Auburn, CA November 21, 2016 – The Board of Directors for Sierra Economic Development Corporation (“SEDCorp”) are happy to announce a new direction for SEDCorp designed to improve service by leveraging program opportunities and synergies in the region. The Board identified areas of the SEDCorp operation that overlap with efforts at the individual counties and other economic development organizations and is currently exploring how to efficiently utilize tax payer dollars to amplify impact in the region.

“On behalf of the Board, we are excited to explore new opportunities during this transition period” said Howard Levine, Board Chair for SEDCorp. “We intend to revitalize the core activities of SEDCorp which include creating a regional comprehensive economic development strategy for Placer, Nevada, El Dorado and Sierra counties and providing technical assistance and direct access to capital for small businesses as an intermediary lender.”

The transition will enhance the organization’s work with the U.S. Economic Development Administration (EDA). The SEDCorp Board is motivated to work more closely with EDA to explore regionally driven economic development projects that will support the area by leveraging the involvement of government and the private sector.

The SEDCorp Board has retained Sierra Business Council (SBC) to provide transitional management services. SBC will assist in identifying and transitioning all program, business, financial and operational activities from SEDCorp to new fiscal and programmatic agents and ensure smooth settlement of all liabilities and assets.

Successor organization(s) will be determined during the transition period that is expected to be complete early in 2017. Thus far, the Gold Country Broadband Consortium (“GCBC”) is the only program with a definitive successor. SBC was awarded the contract for fiscal agency by the California Public Utilities Commission on November 10th. SBC is a regional 501c3 focused on sustainable economic development strategies.

Steve Frisch, President of SBC “looks forward to working with the counties and deepening our commitment to locally focused economic development in the Sierra Nevada. Assisting with the SEDCorp transition allows us to leverage our Small Business Development Center to execute the GCBC contract and potentially expand services and improve access to capital for the region.”

Mr Levine expressed gratitude to Randy Wagner for his leadership of SEDCorp. The Board accepted Mr. Wagner’s resignation effective November 16th. Kelley Selvy will continue as Loan Officer and Kristin York, Director of Business Innovation at SBC has been named interim CEO of SEDCorp for the transition period.