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3CORE is a nonprofit intermediary fostering economic growth by facilitating investments that benefit local economies. We work with public, private, and nonprofit organizations to address community needs and provide capital, mentoring, and strategic planning. Our expertise has led to significant investments in infrastructure, green technology, and micro-enterprise programs. Through partnerships and innovative funding approaches, we aim to secure a prosperous future for our member cities and counties. Join us in building resilient communities and thriving businesses together!
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Marc Nemanic 893-8732 x 204 or mnemanic@3coreedc.org 3CORECultivating healthy businesses because people matter
Mission • Act as an intermediary for public and private investment that benefits the local economy; • Improve social, economic, and employment through partnerships with public, private, and non-profit organizations; and, • Implement a long-term strategy that addresses identified community needs
Core Assets • Federally-Designated Economic Development District • 501 (c) (3) Charitable Tax Exempt Corporation • Certified State Community Development Financing Institution (CDFI) • Licensed California Finance Lender • Technical Advisor/Project Manager
Tools of our Trade • Lend capital • Mentor micro-businesses (<5 employees) • Understand unmet needs • Develop relationships with funding agencies • Complete an economic development strategy and related priority investments • Pursue available funding for these priority investments • Obtain and manage these investment on behalf of our member cities and counties
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
Current District Projects • Capital Access Analysis (Chico, Butte) $45,000* • Wastewater Drainage study (Palermo) $35,000 • Industrial Park Planning strategy (Oroville) $35,000 • Alternative Power Generation plan (Oroville) $35,000 • Downtown Visual Master plan (Biggs) $35,000* • Green Technology Feasibility study (Glenn) $50,000* • Micro-enterprise mentoring program (Butte, Orland, Tehama @ $300,000, $100,000, and $150,000)* • Infrastructure Development application @ $2.5 million (Chico) • Façade Improvement Loan program (Red Bluff, Orland => available funding at $150,000)* • Housing Element (Orland, Willows, Corning) $105,000 • Energy Neutral Affordable Home Project (Glenn County) $165,000* • Capital Access Program (Chico) $500,000* • Total investments = $4,055,000 • * under 3CORE management = $1,495,000
501 (c) (3) Non-Profit Status • Private tax deductible charitable contributions authorized • $291,450 contributed 1996-2008 • Raised $2.65 million private capital investments as a certified CDFI
Community Development Financing Institution • Exclusive access to 20% state tax credit for eligible private investments • Obtained $2.65 million in private loan capital since 2002 • CDFI & 501 (c) (3) assets provide preference in attracting private capital or investments targeting identified business capital access needs
Licensed California Finance Lender • Manage 14 loan funds with $5.0 million capital base • $3.25 million current active loan portfolio with $450,000 work-in-progress • 1987-2009 -267 loans -$12,890,109 loans closed -average 4:1 leverage of private investment
What to expect (3-5 years) • The fear of loss will trump the desire to maximum profits for traditional banks; • Local government will face daunting financial pressures; • Consolidation of small governmental units is likely; • Social improvements and economic development investments will increasingly be sponsored by social angel investors