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Sirti Bestows Award of Honor
October 21, 2010. Billie Moreland, PhD, of Billie Moreland and Associates and Steve Simmons, PhD, E...

Triangle %u201CGraduates%u201D at Sweet Sixteen
The Idea (1994)
In June 1994, while on a layover in the San Francisco airport, Dr. Steve Simmons cam...

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01/31/2002 - Business Cash Coming Soon

Capital will soon be available for business start-ups, business expansion, and business relocation.  The funding agency is Spokane Neighborhood Economic Development Alliance (SNEDA).  SNEDA is a non-profit corporation -- created for economic development -- using HUD guidelines.   SNEDA has a community-based board, which is one element from those guidelines that allows it access to programs through the U. S. Treasury, HUD, and Health and Human Services.  One incentive available through SNEDA is the ‘new market tax’ credit.

SNEDA has been in existence for two years, and during that time has written its business plan, created an organization structure, and put product lines in place.  The community partners have been identified, and the Alliance is now up and running.  It has money, and has written grants for more money.  SNEDA is almost ready to become fully operational. 

SNEDA’s neighborhood is the Empowerment Zone mandated by the state in August 2001.  “We are in the market to bring resources to our communityto create jobs in the empowerment zone,” said Al French, SNEDA Spokesman.  Money will be available for distribution with grants and ‘new market tax’ credits this summer.  The Empowerment Zone includes the Terabyte Triangle.  (See Empowerment Zone Aids Terabyte Triangle, http://www.terabytetriangle.com/index.php/id=5&article_ID=8).

Businesses available for SNEDA funding must be located within the empowerment zone, but may be start-ups, expanding businesses, or existing businesses relocating to the empowerment zone.  These businesses must also create livable wage jobs.  The business may be high tech, professional, manufacturing, trucking, etc., but may not be service sector businesses providing minimum wage jobs.  The company must be viable, but livable wage jobs within the empowerment zone are the key to successful application and funding.  Like most venture capital funding, recipient businesses must give equity in their company.

SNEDA gets its funding pool in two ways, private investor contributions and public money grants.  In return for investing, private sector investors receive equity in the funded company and a ‘new market tax credit’ of 39% over a 7-year period.  This is based on federal guidelines.  The ‘new market tax credit’ is the incentive to get investors to invest in targeted areas.  An investor can invest directly in any Empowerment Zone business, but they will receive the tax credit only through SNEDA pool investing.


The application process for the recipient will be the normal sort of business loan process.  The applicant will produce a business plan; undergo a credit review, and a qualification process.  The SNEDA process makes investing in good companies struggling for capital  more attractive.  For more information, call Chris Venne, (509) 484-6733, or Al French (509) 489-1331.

Billie Moreland
 
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