Low to Moderate Income Entrepreneurs:
Are you looking for financing to help realize your business dreams?

If you fit our Scholarship eligibility requirements (links to below) and are able to save up to $1200 a year from earned income, AEDC will match your savings 2 to 1 when you complete small business training. Click here to download a copy of the 2008 Prosperity Scholarship applications. You can also call 822-4616 ext. 15 with questions or to have an application mailed to you.

The Prosperity Scholarship Individual Development Account Program is a matched savings program for low to moderate income entrepreneurs in Humboldt County. The program is designed to help you save for and purchase your business asset dream.

Your savings are matched $2 for every $1 saved!
Participants save up to $1,200, which is matched by a scholarship of up to $2,400, the total of which may be used for capitalizing a small business:

While you are saving you can:

The IDA program objective is to help low-income working families to become economically self-sufficient by providing the motivation, information and skills to:

Eligibility Requirements
Individuals or families meeting all of the following criteria are eligible to apply, and participants will be selected from among the applicants:
(annual)
(monthly)
Family Size
80% CM
80% CM
1
$28,850
$2,404.17
2
$32,950
$2,745.83
3
$37,100
$3,091.67
4
$41,200
$3,433.33
5
$44,500
$3,708.33
6
$47,800
$3,983.33
7
$51,100
$4,258.33
8
$54,400
$4,533.33

Twelve participants are accepted into the program annually. AEDC reserves the right to select participants on the basis of eligibility, business viability and a demonstrated commitment to achieving goals.

Conditions for Participation
Once accepted into the program, participants must meet the following conditions to remain enrolled:

Participant savings and interest remain in their ownership and will not be lost if they withdraw from the program, however the match is only available at the time of asset purchase. The program encourages regular savings habits and only allows early withdrawals in emergency situations. All participants must complete both personal financial skills training and asset-specific training prior to the purchase of their chosen asset.

 

© Arcata Economic Development Corporation

AEDC does not discriminate on the grounds of race, color, religion, sex, marital status, age, disability or national origin in services or accommodations offered or provided to our employees, clients or guests.

Program Partners

Northcoast Small Business Development Center provides business training and one on one business counseling.

Consumer Credit Counseling provides personal financial training classes.

North Valley Bank, Umpqua Bank, and US Bank will hold your deposits and AEDC’s matching funds until your program participation is complete.

AEDC’s 2007 Prosperity Scholarship program is generously underwritten by AEDC, Simpson Timber, Umpqua Bank, and US Bank. Thank you for joining us with your support of new business in Humboldt County.

 

 

"I feel like I'm a saver now . . .It gave me the motivation to put money into my bank account every single month."

— Monica Hubbard, Rainy Day Books

 

"I'd like to thank the SBDC and the AEDC, and everybody that participatedin the program. I learned to find the assistance I needed and I acquired the skills to analyze my business costs.   Guys, it really works." 

— Michael Ross
Calhoun's South Side Barbecue Sauce

I'm taking that step into being a real business, having an office and clients, and this program has definately put me there."

— Luci Ramierz, Lucy Ramirez Bookkeeping