The Regional Economic Development Center of Southern New Hampshire (REDC) is pleased to announce Mascoma Community Development has sponsored the NH Kiva microloan hub with a $90,000 grant that will assist in REDC’s ongoing technical assistance program for Kiva applicants. Kiva is an international non-profit that aims to expand financial access to underserved communities in the U.S. through zero-interest crowdfunded loans, and REDC became the official Kiva Hub for the state of New Hampshire in late 2021.
Mascoma Community Development (MCD) is a community development entity (CDE) – established in 2013, as a wholly-owned subsidiary of Mascoma Bank with the primary mission of community development utilizing the New Markets Tax Credit (NMTC) Program. MCD takes great pride in supporting organizations and programs that strengthen the communities they serve. MCD commends the important work of REDC, and all CDFIs, and is pleased to support their efforts with this grant.
Tad Atwell, Chief Operating Officer at Mascoma Community Development stated, “MCD sincerely appreciates REDC’s partnership in our CDFI grant program and is pleased to support REDC’s efforts to expand its Kiva microloan crowdfunding program, which provides crucial small business funding for an underserved population in New Hampshire.”
KIVA serves the financing needs of people in the U.S. by offering loans between $1,000 and $15,000 at 0% interest, with no fees, and extended grace periods for repayment. Kiva borrowers crowdfund their capital from individual lenders, some as small as $25, with Kiva collecting the money and putting 100% of the money lent back into the lender’s chosen community project. When the borrower repays the loan, that money goes back to the original lender, who can choose to reinvest the funds in another project or withdraw the money.
“REDC is very grateful for MCD’s support of the Kiva program,” said Laurel Adams, President of REDC. “We’ve already seen how Kiva is empowering New Hampshire entrepreneurs in the past year with community-driven lending. With the support of this grant, REDC can continue to help small businesses develop and grow with one-on-one business advising, which includes helping applicants through the loan application process, supporting them as they work with their social network to secure the initial loans, and continuing to provide business advising as they develop their business.”
New Hampshire small business owners can learn more about the program and begin the application process at www.redc.com/kiva, or reach out directly to REDC at 603-772-2655.
For more information about Kiva U.S., go to www.Kiva.org/lend-by-category/Kiva-u-s.
About Mascoma Community Development
Mascoma Community Development (MCD) is a community development entity (CDE) – established in 2013, as a wholly-owned subsidiary of Mascoma Bank with the primary mission of community development utilizing the New Markets Tax Credit (NMTC) Program. The NMTC program allows MCD to direct capital to underserved communities through financing high-impact, mission-focused projects nationwide. MCD’s primary goals are to deploy tax credits into projects benefiting severely distressed, low-income communities and/or low-income persons.
For more information, please visit https://www.mascomabank.com/business-banking/mascoma-community-development/