Prosperity Scholarship

AEDC Offers Scholarships for Entrepreneurs and Students

*The Prosperity Scholarship program is currently not accepting applications. 


 

How Del Norte IDA Program Helped Locals Build Their Businesses

 

Businesses prosper when their owners have the drive, financing and skills they need to turn their big ideas into reality. That is why AEDC has worked with small business owners in both Del Norte and Humboldt counties to help them raise the funds they need while learning finance and business management skills through Prosperity Individual Development Account Scholarships.

The 2011 Del Norte County IDA program provided 11 entrepreneurs with eight informative sessions on several topics, including business finance, legal issues small businesses face, marketing and office organization. While they were attending these workshops, each business owner was encouraged to save money to spend on their business and AEDC was able to match what they saved 2 to 1 -- increasing the value and potential for each participating business.

“All along the way they would set money aside and it got them in the habit of saving money,” said Jana Clemons of the North Coast Small Business Development Center. “All of them had really great attendance and participation. I think they all got a lot of out of it.”

Mike and Anne McAleenan participated in the 2011 Del Norte County IDA program to build upon their own knowledge and obtain additional financing for their small farming business called Annie Mack’s Family Produce. They follow organic practices for growing greens, lettuce mixes, wheatgrass and other vegetables on less than an acre to sell at local farmers’ markets.

“All the workshops were very helpful,” Anne McAleenan said. “It was a wonderful opportunity to grow our business and it’s one that’s definitely of value to our community.”

 

The savings match that AEDC provided through the IDA allowed the McAleenans to purchase a greenhouse, a rototiller, seeds, gravel and other materials that allowed them to get on a jump on the limited growing season.

Since the IDA program began, AEDC has distributed nearly $152,000 to IDA participants, allowing them to purchase over a quarter million dollars in business and education assets.

 

 

Program Partners

North Coast Small Business Development Center provides business training and one on one business counseling in Humboldt and Del Norte Counties.

Consumer Credit Counseling provides personal financial training classes.

Jefferson Economic Development Institute (JEDI) provides personal financial literacy training classes, business training and one on one business counseling.

Mendo/Lake Credit Union provides personal financial literacy training and holds deposits for participant savings in Mendocino County.

WEST Company provides business training and one on one business counseling to participants in Mendocino.

Scott Valley Bank holds deposits for participant savings accounts in Siskiyou County.

 

 

Thank you to Wells Fargo for their generous support of AEDC's IDA programs in Del Norte and Mendocino, as well as the Farm IDA, and 2012 Humboldt Microenterprise business program beginning in Fall of 2011. Their support, with the Department of Health and Human Services Assets for Independence Grant, makes this program possible.