Post on 20-Dec-2015
3CORE
Cultivating healthy businesses because people matter
Marc Nemanic893-8732 x 204 or mnemanic@3coreedc.org
Core Assets
Federally-Designated Economic Development District
501 (c) (3) Charitable Tax Exempt Corporation
Certified State and Federal Community Development Financial Institution (CDFI)
Licensed California Finance Lender
Technical Advisor/Project Manager
Formed in 1985—began work in 1986-1987
Economic Development District
Federally Designated Economic Development District (EDD) 378 Nationally 5 California
Service Region = Butte, Glenn & Tehama County and the incorporated cities 3 Counties 9 Cities
$30,198,262 funded projects 1996-2009
Economic Development Projects in Tehama County
County 2 Planning & Technical Assistance grants = $70,000 $150,000 Enterprise grant
Red Bluff 1 Planning & Technical Assistance grant = $35,000
Corning 2 Planning & Technical Assistance grants = $70,000
Total (2006-2011) = $325,000
Tehama County Enterprise Grant (Business Mentoring Program)
January 2010-May 2011 3 clients—in-depth business
assistance 1 pending client enrollment 19 applications/incomplete or did not
qualify by income 4 Business Training Workshops held
in Red Bluff & Corning
Business Development Workshops
11/3—Red Bluff—11 businesses
12/8—Red Bluff—5 businesses
2/2– Red Bluff—4 businesses
2/9—Corning—8 businesses
Total => 28
Workshop costs underwritten in part by Wells Fargo Bank
501 (c) (3) Non-Profit Status
Private tax deductible charitable contributions authorized
$326,450 contributed 1996-2010
Raised $2.65 million private capital investments=> $167,000 loans made in Tehama County
Licensed California Finance Lender Manage 12 loan funds with $4.1 million
capital base
$2.991 million current active loan portfolio (73%)
1987-2011
-280 loans -$14,010,109 loans closed
-average 4:1 leverage of private investment
-2008-2010 loan loss % (Valley of Death) = .0098%
Lending Volume 2006-2011
Total = $4,785,472
Tehama County = $1,105,811 (23%)
2006-2009 average = $916,000
2010-2011 average = $560,000 (-39%)
Community Development Financial Institution (CDFI)
Purpose-> CDFI is a specialized financial institution that works in market niches that are underserved by traditional financial institutions
CDFI certification is a requirement for accessing financial and technical assistance for the US Treasury
Leveraging CDFI Asset
Expand financial readiness training and technical assistance
Establish Loan Accelerator to prepare businesses to borrower effectively
Expand capital base prudently Identify financing gaps for future
product development Partner with local banks
Governance
5-person Board of Directors
Oversees the general operations of the 501 c 3 corporation
Private sector members from the tri-county region
25-member CEDS Advisory Board
Membership prescribed by EDA
Responsible for developing area regional plan
Regional plan called the CEDS
2 Tehama County non-governmental appointments open
CEDS Advisory Board functions Help develop the regional plan (CEDS) Represent the economic interests of the
region Advise professional staff on coordinating
and implementing CEDS priorities Overseeing research, planning,
implementation, and advisory functions under the CEDS
Meets 2 times a year with additional meetings as necessary