North Edge Financing has been at the forefront of supporting local entrepreneurs through the Prosperity IDA Scholarship program. This initiative, aimed at low to moderate-income entrepreneurs in Humboldt County, Del Norte, Mendocino, and Siskiyou Counties, has made significant strides from 2007 to 2016 in fostering business growth and education.
Over 100 business owners took part in the program, opening an Independent Development Account (IDA) savings account. This unique savings opportunity allowed participants to save money towards purchasing a business asset, with every dollar saved matched by $2 or $3. The program was split into two to cater to both Humboldt County and North Edge Financing's outlying communities, ensuring widespread impact.
In Humboldt County alone, 67 participants benefited from $164,226 in matching grants, using these funds along with their savings to accumulate nearly $229,000 for new business assets. In the outlying communities, participants received $152,722 in matching grants, and with their savings, a total of $215,208 was invested in new business assets. Cumulatively, the program helped regional businesses acquire over $440,000 in assets.
Funding for the Prosperity IDA Scholarship came from several generous sources, including Wells Fargo, Umpqua Bank, US Bank, the McLean Foundation, Jefferson Economic Development Institute, and the Department of Health and Human Services' Assets for Independence grant program. This collaborative effort underscores our community's commitment to supporting entrepreneurs and bolstering our local economy!
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