Left to Right: Jonas Peterson, CEcD, Chair, Performance Oversight Monitoring Committee Las Vegas Global Economic Alliance, Las Vegas, NV; Laurel Adams, REDC President; Kenny McDonald, CEcD, Vice Chair of IEDC Columbus 2020, Columbus, OH
INDIANAPOLIS, IN – The Regional Economic Development Center (REDC) won a Silver Award for its New Hampshire New Americans Loan Fund, a project in the category of Economic Equity & Inclusion of the International Economic Development Council (IEDC). The honor was presented at an awards ceremony on Tuesday, October 15 during the IEDC Annual Conference, which was held October 13 – October 16, in Indianapolis, IN.
REDC President Laurel Adams stated, “Thank you very much to the IEDC for this prestigious award. To be recognized at the international level for the New Hampshire New Americans Loan Fund is a very high honor. Our program is making a huge difference in the lives of new Americans in the granite state, and we are proud to be welcoming in New Hampshire by offering opportunities to hard-working entrepreneurs.”
IEDC's Excellence in Economic Development Awards recognize the world's best economic development programs and partnerships, marketing materials, and the year's most influential leaders. 34 award categories honor organizations and individuals for their efforts in creating positive change in urban, suburban, and rural communities. Awards are judged by a diverse panel of economic and community developers from around the world, following a nomination process held earlier this year. IEDC received over 400 submissions from 12 countries.
The New Hampshire New Americans Loan Fund encourages business development and job creation for the state’s new Americans through microlending and technical assistance. This program is the first microloan fund in New Hampshire created specifically for new Americans, also called first-generation immigrants, and was created following a successful pilot program in partnership with the Welcoming Concord Initiative. The fund provides microloans, which are small business loans for $50,000 or less with reasonable interest rates. Those who typically apply for microloans don’t have the necessary history or accounting paperwork to secure a bank loan, so they are forced to look for funding elsewhere – a potential barrier for many who are looking to start or grow a business. Throughout the life of the microloan, REDC experts provide technical assistance in areas such as business planning, accounting and bookkeeping, website management and marketing, and work with loan recipients to help them put processes in place to ensure they can qualify for bank loans in the future.
“The recipients of IEDC’s Excellence in Economic Development awards represent the very best of economic development and exemplify the ingenuity, integrity, and leadership that our profession strives for each and every day”, said 2019 IEDC Board Chair, Tracye McDaniel. “We’re honored to recognize more than 100 communities for their excellent work, which forges new opportunities for our profession. We look forward to even greater participation from economic developers across the globe in the 2020 awards program.”
About the International Economic Development Council
The International Economic Development Council (IEDC) is a non-profit, non-partisan membership organization serving economic developers. With more than 5,000 members, IEDC is the largest organization of its kind. Economic developers promote economic well-being and quality of life for their communities, by creating, retaining and expanding jobs that facilitate growth, enhance wealth and provide a stable tax base. From public to private, rural to urban and local to international, IEDC’s members are engaged in the full range of economic development experience. Given the breadth of economic development work, our members are employed in a wide variety of settings including local, state, provincial and federal governments, public-private partnerships, chambers of commerce, universities and a variety of other institutions. When we succeed, our members create high-quality jobs, develop vibrant communities, and improve the quality of life in their regions. Learn more at iedconline.org.