In February. 2022, the AEDC Board approved the Strategic Plan for 2022-2026. AEDC's strategic plan centers on strengthening its capacity to serve the community and support entrepreneurial, innovative business and community endeavors. The key objective is to reflect on how AEDC's history, culture, organization and partnerships guide how AEDC invests and collaborates across its six-county region.
- Investments in Business
- Investments in Community
- Investments in People
The plan identified six over-arching strategic objectives, identified as the foundaiton of all subsequent goals and projects:
- Invest in business, communities and people
- Increase service to underserved communities
- Build and leverage funds and partnerships
- Strengthen internal infrastructure
- Implement sustainable strategy and accountability
- Assess and update technology that will allow us to increase efficiency
Overview of Goals and Objectives
The following is a summary of the goals and objectives in the plan:
- Increase service to underserved communities based on AEDC's geographic scope as well as cultural and economic demographics.
- Build and leverage funds and partnerships to provide small business borrowers and community development projects with the best opportunity for funding success.
- Strengthen internal infrastructure to maintain and improve fiscal solvency and operational efficiency.
- Establish a base number of loans outside of Humboldt Bay area and increase the number by three the following year.
- Fund a minimum of three loans per year that support BIPOC (Black, Indigenous and People of Color) owned businesses or businesses in low-income census tracts.
- Expand AEDC's lending to including a minimum of two financing or projects not currently offered by AEDC (e.g. housing, ADU financing, new loan guarantees etc).
- Increase access to capital by 30% through grants, new funding partners and loan guarantee programs.
- Strengthen internal infrastructure to maintain and improve fiscal solvency and operational efficiency..
- Assess and update technology that will allow us to increase capacity.