RCEDA 8.5x11 Report d3

ECONOMIC DEVELOPMENT

What We Do. Economic Development for Riverside County is a collaborative partnership between the County’s Economic Development Agency (EDA), its 28 cities, and several regional Economic Development Corporations for the purposes of implementing business attraction and retention programs. The partnership is called Team Riverside County (TRC). Collaboration and leveraging financial and human resources are the cornerstone principles guiding the program. TRC’s main objectives are to promote Riverside County’s business opportunities to national and international markets, develop effective networks within industry sectors, and lead generation. Successful project highlights for 2017 18 include: l i l l i .

• Over 13 active projects completed or in process with more than 882 jobs and $216 million in capital infusion • Riverside County’s 2nd Annual Innovation Month brought together entrepreneurs, venture capitalists, UCR, school districts and government partners. Innovation Month included 50 events and a countywide Fast Pitch Competition • Small Barn on Front beganworkingwith the Inland Empire SBDC in August of 2017 with an existing green house that supplies local nurseries with flowers and herbs and own a commercial building in Old Town Temecula that wanted to convert into a restaurant/wine bar. SBDC helped them understand the various lending options, organizational structures, the various practices of potential lenders, etc. Small Barn was able to secure a $1,089,600 loan from SBA lender. • Saratoga Foods, a subsidiary of Smithfield Foods, workedwith EDA and theCity of Eastvale to select a location and hire aworkforce for their new facilitywhichwill open in summer of 2018. The facilitywill ultimately employ 50 newpeople. • Delta Electronics, an international power device manufacturing company, worked with EDA, the City of Riverside and UCR to identify locations in the region for their company expansion. Currently located in the City of Industry, Delta selected a new location in the city of Eastvale and will move in by the end of 2018. One of Delta’s executives is a UCR alumni and the relationship and proximity to UCR’s engineering programs was of particular importance to Delta. Initially 50 people will work at the new facility with plans to grow to 125 over time.

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