Exciting news for BIPOC business owners! As a $500,000 recipient of the CDFI Equitable Recovery Program grant, North Edge Financing—formerly known as the Arcata Economic Development Corporation (AEDC)—is allocating a portion of these grant funds to provide financial products and grants to “minority individuals or to minority-owned or controlled businesses.” This is being done in close collaboration with the North Coast SBDC by offering the innovative Individual Development Account (IDA) program in conjunction with their BIPOC Business Program.
About the IDA Program
The IDA Program is a savings match initiative that combines education and financial growth opportunities. Participants engage in a series of business development and financial education sessions. Over the span of a year, they collaborate closely with a business advisor, working one-on-one to develop a comprehensive business plan. During this period, they have the opportunity to save up to $100 every month, leading to a yearly saving of $1,200. As they outline their business plan, they'll pinpoint a specific asset they aim to acquire for their business. Once the program concludes, North Edge Financing pledges to significantly amplify their savings by adding an extra $3 for every dollar saved, allowing participants to save a whopping $4,800 to invest in their desired business asset.
Susan Seaman, North Edge’s Program Director, expressed her enthusiasm for the program, saying, "We have been looking for opportunities to restart this program. It’s been very successful in the past. The program provides a great opportunity to purchase equipment and other long-term assets that will help strengthen our local businesses. What we also learned from prior IDA programs is that people join to receive the grant, but ultimately the peer relationships and education that support the funding create a strong foundation that is invaluable for our business owners. We’re thrilled to be able to offer this to our BIPOC business owners and very excited to be working with our partners at North Coast SBDC to offer it again.”
The North Coast SBDC is actively recruiting for its "Thriving BIPOC Entrepreneurship" learning program cohort, which will include the IDA component. This initiative is open to Black/African American, Latine/Indigena, People of Color, and Indigenous/Native American business owners and entrepreneurs of the Redwood Coast. Those who’d like to join this program can get more details here: https://www.northcoastsbdc.org/event/bipoc-training-1of10/ You can also reach out to Susan Seaman at susan@northedgefinancing.org.
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