COVID – 19 Information For Businesses
Who Are We?
The Redwood Region Economic Development Commission is a collaboration of elected officials from throughout Humboldt County. We are dedicated to creating opportunity through economic and business development. More…
What Do We Do?
We make loans to small businesses in Humboldt County. Our loans are are for those businesses who are unable to get loans through traditional sources like banks and credit unions.
We also work to improve the economic climate of Humboldt County.
Where Are We?
We are located in the Prosperity Center, a one-stop shop for business support located at 520 E Street, Eureka.
RREDC COVID BRIDGE LOAN PROGRAM
RREDC is implementing a COVID emergency bridge loan program. Our intent is to provide cash to allow basic business operations while a customer is applying to the U.S. Small Business Administration or other entity for long-term disaster relief.
- Maximum loan amount is $25,000.
- 2.5% interest rate.
- 6-month payment deferral followed by 60 month fully amortized loan.
- RREDC will file a blanket lien on business assets.
- Personal guaranties will be required for businesses that are not sole proprietorships.
- Credit reports will be required. RREDC will allow an applicant to self-report their credit with an appropriate source.
Other conditions of funding:
- Customer must be enrolled with the Small Business Development Center.
- RREDC prefers that customer also be applying to the SBA or other appropriate entity for long- term disaster loans. Payoff of the RREDC COVID BRIDGE LOAN should be included as an expense item in disaster loan application, if appropriate.
Sign-up with the North Coast Small Business Development Center for assistance or contact your SBDC counselor for a referral. www.northcoastsbdc.org.
Applications will be emailed to you along with a link to a secure document upload site.
For more information, email Virginia Fisher or Gregg Foster or visit www.rredc.com
This program is made possible through partnerships with the Humboldt County Headwaters Fund, Humboldt Area Foundation, and City of Fortuna.