Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Regional economic development group reports loans and EDA strategy work for Redding area
Summary
Superior California Economic Development reported $1.9M in loans last year, $1.1M of lending in Redding that leveraged $3.3M additional private funding, and outlined grant applications for Stillwater Business Park and other projects.
Ryan Richardson, executive director of Superior California Economic Development, told the council the nonprofit made about $1.9 million in loans last year (about $1.1 million targeted to Redding) and that Redding-specific lending leveraged an additional $3.3 million in outside investment. He said his organization manages revolving loan funds (about $9 million) with a 92% utilization rate and works to assemble comprehensive economic development strategy documents needed to access federal EDA funds.
Richardson described collaborations and grant pursuits — including an application for the Stillwater Business Park extension and work with Simpson University — and explained that part of SCED’s work is to bundle planning and loan readiness with grant-funded technical assistance. He highlighted recent state-level programs (California Jobs First Catalyst Fund) and partnerships with banking institutions to increase lending capacity.
Council members asked about regional coordination and timing of possible EDA funding awards; Richardson said many of SCED’s grants are reimbursable and that projects typically require multi-year planning, but that the region's status as an economic hub for four counties makes Redding a frequent beneficiary of regional grant strategies.
