U.S. Department of Commerce to Invest $1 Million to Establish Revolving Loan Fund to Serve Businesses in Opportunity Zones in Southeast New Hampshire
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the Rockingham Economic Development Corporation (REDC) of Raymond, New Hampshire, to establish a Revolving Loan Fund (RLF) to provide critical gap financing to businesses and entrepreneurs in the REDC service area. The EDA grant, to be located in multiple New Hampshire Tax Cuts and Jobs Act Opportunity Zone, will be matched with $250,000 in local funds and is expected to create nearly 300 jobs and generate $15 million in private investment.
“The Trump Administration is committed to helping New Hampshire’s economy prosper,” said Secretary of Commerce Wilbur Ross. “This new RLF will help diversify and boost the economy in Opportunity Zones in seven counties by providing the capital that businesses throughout the region need to grow and expand.”
“This project will fund bridge loans and regular loan financing to small- and medium-sized businesses for start-up, expansion, and continuous operations,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “This EDA grant will also support technical assistance for businesses, and the project’s location in a number of the region’s Opportunity Zones will further diversify the local economy and drive additional private investment into the region.”
“As our economy begins to reopen, we need to ensure Granite State businesses have access to the capital and support that they need to return to normal operations,” said Senator Jeanne Shaheen, Ranking Member of the Commerce, Justice, Science and Related Agencies Appropriations subcommittee. “These new federal funds for REDC are an important investment that will help support Rockingham County businesses, sustain jobs and bolster our state’s economic recovery from this crisis.”
“Granite State businesses are facing unprecedented challenges right now amid the COVID-19 pandemic, and this new Economic Development Administration grant will provide businesses with much-needed investments,” said Senator Maggie Hassan. “I will continue to work to support Granite State businesses as they do everything that they can to stay afloat.”
“As our Main Street businesses across New Hampshire work to get back on their feet, the capital needs of these small businesses are more urgent than ever,” said Congressman Chris Pappas (NH-01). “This economic development grant will help the Rockingham Economic Development Corporation provide our small businesses with the capital and technical support they need to invest in our region’s economy and navigate difficult times ahead.”
“As we begin to reopen and recover from the COVID-19 public health emergency, our small businesses are navigating the serious impacts of this pandemic on the Granite State economy,” said Congresswoman Annie Kuster (NH-02). “I'm pleased to see this economic development funding coming to New Hampshire to help spur business development and job creation in our state as we work to recover from this health and economic crisis.”
In June 2019, EDA added Opportunity Zones as an Investment Priority, which increases the number of catalytic Opportunity Zone-related projects that EDA can fund to fuel greater public investment in these areas. To learn more about the Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage. To learn more about the Opportunity Zone program, see the Opportunity Now resources page here.
About the U.S. Economic Development Administration (www.eda.gov)
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.