Mattawa, Tri- Cities
City of $2,000 New - Equipment - LMI individuals
Yakima to & 7% 3 — 5 4% - Inventory - Businesses that City of Yakima
Microloan $50,000 Emerging y ears - Working Capital creates jobs for
LMI
- Equipment - LMI individuals
$50,000 Based Counties: Yakima,
EDA to Established 7% 5 — 10 on loan - Working Capital - Businesses that Kittitas, Grant,
$250,000 years amount - Real Estate creates jobs for Okanogan
- Business Acquisition LMI
WA State: Yakima,
$50,000 New Based
- Equipment - LMI individuals Royal City, Walla
Investment ° 5 —10 - Working Capital - Businesses that
to or 7% on loan Walla, Moses Lake,
Fund $250,000 Established years amount "Real Estate creates jobs for Mattawa, Othello,
- Business Acquisition LMI Tri- Cities c� o
KEY I Type of Loans I Loan Detail Description 5 cr
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Rural Community Development Resources * P 0 Box 9492, Yakima WA 98909 * (509) 453 -5133 * www rcdr.biz Revised 2 -04 -2015
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