How to Capitalize Your Rural Small Business
Undercapitalization is one of the warning signs of small business failure. Where can small businesses go to access the capital they need to thrive in today’s economy?
On Wednesday 16 May at 7 pm, Mendocino Works will discuss small business capital needs and opportunities with Heather Gurewitz, the recently appointed executive director of the Economic Development and Financial Corporation, or EDFC. Heather will discuss a variety of opportunities available to small business in Mendocino County and what they need to do to get the dollars they need to grow their business.
EDFC is a 501(c)3 non-profit Community Development Financial Institution (CDFI), that has been operating since 1995, with an extensive lending history. EDFC believes in building a healthy community that encourages resourcefulness, creativity and abundance for future generations.
EDFC was formed through a unique partnership between Mendocino County’s four incorporated cities and the county to coordinate and support economic development activity Mendocino County-wide. This cooperative effort first began at the Mendocino County Economic Development Summit held in the Spring of 1992. The idea was incorporated as a primary objective in the County Overall Economic Development Plan (OEDP) in June of 1993. The EDFC Steering Committee was formed to begin the organizational development process in the Summer of 1994. EDFC obtained official certification as a Community Development Financing Institution in September 2013 and expanded its business into Lake County in 2014. Funding is provided through local, state and federal government sources. EDFC has participated in the US Department of Agriculture Rural Development Intermediary Relending Program since February 2001. The Rural Microentrepreneur Assistance Program from USDA Rural Development was added in December 2014, significantly increasing the organization’s loan capacity. In early 2018 EDFC received a grant from the CDFI Fund and started our first CDFI revolving loan fund.