NH New Americans
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.
Foresight Tax Services
Francois John Ruvera
Bijoux Elizabeth Bahati
John Wani Wani
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.
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.
La Maison Navarre
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.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.”
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.
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.”
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.