The Economic Vitality Corp. of San Luis Obispo County is partnering with the San Luis Obispo County Community Foundation to support local economic development with a new endowment fund, though the actual implementation of any aid is likely years in the future.
EVC President and CEO Michael Manchak said the new fund, which has already garnered $100,000 in gift commitments from its 10-person “Founders Circle,” will go a long way toward furthering the EVC’s mission: To help stimulate the local economy through increased investment and business support. According to Manchak, profits from the fund’s interest will be used to create more EVC programs and resources for local businesses and entrepreneurs once the nonprofit’s board of directors deems there is enough income. There is no exact monetary amount the organization is striving for, Manchak said. Rather, it will continue to accept donations until the “time seems right.”
Approximately a quarter of the $100,000 in commitments has currently been cashed in, but the fund still has a long way to go before it will actually be used, Manchak said.
“We’ve just started this,” Manchak said. “The more funds we get, and the faster they get in, the sooner we can do something with it.”
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Until then, Manchak said the EVC and Community Foundation will accept donations of any kind, even noncash assets, such as houses or cars.
The first 50 donors to promise $2,500 to the EVC endowment fund will be named “The Business Circle,” while the first 25 to commit to $5,000 or more will be members of “The Leaders Circle.” Smaller donations are welcome, as well, Manchak said.
“Really, any dollar amount is gratefully accepted,” Manchak said.
The EVC was created in 1994 with the intent to support San Luis Obispo’s economy by providing resources to local businesses and entrepreneurs. Since then, it has helped to create business loan programs, economic strategies and implement business workshops and seminars throughout the area.