In partnership with stakeholders throughout NH, the Regional Economic Development Center (REDC) is offering the NH New Americans Loan Fund, with the purpose of encouraging business development and job creation for new Americans, (first generation immigrants) in New Hampshire.
REDC works independently or in partnership with local lenders to help borrowers secure the micro-funding needed to start or grow their small businesses. A microloan can range between $5,000 and $50,000, with funding generally used for working capital to grow the business or to purchase equipment and inventory. REDC also provides free technical assistance, to help our clients achieve success with their business.
To learn more about the NH New Americans Loan Fund Program, please contact REDC Business Advisor Chris Duffy at 603.772.2655 or Chris@REDC.com.
Accounting / Bookkeeping
Website / Logo Design
$5,000 - $50,000
as low as 7%
Foresight Tax Services
Francois John Ruvera, Bijoux Elizabeth Bahati, and John Amin Wani
Foresight Tax Services received a microloan from REDC in 2017, to help provide working capital while they grew their business. Co-owners Francois John Ruvera, from Democratic Republic of Congo; Bijoux Elizabeth Bahati, from Democratic Republic of Congo; and John Amin Wani, from South Sudan specialize in assisting immigrants and refugees complete their federal and state tax returns while speaking multiple languages to assist recent U.S. immigrants. Together, they speak English, Kiswahili, Kirundi, Kinyarwanda, Kinyanja, French, Arabic, and Moru.
In addition to receiving funding, Foresight Tax Services received technical assistance from REDC, including business planning and marketing and design assistance. REDC created a logo, marketing material, and website for Foresight Tax Services.
La Maison Navarre
Charlotte Reymond & Victor Navarre
Charlotte Reymond and Victor Navarre have been receiving technical assistance from REDC since 2015 for La Maison Navarre, their French pastry shop. Located in the heart of downtown Portsmouth, they offer homemade, fresh products made with high-quality ingredients. Charlotte and Victor, both originally from France, arrived in the U.S. in 2014. Victor has a green card and Charlotte has a worker visa.
The guidance from REDC has been crucial in their growth. Victor stated, “Before we even opened [La Maison Navarre], we meet with a business advisor at REDC that help us with financial factors on our business plan, which was very helpful because we could not solve all the issues specific to the U.S. and the State of New Hampshire regulations specific to our business model. The process of receiving a microloan was clear from the beginning. Once we had established the fact that we were eligible for a loan, we had to go through the first step which was to rewrite our business plan so everybody could understand where we were from, what we were doing, and what we were trying to accomplish. The second step was for REDC to review the loan application. Once the loan was granted, we had to review and finalize the requirement of the commitment letter in order to close by the due date. We were able to ask every question to REDC and have all the answers laid out for us so the process could go as smoothly as possible.”
Working with REDC to receive a microloan, Tika Acharya came for financial and technical assistance to help his business, AS Insurance, grow. In 2009, Tika and his family came to New Hampshire from Bhutan via India, and in 2014 Tika became a U.S. citizen.
Tika stated about REDC: “Most funding doors are closed for new American start ups. REDC fills the gap and provides opportunities toward economic development like creating jobs, generating taxes, and coaching new American emerging entrepreneurs, becoming productive citizens of the U.S.
Funding, technical assistance, and ongoing assessment of business are critical for newer business owners. REDC business advisors don’t sell the loan, they teach and assist in doing business. The process is so smooth, just sharing the idea with advisors of REDC is halfway through. Advisors walked me through the process and supported me in every step in creating my business plan.”
The Akwaaba Ensemble
Theo Martey started working with REDC’s Business Advisors in 2016, receiving assistance with business planning, financial planning, logo design, and brochure design for The Akwaaba Traditional African Drum and Dance Ensemble. Theo was raised in Ghana, and came to the U.S. in 1999. He became a U.S. citizen in 2005 and is a dual citizen of the U.S. and Ghana.
Theo describes his experience with REDC as a positive one. “The technical assistance was very specific to my business and very helpful. My advisors’ guidance gave me a path to pursue additional opportunities and the confidence that I had for a solid business and marketing plan. I was able to define my marketing strategy and create a plan that I could work on. The Business Advisor helped me refine my ideas and thinking creatively about new ways to grow my business. The Design Advisor’s work was great; I had been using an outdated logo and they were able to redo my logo to provide an image that is modern and fresh. I could not believe they provided me all these great services.”
Do you want to help empower more new Americans to start and grow small businesses in New Hampshire? Learn about the Tax Credit Program: