"With access to small amounts of money, people’s hard work and entrepreneurialism often lead to business success,” said RREDC executive director Don Ehnebuske.
Now existing and start-up small businesses who are unable to obtain loans from traditional lenders such as banks and credit unions can apply to RREDC for business loans from $5,000 to $10,000 for equipment, inventory, or working capital. The streamlined process for these loans will result in quicker responses for businesses that have collateral and a business plan.
"We’re interested in providing the funds needed for creative people in Humboldt County to start a business or make an investment in more efficient equipment," continued Ehnebuske. "Because our loans are sometimes risky, we can’t offer the lowest rates, but RREDC can help many businesses that don’t have other access to funds to get ahead."
RREDC will continue to provide loans for as much as $1,000,000 for qualified businesses through their traditional loan approval process.
RREDC is a collaboration of 19 local governments promoting a healthy economy in Humboldt County. RREDC is located in the Prosperity Center at 520 E Street, Eureka or can be reached at email@example.com or (707) 445-9651.