The Regional Economic Development Center of Southern New Hampshire (REDC) is pleased to announce the release of a new lending program, the Greater Concord Community Microloan Program, with the purpose of encouraging business development and job creation for new Americans and ambitious entrepreneurs based in Concord and surrounding communities, including Pembroke, Chichester, Loudon, Canterbury, Boscawen, Webster, Hopkinton, Dunbarton, and Bow. This stems from cooperative planning from multiple organizations, including the Welcoming Concord Initiative, Second Start, and the Capital Regional Development Corporation. Multiple donors and community banks contributed to the start-up funds that will support small business and job growth. Current donors include the Business Finance Authority, Lake Sunapee Bank, Merrimack County Savings Bank, and Mr. Stephen Duprey. Other organizations are considering donating as well.
REDC works independently or in partnership with local lenders to help borrowers secure the funding needed to start or grow their small businesses. A microloan can range between $5,000 and $50,000, and funding is generally used for working capital to grow the business or to purchase equipment and inventory. Funds can be utilized for working capital, equipment acquisition, inventory, and renovation costs. Along with funding, REDC also provides technical assistance, strategic planning, and marketing and design assistance.
“The immigrant population is one of New Hampshire’s only growing segments of our population, and we are pleased to be able to assist this highly motivated group as they start or grow their businesses,” stated REDC President Laurel Bistany.
REDC was established in 1994 as a non-profit economic development organization with a mission to serve new and growing businesses in southern New Hampshire. REDC seeks to promote responsible, sustainable economic development activities within southern New Hampshire by creating jobs for low-to-moderate income people, accessing alternative financing for businesses, and industrial expansion or relocations. These initiatives provide tax relief for communities within the region. REDC also provides start-up and ongoing technical assistance, which supports businesses as they grow.