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3CORE Cultivating healthy businesses because people matter

Marc Nemanic 893-8732 x 204 or mnemanic@3coreedc.org. 3CORE Cultivating healthy businesses because people matter. Core Assets. Federally-Designated Economic Development District 501 (c) (3) Charitable Tax Exempt Corporation

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3CORE Cultivating healthy businesses because people matter

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  1. Marc Nemanic 893-8732 x 204 or mnemanic@3coreedc.org 3CORECultivating healthy businesses because people matter

  2. 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

  3. 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

  4. Where are the Districts?

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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%

  10. 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%)

  11. 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

  12. 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

  13. 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

  14. 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

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