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REDC Awarded $250,000 as a SBA Microloan Program Intermediary Lender

The Regional Economic Development Center of Southern New Hampshire (REDC) is pleased to announce the U.S. Small Business Administration (SBA) has designated REDC as a SBA Microloan Program intermediary lender, and provided a loan of $250,000 to be lent to small businesses. The SBA additionally awarded REDC with a $50,000 grant for the purpose of providing technical assistance to small businesses.

The Microloan Program provides small businesses with small short-term loans for working capital or the purchase of inventory, supplies, furniture, fixtures, machinery and/or equipment. SBA makes funds available to specially designated intermediary lenders, like REDC, which are nonprofit organizations with experience in lending and technical assistance. These intermediaries then make loans to eligible borrowers in amounts up to a maximum of $50,000. The average loan size is about $13,000.

SBA District Director of New Hampshire Greta Johansson stated, “Laurel Bistany and her team at the Regional Economic Development Center provide a tremendous resource to the small business community. Their combination of technical assistance, small loans, and gap financing are a much-needed source of capital, and we are happy to be able to help them expand their reach through SBA’s Microloan Program.”

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.

For more information, please contact REDC at 603.772.2655.

Left to Right: Laurel Bistany, REDC President, and Greta Johansson, SBA District Director of New Hampshire.

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