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REDC Receives $1 Million to Establish Revolving Loan Fund to Serve Small Businesses

This week, U.S. Senator Jeanne Shaheen (D-NH) announced a $1 million grant from the Economic Development Agency (EDA) to the Regional Economic Development Corporation (REDC) to establish a Revolving Loan Fund (RLF) to provide critical financing to New Hampshire businesses and entrepreneurs. Senator Shaheen, the lead Democrat on the Senate subcommittee the funds the EDA, led the effort to prevent the agency from being eliminated during the federal budget process last year. The EDA grant will be matched with $250,000 in local funds and is expected to sustain or create nearly 300 jobs and generate $15 million in private investment.

“We are so thankful to the EDA and Senator Shaheen for continuing their support of job creation and small businesses in New Hampshire,” said Laurel Adams, REDC President. “This funding will ensure small businesses looking to start or grow in southern New Hampshire have the opportunity to do so with funding and dedicated support from inhouse business advisors. We are honored we can continue our mission of job creation, especially for low- to moderate-income individuals.”

The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

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