NH Delegation Announces More than $7.3 Million to Support Small Businesses & Promote Economic Recovery from COVID-19
(Washington, DC) – Today, U.S. Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) and Representatives Annie Kuster (NH-02) and Chris Pappas (NH-01) announced New Hampshire’s four community development financial institutions (CDFIs) will receive $7,305,060 in federal grants allocated through government funding legislation that was passed by Congress and signed into law in December. Specifically, the federal grants were awarded by the U.S. Department of the Treasury and will allow CDFIs to provide urgently needed capital to Granite State small businesses and entrepreneurs, particularly in communities that are financially underserved, which will support New Hampshire’s economic recovery from COVID-19. Each organization – the Rockingham Economic Development Corporation, Strafford Economic Development Corporation, the New Hampshire Community Loan Fund and Resident Ownership Capitol USA, LLC – will receive $1,826,265 from this funding.
CDFIs magnify the impact of the funds they receive through innovative partnerships with the private sector, making resources available to businesses that most need additional support in under-served communities.
“As institutions that are designed to assist financially underserved communities in our state, New Hampshire’s CDFIs have a crucial role to play in supporting our state’s recovery from the economic impact of this pandemic,” said Senator Shaheen. “I’m very pleased to announce this funding, which will allow CDFIs to provide critical financial support that Granite State small businesses and entrepreneurs in some of our hardest-hit communities need to stay afloat and rebound from this crisis, and to make important investments in affordable housing, which is in such short supply in the state. Ensuring Granite State small businesses and communities receive the resources they need to rebuild in the aftermath of COVID-19 will continue to be a top priority for me in the Senate.”
“Small businesses are the lifeblood of New Hampshire’s economy, yet many have struggled to stay afloat during the COVID-19 pandemic,” said Senator Hassan. “These grants provide funds to local institutions with a proven track record of assisting small businesses and underserved communities. After pushing for additional resources for the CDFI Fund last year, I am pleased to see that four Granite State organizations are receiving these resources that will help strengthen our local economies.”
“As we continue working to recover and rebuild from COVID-19, it is essential that we provide historically underserved communities with the resources they need to thrive,” said Representative Kuster. “From supporting local entrepreneurs to helping small businesses keep their doors open, this funding for New Hampshire Community Development Financial Institutions (CDFIs) gets us one step closer to building back better from this crisis. I will continue working in Congress to deliver critical relief so no Granite Stater is left behind.”
“New Hampshire’s Community Development Financial Institutions (CDFIs) play a vital role in providing financial resources to businesses throughout our state, including our historically underserved communities,” said Representative Chris Pappas, Co-chair of the House Small Business Caucus. “This federal funding directed to CDFIs will go a long way to helping small businesses and entrepreneurs in the Granite State continue to recover from the pandemic. I remain committed to ensuring that New Hampshire’s Main Street economy has every available resource it needs to thrive.”
“REDC is extremely grateful to be awarded this critical funding. This grant award will enable REDC to support more growing and challenged businesses as they work to create and retain jobs, while dealing with the negative impacts of the COVID-19 pandemic,” said Rockingham Economic Development Corporation President Laurel Adams. “We have been working with a large array of businesses during the pandemic and seen first-hand how not everyone fits in the perfect box for need, and there is still a lot of small business owners who are struggling. These funds will help us provide financial assistance and technical assistance for many small businesses in New Hampshire who are still recovering from a very challenging time.”
“In a week in which it was reported that the median New Hampshire home price has risen above $400,000, news of this award is a lifeline for working families with low incomes desperate to find, or hold onto, affordable homes,” New Hampshire Community Loan Fund President Steve Saltzman said in thanking Senator Shaheen and the state’s congressional delegation. “It will also boost our ability to serve Black and Brown business owners in New Hampshire.”
“The thing about CDFI investments like this is that we are able to 10x through private investment dollars that go to work to build basic economic security in low-wealth communities,” said Paul Bradley, President of Resident Ownership Capitol USA, LLC.
“SEDC is immensely grateful for this award of funds to further economic recovery throughout our region. We are ready to implement creative new loan products that respond quickly to targeted needs of workers and entrepreneurs who create the recovery. It will also augment our traditional loan products that have been critical to meeting our customers’ needs for the last 24 years,” said Dennis McCann, Executive Director of the Strafford Economic Development Corporation.
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