June 23, 2010
The Arcata Economic Development Corporation is one of 14 nonprofit agencies throughout California to receive a Wells Fargo grant of $100,000 over two years, the bank announced Tuesday.
The AEDC is a technical-assistance provider to small businesses and will receive $50,000 per year during the two-year initiative, according to a Wells Fargo press release. The AEDC will use the funding to grow its Prosperity Individual Development Account Scholarship program for low to moderate income micro-enterprise business owners. The program combines business and financial literacy education with individual business counseling and a savings match for participants of $2 for every dollar saved.
Recipients of the grant were chosen based on their ability to deliver effective technical assistance programs to the target group of small businesses, history of providing measurable technical programs, sound fiscal management practices, proven experience and skills of the staff and ability to accurately collect and analyze data on their effectiveness, according to the press release.