The Regional Economic Development Center Merges with Coastal Economic Development Corporation

The Regional Economic Development Center of Southern New Hampshire (REDC) and the Coastal Economic Development Corporation (CEDC) have merged, creating one organization that will provide comprehensive services for the business community throughout Southern NH; all existing CEDC operations, staff, and loan portfolio will be acquired by REDC, and the missions of both organizations will be combined to serve the more than 160 loans under management.

The decision to merge the two 501(c)(3) nonprofit regional economic development corporations was evaluated by the Board of Directors of both entities and deemed to be in the best interest of the businesses the region serves. This merger will streamline lending and technical assistance services under one organization and reduce overhead administrative costs. CEDC President Daniel Gray will fill a new position of Executive Vice President at REDC, with Laurel Adams remaining the REDC President.

CEDC served businesses in the following New Hampshire communities, which will now be under REDC’s primary lending territory: Portsmouth, New Castle, Newington, Rye, Greenland, North Hampton, Hampton, South Hampton, Hampton Falls, Seabrook, and Kensington. REDC and CEDC have had a long and positive relationship and have partnered in the past to co-finance businesses in both regions.

“This merger will strengthen services for all the communities REDC serves in Southern New Hampshire by adding key staff and uniting both organizations’ services under one roof,” stated Adams. “We look forward to working with Daniel Gray and the CEDC board members, Ellen Lavine and Steve Falzone, as we make this transition with them.”

REDC is excited to welcome Daniel Gray to the organization as the Executive Vice President. Daniel will manage all lending and underwriting for the organization. This will include working with the four Advisors on determining loan eligibility, structure, underwriting, and presentation to the REDC Credit Committee. He will review draft underwriting, implement changes as necessary, determine if additional staff training is necessary and work with local banks and economic development corporations to increase the organization's lending footprint. In addition, Daniel will collaborate with the organization's President on growth opportunities and various programs.

Daniel is a life-long resident of the New Hampshire Seacoast, where he and his wife raised three daughters in Portsmouth. He is an avid fly fisherman, and spends his most relaxing time being out-smarted by trout, salmon, and saltwater fish in Northern NH and ME, and in the Florida Keys.

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