The Regional Economic Development Center (REDC) has partnered with The Hannah Grimes Center for Entrepreneurship to start a new loan fund aimed at helping small businesses in the Monadnock Region grow and thrive. The Hannah Grimes Center Revolving Loan Fund (HGCRLF), created in collaboration with the Hannah Grimes Center for Entrepreneurship, will make loans between $5,000 and $50,000 available to new businesses and those seeking to grow or evolve their businesses.
The Hannah Grimes Center has already raised $160,000 in community donations to seed this new loan fund with plans to grow the fund to $250,000.
“REDC is excited to be a part of bringing this new opportunity to small businesses in the Monadnock region,” said Laurel Adams, President of REDC. “We have always been impressed with the work done by the Hannah Grimes Center and have partnered with their organization in the past to offer additional resources to their community. This new chapter in our partnership will further assist hard working entrepreneurs that need a step up in starting or growing their business.”
The Hannah Grimes Center for Entrepreneurship, located in downtown Keene, provides the space and tools that entrepreneurs need to start and build a thriving business. Its mission is to help create a sustainable, thriving local economy and vibrant community that’s built upon the region’s heritage, culture, natural resources, and the civic-minded entrepreneurial spirit of its people. The Center offers a number of workshops, events, programs and one-on-one coaching to support business owners and help them create important connections within the business community.
“In distributing small grants to businesses during the pandemic, we witnessed the oversized impact of a small infusion of cash into a small business,” said Mary Ann Kristiansen, Executive Director of the Hannah Grimes Center. “Entrepreneurs consistently made good investments that helped them grow their businesses and we realized this was a gap in the resources we offered. We were heartened to see our community respond generously to help meet this need and grateful for the skill that REDC brings to lending and entrepreneur support.”
To qualify for a loan from the new fund, businesses must be located in the Monadnock Region; the money should also be used to enhance employment, wages, and quality of life. Loans may be made independently or matched with other sources, such as banks. REDC will help facilitate the loans through its independent Credit Committee, composed of commercial lenders representing banks throughout New Hampshire who review every loan application.
The Hannah Grimes Revolving Loan Fund furthers REDC’s mission to promote responsible, sustainable economic development activities in Southern New Hampshire. By helping businesses access alternative financing for business and industrial expansion and relocations and create jobs for low to moderate income people, it also provides tax relief for our communities and our region.
To learn more about the Hannah Grimes Revolving Loan Fund, contact the REDC at 603.772.2655 or visit www.REDC.com. To learn more about the Hannah Grimes Center for Entrepreneurship, contact them at 603-352-5063 or visit www.hannahgrimes.com.