CEO of Solano Economic Development Corp reveals vision for building a community that lasts

Solano County is trying to create a positive lasting legacy from the pandemic that upended so many lives and businesses.

Chris Rico, president and CEO of Solano Economic Development Corporation, asked the county supervisors for $2 million from the American Rescue Plan. The elected officials earlier this year allocated $3.6 million for what is being called the Revolving Loan Program.

“It’s an opportunity to get cheap capital into the hands of small business owners, especially ones who didn’t get PPP (Paycheck Protection Program) money, like minorities, veterans and women,” the 52-year-old said.

Three local lenders will be doling out the money, with the interest collected and repayments ideally being an indefinite source of money for Solano County businesses.

Rico and those involved believe loans are better than grants because there is more accountability on the receivers’ end by having to pay back the money. Interest rates, though, will be lower than traditional loans.

Lower credit scores than what a bank would usually accept will be allowed. Companies must demonstrate they were impacted by the pandemic, and owners will have to take business classes to help keep them on the road to success.

“We know there are certain things a lot of businesses need to do to prepare for whatever the next pandemic will be. It could be updating their HVAC system, or a restaurant upgrading its point-of-sales,” Rico said.

The following is a Q&A between the Journal and Rico that has been edited for space and clarity.

What changes have you brought to this public-private nonprofit in the year that you have been at the helm?

I was hired to execute a vision to change the way the Solano EDC approaches economic development. Under board direction, previous leaders of the organization had been charged with focusing almost exclusively on business attraction. I like to approach economic development from an “if you build it, they will come” perspective. The “it” we’re looking to build is the kind of place to which a high-value employer would like to relocate.

To that end, we focus on building a more diverse housing mix with a particular emphasis on the kinds of housing that young professionals are drawn to and can afford, developing a skilled workforce, supporting our grossly under resourced nonprofit ecosystem, developing our priority production areas thoughtfully to prioritize advanced manufacturing, and on supporting small businesses.

Solano County is the third most diverse county in the country, and the most diverse in the state of California. Within our organization, on our board, and through our work we are prioritizing diversity, equity, inclusion, and belonging with the understanding that our diverse populations are over-represented in that 1 in 3 Solanoans are on some form of public assistance. Equity also factors into who spends two-plus hours a day sitting in traffic to get to their jobs in counties to the west and south.

What involvement does the Solano Economic Development Corporation have with the California Forever group that wants to build a city from scratch in Solano County?

Given our purview, an $800 million investment by the who’s who of tech in the Bay Area is not something we could ignore. We knew that we needed to be at the table to shape their vision to the benefit of the people who live here now. I sit on the citizens advisory board for California Forever, have hosted them to speak to our board, and have asked them to join our organization.

Tell us more about what Moving Solano Forward III is intended to do.

Moving Solano Forward III builds on the work that was done in two previous iterations. This version was funded by the U.S. Economic Development Administration and its intention is to remediate effects of the pandemic, but moreover to make sure that our economy is resilient in the face of whatever the next climate or pathogen related crises may be.

You have not had a traditional route to being a leader of economic development. Tell us about how you got here.

Well this is a funny story that has kept my mom up at night for many decades. My academic focus was on Western European international relations. I studied at the United Nations and thought I wanted to be a diplomat. When I graduated from Duke in 1993 the global economy was weak and I decided to go back to L.A. where I had gone to high school and pursue a career in entertainment.

My best friend was an actress and I had been promoting rock bands in college so I had a taste of the industry. Also, as a closeted gay man at the time I think I knew intuitively that Hollywood would be a safer place for me than the foreign service. After a decade working my way up to be a film development executive, I looked around and realized that I didn’t share the values of most of the people in that industry. It's still surprising to me that it took so long for me to understand that I was a purpose driven person.

For the next decade I mostly worked on progressive political campaigns and taught students with special needs, first in South Central LA, and later at a dropout recovery charter school at the Job Corps campus on Treasure Island. Had I married a doctor or a lawyer, I would still be teaching kids. I got to 40 and realized that I need to be the earner.

This was the point where I realized how difficult it is for a generalist like me to find their way into leadership. I ultimately hired a graphic designer to create a highly visual, graphically designed, color coded version of my resume to showcase the skills and knowledge I had mastered across multiple disciplines. It found its way onto the desk of the COO of the Los Angeles County Economic Development Corporation and he hired me to be the director of innovation. I proceeded to build a massive, three-week innovation festival called InnovateLA that showcased Los Angeles as a place where you could innovate anything.

I was finally at a place where my generalist’s thirst for knowledge across every sector was my superpower and where I could finally answer my mom’s decades old question, “Do you have a plan?” For which my response was always, “Yes, I’m just going to keep being me.”

What is your approach to making tough and important business decisions?

I’m really fortunate to have several venerable civic leaders who support me in various capacities at the Solano EDC, and a board that guides and cheers me on. I seek their council consistently.

What are the benefits and drawbacks to being located in the North Bay?

From a drawback standpoint, we can be seen as neither here nor there. Kind of like how most of the country is looked at as a flyover from the coastal cities. We’re also a philanthropy desert. Lastly, because of where we’re located, logistics really wants to be in Solano County, but it’s not what we want to prioritize on our industrial land. They are not great jobs, not that many per acre, and the trucks degrade our roads. We’re determined not to be the Inland Empire of Northern California.

On the positive side, we have open space. We have relatively affordable housing. We go from urban to suburban to exurban and rural. We have factories, farms, ports, vineyards, sloughs, and seven really distinct downtowns. We’re also incredibly diverse.

What one government regulation would you change and why?

I understand why government funding has such onerous reporting requirements, but I would free up more money that allows for innovation.

How do you spend your time outside of work?

Biggest weekend priority is doing something exciting with my dogs. We often head to a secluded beach north of Tomales Bay. I also love hiking, cycling, and anything outdoors. I also love good food.

What advice would you give someone just starting his or her career in your industry?

My path isn’t for the faint of heart, but I would definitely advise them to gain experience across multiple sectors. Most people come to economic development later in life, and there’s a reason for that.

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Kathryn Reed is a journalist who has spent most of her career covering issues in Northern California. She has published four books, with the most recent being Sleeping with Strangers: An Airbnb Host’s Life in Lake Tahoe and Mexico. She may be reached at kr@kathrynreed. com, or follower her at kathrynreed.com, Twitter @Kathryn0925, or Instagram @kathrynreed0925.