Treasury awards SNEDA Technical Assistance award

The Spokane Neighborhood Economic Development Alliance has been awarded a $50,000 grant from the U.S. Department of Treasury. 

SNEDA learned in October that it is one of only eight organizations nationwide that were awarded the 2003 Technical Assistance Component grant in the first wave of funding. The allocation marks the first time that money from the Treasury’s Community Development Financial Institutions Fund has been awarded to an organization in the Spokane area. 

Although the grant won’t be used for actual business loans, it will help SNEDA create and maintain a loan fund by financing a capitalization strategy, planning and other measures.

Our thanks to Leonard Hendrickx for helping us convey our message so eloquently to the reviewers and to Patty Grossman for her insightful reviews.

“Development Group wins $50,000 grant.” The Spokesman-Review. Wednesday, October 15, 2003

Competition stiff for New Markets Tax Credits (NMTC)

SNEDA is among 271 organizations competing in the second round of funding for New Markets Tax Credits, the U.S. Treasury Department announced in October.

Only groups that have been granted a Community Development Entity designation by the Treasury can apply for the tax credits. SNEDA is the only CDE in the Spokane area.

SNEDA submitted its application for the credits on Sept. 28. Those competing have requested $30 billion in tax credits. But the Treasury will award only $3.5 billion in NMTC in this round.

The Treasury plans to announce the winners in the spring. After the second round, the Treasury still will have $9 billion of tax credits to award over three years. 

Financial contributions to SNEDA

Our thanks to Sterling Bank, Foundation Northwest Buder Memorial Fund # 2, Jean Farmer and Mary Anne Evans for their commitment to business and job growth in Spokane’s low-income areas. Phone Eric Loewe at 444-7633 for information on supporting SNEDA’s work.

Get advice on finding and landing government contracts

SNEDA is partnering with Johan Curtiss from the Washington State University Procurement Technical Assistance Center to provide businesses owners with information on how to position themselves to land government contracts. Curtiss met with 11 Spokane businesses in October and 23 to date. She plans to make another trip to Spokane to meet with businesses before the end of the year. Companies interested in meeting with Curtiss, should contact Angie Huang at 444-7633.
 
SNEDA offers loans, assistance to neighborhood businesses

For information on the loan capabilities of SNEDA (up to $25,000 a loan) and its affiliates (up to $250,000), call Nick Landis or Eric Loewe at 444-7633.

Phone Susan Devan, Angie Huang or Jonathan Brunt at 444-7633 for information about other assistance available to businesses in the SNEDA neighborhoods. 

SNEDA volunteers should be able to complete service

The Washington Commission for State and Community Service has assured SNEDA that its seven SNEDA AmeriCorps volunteers will be able to complete their terms.

It can burn wood. It can burn oil. It can burn waste oil. Perhaps even better, it can leave utility bills in flames.

Twenty years ago lifelong Hillyard resident Leonard Hamilton developed the Turbo Burn Water Stove. The unit burns more efficiently and cleanly than other systems and can drastically reduce utility costs. Hamilton incorporated the company in 1986 and sold it to his son and daughter-in-law, Dwight and Ann Marie Hamilton, in January.

The stove, which can be powered with most kinds of fuels, can heat homes, farms, pools, sidewalks, industrial firms, commercial businesses and most any other kind of structure. 

Since the sale, Turbo Burn has worked with SNEDA representative Susan Devan to improve its cash-flow systems. SNEDA also has pointed Turbo Burn to other important resources, such as the Small Business Development Center.

Although the initial investment for a Turbo Burn is higher than for some other heating systems, that cost is returned through substantial savings in utility bills. 

“My monthly electric bill has dropped from $150 to $200 to $16 to $20,” said Spokanite Orin Shackley, who has used Turbo Burn for about a decade. “I love my unit.” 

It’s those kinds of rave reviews that are driving sales. Most are sold in the Northwest, but Turbo Burn is making increasing sales internationally, including one in Bulgaria.

“Every customer will sell another five in the next year through word of mouth,” Dwight Hamilton said. 

Last year, Turbo Burn’s sales doubled to more than 50 stoves. Sales continue to increase with a new dealership set up in southern Idaho and another slated to start in British Columbia.

The cost-conscious like the stove because it can save folks big bucks in the long run, Hamilton said. Environmentalists like it because it burns cleaner than other heating systems. Families like it for even heating that maintains a desired temperature. 

“Since installing the system, we never use electricity for hot water, and our power bill has been reduced by over half,” said Austin Orion, of Plains, Mont. “People that have seen it and observed how efficiently it works are seriously considering going to (the Turbo Burn) system.”

Turbo Burn is located at 4309 E. Joseph in Spokane. Its Web site is www.turboburn.com.