Tri Counties Bank Awards $260,000 in Economic Development Grants to Assist with Business Entrepreneurship and Housing Stabilization

Business Wire 27-Feb-2025 11:15 AM

Tri Counties Bank, in collaboration with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and its Access to Housing and Economic Assistance for Development (AHEAD) Program, announced grant awards totaling $260,000 to Alchemist Community Development Corporation (Alchemist CDC) in Sacramento, Jefferson Economic Development Institute (JEDI) in Mount Shasta, and the Kashia Band of Pomo Indians of the Stewarts Point Rancheria in Santa Rosa.

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Alchemist CDC's $50,000 AHEAD grant will be used to help launch and grow participating businesses at the Alchemist Public Market, which begins construction in Sacramento's River District in 2025. -- From left to right: Sam Greenlee, Executive Director at Alchemist CDC; Jacob Sacks, Alchemist Kitchen Program Manager at Alchemist CDC; and Drew Costa, Community Development Officer at Tri Counties Bank. (Photo: Business Wire)

"Tri Counties Bank is delighted to assist our community partners in obtaining grants that help much-needed programs," said Danna Prater, Vice President and Director of Community Development at Tri Counties Bank. "These grants will provide a critical boost to local programs that address pressing community needs and bring greater opportunities to underserved populations."

Alchemist CDC connects Sacramento area residents to land, food, and opportunities through its food business incubator program, Alchemist Kitchen. Their $50,000 AHEAD grant will be used to help launch and grow participating businesses at the Alchemist Public Market, which begins construction in Sacramento's River District in 2025. Once those businesses have graduated into an outside brick and mortar, Alchemist CDC will assist with moving in new businesses.

JEDI strives to increase the economic well-being of people and communities in Northern California through business development and local wealth creation. The $110,000 AHEAD grant will be used to launch and grow startup culinary enterprises in predominantly rural areas through a new Culinary Entrepreneurship Program. The program will include business and food industry coaching, access to venues for product and sales, and microgrants to launch new businesses.

The Kashia Band of Pomo Indians, based in the Santa Rosa area, enhances quality of life for its members through comprehensive programs that address housing, health, education, and economic opportunities. The $100,000 AHEAD grant will provide job training through business-focused workshops and support low-income entrepreneurs through microloans, and housing stabilization services through education, rental assistance, and financial planning.

AHEAD grants are awarded annually and delivered through FHLBank San Francisco's member financial institutions to local community organizations for projects and programs that benefit lower-income and underserved communities. Since the program's inception in 2004, FHLBank San Francisco has awarded more than $33.1 million in AHEAD grants to over 1,000 economic development projects in Arizona, California, and Nevada.

"These grants will help boost economic opportunity and create access to vital services and support in Northern California, which can be life-changing for people living in underserved communities," said Eric Cicourel, community investment officer for FHLBank San Francisco. "We're proud that for 20 years and counting, the AHEAD Program continues to make a positive impact throughout the communities we serve."

In 2024, FHLBank San Francisco's board of directors allocated $7.3 million to the AHEAD Program, nearly doubling the funding from 2023, and awarded grants to 84 projects. Tri Counties Bank applied for the grants in partnership with the Alchemist CDC, JEDI, and the Kashia Band of Pomo Indians. Grants were awarded after a competitive selection process.

For more information about the AHEAD Program, visit https://www.fhlbsf.com/.

About Tri Counties Bank

Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ:TCBK) headquartered in Chico and Roseville, California, with assets of nearly $10 billion and 50 years of financial stability. Tri Counties Bank is dedicated to providing exceptional service for individuals and businesses throughout California with more than 75 locations, advanced mobile and online banking, and access to approximately 40,000 surcharge-free ATMs nationwide. As California's Local Bank, Tri Counties Bank prioritizes serving clients with local bankers and local decision-making, backed by corporate philanthropy, community engagement, employee volunteerism and investments. Tri Counties Bank is recognized as a top workplace, and as a result, recruits and retains diverse and talented team members. Visit TriCountiesBank.com to learn more. Member FDIC. Equal Housing Lender. NMLS #458732.

About the Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources they provide to their member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership and expand access to quality housing and boost economic development. Together, with their members and other partners, they are making the communities they serve more vibrant, equitable, and resilient. Visit fhlbsf.com to learn more.

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Megan Sheehan, AVP, Public Relations Manager MeganSheehan@tcbk.com (530) 332-2330