REDC Awarded $650,000 from CDFI Program

November 22, 2019

 

The Regional Economic Development Center of Southern New Hampshire (REDC) is pleased to announce the U.S. Department of the Treasury's Community Development Financial Institutions Fund has issued a $650,000 award to REDC through the 2019 Community Development Financial Institutions FA Program (CDFI). The purpose of this award, which is part loan and part grant, is to ensure lending and investment activity in low-income and economically distressed communities.

 

For the FY 2019 CDFI Program round, the CDFI Fund awarded $132,005,000 million in Financial Assistance to 261 organizations in 45 states, including the District of Columbia and Puerto Rico. Financial Assistance awards can be used for lending capital, loan loss reserves, capital reserves, financial services, and development services to achieve at least one of the following objectives: increase volume of products or services, provide new products or services, expand operations into new geographic areas, or service new targeted populations.

 

“Receiving this distinguished award of funds from the CDFI reinforces to us how vitally important supporting small businesses through funding and technical assistance really is. It impacts individuals, families, communities, and our economy. It’s an honor to receive these funds and we will continue to help small businesses start and grow in the Granite State.” stated REDC President Laurel Adams. REDC provides alternative financing and free technical assistance, strategic planning, and marketing and design assistance to the southern New Hampshire region.

 

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. REDC does this by creating jobs for low-to-moderate income people, by accessing alternative financing for businesses, and industrial expansion or relocations, which in turn provides tax relief for communities within its region. REDC also provides start-up and ongoing technical assistance, which supports businesses as they grow. 

 

More information on the FY 2019 CDFI Program can be found at

https://www.cdfifund.gov/Documents/Final%202019%20CDFI%20FA%20TA%20Award%20Book%20111319.pdf

 

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57 Main Street

Raymond NH 03077

 

(p) 603.772.2655

(f) 603.772.0213

info@redc.com

Non-Discrimination Policy The REDC is an equal opportunity employer. The REDC prohibits discrimination on the basis of race, color, national origin, sex, sexual orientation, religion, age, disability, marital or family status.

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