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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. Mission. Act as an intermediary for public and private investment that benefits the local economy;

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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. 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

  3. 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

  4. 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

  5. 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

  6. Where are the Districts?

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

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