COIN on Coffee with Colleen & the Weekly News

Join Marc Abshire Wednesday at 8am to hear about COIN – Clallam Opportunity Investment Network:
The Clallam Opportunity Investment Network (COIN) is a loosely organized group of people on the North Olympic Peninsula whose shared goal is to pair local investors who want to support their community together with local entrepreneurs who are in need of resources in order to achieve their business plans and aspirations.
How It Works: By joining as a member of COIN, either as an Investor or an Entrepreneur, you will be kept informed of opportunities to attend entrepreneur presentations and gain access to information and resources about investing locally, building a solid business plan, local funding options, and other services and information.
Why would a business owner choose COIN vs. a small business loan? What are the risk to the investor and business owner? Do the people involved with COIN get paid? What are the maximum and minimum amounts people can invest? How are the rates and terms set? How can I learn more?

Please join us Wednesday morning:
Meeting ID: 894 7451 0306Passcode: 187447One tap mobile+12532158782,,89474510306#,,,,*187447# US (Tacoma)
Dial by your location    +1 253 215 8782 US (Tacoma)Meeting ID: 894 7451 0306Passcode: 187447

COIN Investor Welcome & Education Online Workshop:
Hosted by Jim WilliamsOctober 27th, 20215:00 – 6:00 pm
Join workshop leader Jim Williams as he explains the benefits of investing locally, and how membership in COIN can help you connect with the entrepreneurs and businesses to do so. Learn how investing locally not only brings a personal return on investment, but also has a greater community benefit. Dollars invested locally provide job growth, foster economic development, and help to create a more resilient and sustainable local economy.
Jim Williams holds a Master’s Degree in business, and has spent his career focused on the creation and growth of successful, regional businesses.
Register Here
Selling or Buying a Business – What’s it Worth?
This free one-hour training session is offered as part of the State’s Global Entrepreneurship Month.
When you begin to plan for retirement as a small business owner, understanding your businesses worth can become a stressful and complex process. 
If you are considering buying an existing small business how can you gauge how much you should pay for it?
In the world of Mergers and Acquisitions a set of processes exist that high-paid attorneys and venture capital firms use. We will show you how to apply those rules of thumb to small businesses. This process revolves around an acronym – EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization).
Presenters:Colleen McAleer, Clallam EDC Director, CCIMMike Rieckhoff, Advisor, Washington Small Business Development Center
Contact Lorie Fazio at if you’d like to attend the Zoom Presentation.
Lifeboat 3 Application Portal is Open – Next Round of Review scheduled for November.
The Clallam County Commissioners have agreed to begin the process to distribute up to $3 Million in American Rescue Plan Act funds to small businesses that have been the hardest hit and/or unable to receive federal or state funding with priority going to businesses that fall into one of the following categories:Small businesses who previously applied and qualified for Working Washington or prior CAREs-funded Lifeboat grants that did not receive funding;Nonprofits (and potentially small businesses) who provide child care services;Small businesses who qualified for 2nd PPP rounds of funding due to incurring a 25% reduction in revenues but did not receive a 2nd PPP loan;Startup small businesses who commenced operations in 2019 or 2020 in Clallam County or changed their business type in 2019 or 2020;Fishing guides that did not qualify for any state or federal assistance programs during the pandemic;Event Planners & Festival Operators that did not qualify SVOG or other state assistance programs;Restaurants who applied for a Restaurant Revitalization Fund but did not receive any funding;Businesses that transported passengers who tested positive for COVID-19 for transport to the hospital, that incurred significant unreimbursed COVID mitigation related costs); andBusinesses that can make the case that their unique situation of revenue loss (relative to other businesses in the county) warrants grant funding.
You’ll be able to find more information about the grant program at
SBA EIDL Loans are now Better than Ever – New Upgrades:
On September 8, the SBA announced major changes to the Economic Injury Disaster Loan Program.Key highlights include:
𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝘁𝗵𝗲 𝗖𝗢𝗩𝗜𝗗 𝗘𝗜𝗗𝗟 𝗖𝗮𝗽 from $500,000 to $2 Million!Payment Deferment:  Payments are deferred for the first 2 years (during which interest will accrue), and payments of principal and interest are made over the remaining 28 years. No penalty for prepayment.𝗘𝘀𝘁𝗮𝗯𝗹𝗶𝘀𝗵𝗺𝗲𝗻𝘁 𝗼𝗳 𝗮 𝟯𝟬-𝗗𝗮𝘆 𝗘𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗶𝘁𝘆 𝗪𝗶𝗻𝗱𝗼𝘄 for loans of $500,000 or less.3.75% fixed interest rate for businesses30-year term𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻 𝗼𝗳 𝗘𝗹𝗶𝗴𝗶𝗯𝗹𝗲 𝗨𝘀𝗲 𝗼𝗳 𝗙𝘂𝗻𝗱𝘀. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.Fees: For loans $25,000 or less: No fees if applying directly through SBAFor loans greater than $25,000: One-time $100 fee for filing a lien on borrower’s business assets plus costs to file lien on real estate when applicableFor loans greater than $500,000 where SBA is taking real estate as collateral: One-time $100 fee for filing a lien on borrower’s business assets. Additionally, the borrower will be responsible for recording the real estate lien and paying the associated fees.Collateral:  Required for Loans greater than $25,000Personal Guaranty:  Required for loans greater than $200,000

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