Announcing the Eel River Valley Prosperity Scholarship/Microenterprise Flight
AEDC, in partnership with North Coast SBDC, is launching the Prosperity Individual Development Account Scholarship program for microenterprise business owners. Meetings will be held in Scotia at the Winema Theater. This is an opportunity for small business owners in the Eel River Valley to participate in a free savings program where participants save up to $1,200, which is matched through our program up to $2,400, the total of which may be used for a business asset including Start Up Inventory, Equipment, Marketing and other business assets.
How the Program Works:
Included in the program are intensive business training, mentorship, resource development, and the savings program that provides matching funds for every dollar saved.
While completing the training, participants will open a savings account at partnering local banks where participants commit to saving on average $100 per month in an account held in trust by AEDC. Participants will receive $2 (max: $2,400) for each $1 saved (max: $1,200).
Participants attend 10 months of small business classes developed by the North Coast SBDC on topics such as preparing financial statements, e-commerce, and marketing. Participants meet with a dedicated counselor from the North Coast SBDC at least once per month for assistance with their business venture. Participants also attend financial literacy training developed by Consumer Credit Counseling Service.
Participants graduate with proven skills for financial success and high-value assets that build long-term economic self-sufficiency.
Application Procedure and Requirements:
Participants will be selected through an application and interview process with representatives from AEDC and the North Coast SBDC.
Participants must either be a start-up business or currently in business.
Only applicants that have employment and verifiable earned income will be accepted into the program.
Each participant's total household income must be below 200% of the federal poverty level, which includes all sources of income for all household members combined and is based on the total number of people in the household.
People from all geographic regions may apply, and preference will be given to applicants in the Eel River Valley, which includes Loleta, Ferndale, Fernbridge, Fortuna, Rohnerville, Hydesville, Rio Dell, Scotia, and Redcrest, for example.
Sponsors:
Thank you to our generous community sponsors: The McLean Foundation, Umpqua Bank, U.S. Bank, Wells Fargo, the City of Rio Dell and the U.S. Department of Health and Human Services Assets for Independence.
For more information please contact Susan Seaman at 707-822-4616 ext. 12 or susans@aedc1.org.
Informational Meeting:
Tuesday, March 9, 2010
6:30 pm, immediately following the Chamber of Commerce Mixer
Winema Theater, 117 Main Street, Scotia
Click here for a map of Scotia
Attendees may bring completed application forms and submit them at the meeting.
Application Deadline:
Wed. March 31, 2010
Program Starts:
Tuesday, April 13, 2010
6:00 - 8:00 pm
In order to apply please complete and submit the participant application to Chelsea Cough, North Coast SBDC, 520 E Street, Eureka, CA 95501.
