Daily Business Report-March 13, 2018
Saffron & Sage, a holistic health center at 2555 State St. in Mission Hills, benefited from a loan that owner Cristin Smith (inset) obtained from Accion in 2017.
Accion Loans to Southern California
Businesses in 2017 Reach $3.6 Million
A total of 219 Southern California businesses received $3.6 million in loans from Accion during 2017, 158 of which went to business owners in San Diego County totaling $2.6 million, the lender reported Monday. Loans ranged from $300 to $75,000.
“In this recovering economy, we continue to see entrepreneurs need access to capital to launch and scale their businesses,” said Accion CEO Elizabeth Schott. “We are pleased to see our microloan program grow and support the positive impact our clients make within local communities.”
Accion has disbursed more than $34 million, totaling more than 4,000 loans to over 3,500 clients in the four-county region it serves: Imperial, Riverside, San Bernardino, and San Diego.
Schott said major milestone of 2017 was the introduction of a new pilot product, Accion’s Rapid Loan program, which uses a streamlined process that allows the organization to shorten its turnaround time for smaller loan requests. Business owners looking for fast capital to upgrade equipment, increase inventory, invest in marketing and more, can access up to $8,000 within as few as three days.
One recipient of an Accion Rapid Loan was Cristin Smith, owner of Saffron & Sage in Mission Hills, a holistic health center, after experiencing a health crisis. Smith found the inspiration to start her company after falling severely ill a few years back. Her health crisis led her to seek out holistic health care practitioners, non-toxic products, therapeutic practices and healing places. This grew into the social enterprise she runs today, Saffron & Sage.
In December, she needed some financing to purchase additional inventory for Saffron & Sage’s boutique, so that she could keep up with the end-of-year demand. She turned to Accion.
“I value the time that Accion took to get to know me and my business,” said Smith. “The caring staff believed in my vision and took a chance on me to invest in my new venture so that I could create something new and much-needed in San Diego: a model of preventative and integrative healthcare, which we hope to replicate in other areas of the county and the country.”
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President Trump Blocks Broadcom’s
Bid to Acquire Qualcomm
President Donald Trump has blocked Broadcom’s hostile takeover attempt of San Diego’s Qualcomm on the grounds that a deal “threatens to impair the national security of the United States.” In an order issued late Monday, Trump ordered Broadcom to withdraw its efforts to gain control of Qualcomm’s board of directors.
The order came following Broadcom’s moves to speed up the relocation of its corporate headquarters from Singapore to the U.S. — which could have derailed the jurisdiction of the Committee for Foreign Investment in the U.S. to investigate the potential deal for national security risks.
Broadcom Chief Executive Hock Tan met earlier Monday with CFIUS officials to make its case to be allowed to pursue an acquisition of Qualcomm. But those talks failed to change the regulator’s belief that the takeover posed a potential national security risk.
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City Council Votes to Place SDSU West
Initiative on the November 2018 Ballot
The San Diego City Council voted unanimously Monday to place the SDSU West Initiative on the November 2018 ballot. The decision marks the last step to officially place SDSU West on the ballot after more than 106,000 signatures were submitted and verified in support of the initiative earlier this year.
“This important vote sets the stage for an exciting summer and fall as we head toward a public vote,” said Friends of SDSU steering committee member and former SDSU football player Bill Hammett.
The initiative would empower the city of San Diego to sell the Mission Valley stadium site to San Diego State University at fair market value. SDSU West would create a campus expansion opportunity.
“The future use of the stadium site must be developed through a transparent process that benefits our entire community,” said Friends of SDSU steering committee member and former Assemblyman Jeff Marston. “Later this year San Diegans will have the opportunity to guarantee with SDSU West that this land will be transformed into place that unites higher education, collegiate and professional sports, recreational open space and critical housing.”
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Debra Reed to Step Down from Top Post
at Sempra Energy After 40-Year Career
After a 40-year career, Debra L. Reed, 61, chairman, president and CEO of Sempra Energy, announced she plans to retire Dec. 1, 2018, and step down as CEO and president May 1. The company’s board of directors has elected Jeffrey W. Martin, currently executive vice president and chief financial officer of Sempra Energy, to succeed Reed as CEO. Martin also has been appointed as a new member of Sempra Energy’s board, effective May 1.
Joseph A. Householder, currently corporate group president of infrastructure businesses for Sempra Energy, has been elected to succeed Reed as the company’s president.
From May until her retirement in December, Reed will continue to serve as Sempra Energy’s executive chairman.
“Last month, I reached my 40th year in the Sempra Energy family of companies,” said Reed. “We are close to concluding several of our major growth initiatives, such as expanding in Texas with our acquisition of a majority interest in Oncor and the anticipated launch of our liquefied natural gas export business in Louisiana next year. We have established a strong growth engine in Mexico with our IEnova subsidiary.”
Reed was named Sempra Energy’s CEO in 2011 and assumed the additional role of chairman in 2012. Prior to her appointment as CEO, Reed was Sempra Energy’s executive vice president. Previously, from 2006 to 2010, she served as president and CEO of SDG&E and Southern California Gas Co. (SoCalGas). She also was chief operating officer of the two utilities, after initially being appointed president of SDG&E in 2000. Reed first joined the company in 1978 as an energy systems engineer at SoCalGas. In 1988, she became the first female officer at SoCalGas and then served in a series of increasingly responsible leadership positions.
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SDSU Receives $10,000 Grant to Find
Better Approach to Seawater Desalination
San Diego State University has been selected to receive a $10,000 grant to find a lower cost and less energy-intensive approach to seawater desalination. The award is part of the 2018 Southern California World Water Forum. SDSU researchers will explore using low-grade waste heat to convert seawater to vapor and then condense it to form pure water.
“Our California colleges and universities are fertile ground to develop the next generation of sustainable technologies,” said Jeffrey Kightlinger, general manager of the Metropolitan Water District of Southern California, one of the World Water Forum co-sponsors. “These ideas help ensure water reliability not only in local communities, where they are greatly needed, but also across the globe.”
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Mariel Hemingway: Finding Her Voice
From shy child to young actress to becoming an in-demand keynote speaker at global business and lifestyle conferences, it took years for Mariel Hemingway to find her voice, sense of purpose and passion for optimizing the lives of others by means of her leadership in the healthy lifestyle marketplace.
Hemingway understands the impact and import of focus, engagement with those of like mind and heart, and hard work as the keys to thriving in all parts of life.
She will speak at the Leadership Conference March 23 as part of San Diego Women’s Week sponsored by the North San Diego Business Chamber. Women’s Week runs March 19-21-23. Click here for the schedule.
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Applications Open for Women’s Professional
Development Program, Advance
Applications are now being accepted for Advance, LEAD San Diego’s woman-focused professional development program. With the goal of making a substantive and measurable increase in the number of local women in the C-suite and community leadership positions, Advance is dedicated to elevating women through tailored coaching, mentorship and skill building.
In addition to helping women gain tools to help them meet their career goals, LEAD San Diego and the San Diego Regional Chamber understand that having more female decision-makers in our region will help increase company profits, support diversity, and drive San Diego business.
Over the course of the seven-month program, Advance participants connect with fellow female executives, building lifelong relationships with inspiring women who will change the face of the region’s business, government and nonprofit sectors.
Forty women will be accepted into Advance. Applications are due March 30, 2018. For more information and to submit an application, visit www.sdchamber.org/advance.
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Contractor Wins $961 Million Award to Help
Air Force Maintain Remotely Piloted Aircraft
GovCon Wire
The URS Federal Services business of AECOM has won a potential $961 million contract to help the U.S. Air Force operate and maintain three kinds of remotely piloted aircraft built by General Atomics and Northrop Grumman.
URS will provide organizational-level maintenance support for the Air Force’s MQ-1 Predator, MQ-9 Reaper (General Atomics), and RQ-4 Global Hawk RPA (Northrop Grumman), platforms under the contract, the Defense Department said. Work also includes support for MQ-1 and MQ-9 pilot and sensor operators to sustain combat and training readiness of aircraft weapons systems at global tasked locations.
The Air Combat Command’s Acquisition Management and Integration Center received three offers for the IDIQ through a competitive acquisition process.
Base performance period is scheduled to be complete June 30, 2019. The service branch will obligate $1.8 million in fiscal 2018 operations and maintenance funds at the time of award.
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Salk Institute receives Charity Navigator’s
Highest Rating for Seventh Straight Year
For the seventh consecutive time, the Salk Institute has earned a 4-star (out of 4 stars) rating from Charity Navigator, America’s largest independent charity and nonprofit evaluator. Receiving the highest ranking for seven consecutive ratings puts Salk in a distinguished class of nonprofits — only four percent of nonprofits evaluated achieve that status.
“This is our highest possible rating and indicates that the Salk Institute adheres to sector best practices and executes its mission in a financially efficient way,” said Michael Thatcher, president and CEO of Charity Navigator. “This exceptional designation sets Salk Institute apart from its peers and demonstrates to the public its trustworthiness.”
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Bank of Southern California
Recognized as Top Small Business Lender
Bank of Southern California was awarded two top small business lending partner awards in the medium sized bank category by the San Diego District Office of the U.S. Small Business Administration based on the largest quantity and dollar volume of SBA 7(a) loans originated.
The rankings reflect the SBA’s fiscal year‐end results as of September 30, 2017. These accolades follow the bank’s recognition by the SBA as the top performing small business lending partner for medium sized banks in 2016.
In addition, the bank was recently recognized by the State of California Small Business Loan Guarantee Program as a top lender based on the dollar amount of originations in 2017. These noteworthy rankings are a strong indicator of the bank’s consistent commitment in supporting small and mid‐sized businesses.
“Banks have become highly regarded who achieve exceptional performance, and we are honored to be recognized for our efforts which supports that we are meeting the needs of the communities we serve,” said Tony DiVita, executive vice president and chief banking officer.
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Schedule for 17th Annual Kyoto
Prize Symposium Announced
The Inamori Foundation and the Kyoto Symposium Organization announced a schedule for the 17th annual Kyoto Prize Symposium March 21-22, with educational events on four area university campuses. Dr. Irwin Jacobs, co-founder of Qualcomm, continues as honorary chairman of the Symposium.
The schedule:
San Diego State University, March 21: “My Fifty Years with the Transistor,” featuring Dr. Takashi Mimura, 2017 Kyoto Prize Laureate in Advanced Technology, 10 to 11:30 a.m., Parma Payne Goodall Alumni Center.
University of California San Diego, March 21: “The Magical Mystery Tour from Physics and Applied Mathematics to Plant Physiology,” featuring Dr. Graham Farquhar, 2017 Kyoto Prize Laureate in Basic Sciences, 3:30 to 5 p.m., Price Center West Ballroom.
University of San Diego, March 22: Dr. Richard Taruskin, 2017 Kyoto Prize Laureate in Arts and Philosophy, will make two appearances. “All Was Foreseen; Nothing Was Foreseen,” 10:30 a.m. to noon at Shiley Theatre. At USD’s Manchester Hall, from 2 to-3:30 p.m., Taruskin will discuss “The Many Dangers of Music,” using ideas from his prodigious canon of critical essays.
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Renovation Realty Pays $41,633 Settlement
for Violations of Law on Lead Paint Hazards
The U.S. Environmental Protection Agency announced a $41,633 settlement with San Diego-based Renovation Realty for violations of the Renovation, Repair, and Painting Rule, which was created to protect the public from lead paint hazards that occur during repair or remodeling activities in homes and child-occupied facilities such as schools that were built before 1978.
The rule requires that individuals performing renovations are properly trained and certified and follow lead-safe work practices.
An EPA inspection found that, between 2014 and 2015, Renovation Realty performed renovation work at six homes in San Diego and Santee without being EPA-certified to perform work in pre-1978 housing where lead-based paint is assumed to be present. The company also failed to keep records indicating compliance with lead-safe work practices and did not ensure a certified renovator was involved as required.
“Lead paint is one of the most common sources of lead poisoning in children,” said Alexis Strauss, EPA’s Acting Regional Administrator for the Pacific Southwest.
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USAF to Tap General Atomics
for RPA Missile Simulation Contract
ExecutivBiz
The U.S. Air Force has announced plans to award a General Atomics business unit a contract to develop an air-to-air missile aviation simulation technology for the MQ-9 Reaper remotely piloted aircraft.
General Atomics Aeronautical Systems Inc. would develop the AAM AVSIM system under the proposed contract from the Air Force Life Cycle Management Center’s Medium Altitude Unmanned Aerial Systems Division, USAF said in a FedBizOpps notice.
The company owns MQ-9 data rights and the government seeks to avoid duplication costs by issuing a sole-source award in accordance with the Federal Acquisition Regulation.
USAF expects GA-ASI to submit a response by March 22.
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Personnel Announcements
Brittany Aceves Joins Cavignac & Associates
Cavignac & Associates, a downtown San Diego-based risk management and insurance brokerage firm, has hired Brittany Aceves to serve as an account manager within the firm’s Surety Department.
In her new position, Aceves serves as the main point of contact for the agency’s Surety Department clients, managing and maintaining their surety bond programs
. She oversees clients’ financial files and specific surety requests, facilitates surety claim services and in-house surety inquiries and bond referrals, and assists with training on performance standards. She also oversees the account administrator’s processing activities.
Prior to joining Cavignac & Associates, Aceves served as surety account manager for Stewart Surety & Insurance Services in Encinitas, where she was employed for four-and-a-half years. There she was responsible for maintaining client and surety company relationships and processing bonds.
Aceves attended Dominican University of California at San Rafael, Calif., where she studied business. She is currently working toward her Associate in Fidelity and Surety Bonding designation
Her civic involvement includes serving as a member and monthly donor for Planned Parenthood. She also volunteers her time serving the San Diego LGBT Community Center.
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Stephen Toohill Joins Solomon Ward Seidenwurm & Smith
Stephen T. Toohill has joined the firm of Solomon Ward Seidenwurm & Smith LLP as a partner. Prior to joining the firm, Toohill was a partner at Dentons, a global law firm.
Toohill joins Solomon Ward’s real estate department. With more than 30 years of broad commercial real estate experience, he focuses on the representation of commercial, retail, hospitality, industrial and biotech developers, owners and tenants, in regards to acquisition, development, leasing and sale of improved and unimproved property.
Toohill is a frequent speaker on commercial leasing issues, as well as contributing author of the Continuing Education of the Bar Office Leasing Treatise. He holds a Martindale Hubbell AV Rating and has been ranked one of the Best Lawyers in America for real estate law since 2013. He was also named a Top Lawyer by San Diego Magazine and one San Diego’s Top Attorneys by The Daily Transcript.
Toohill received his J.D. from the University of Notre Dame Law School and his B.S. in accounting, magna cum laude, from Bradley University. He is a certified public accountant.
