Mascoma Community Development Sponsors NH Kiva Microloan Hub |
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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. |
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Tax Credit Support Recognition |
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REDC would like to highlight the generous support of Salem Co-Operative Bank, who purchased $50,000 in REDC tax credits, and Senior Helpers of Southern New Hampshire, who purchased $2,500 in REDC tax credits. This tremendous support will aid the NH New Americans Loan Fund, a fund that assists business development and job creation for new Americans, (first generation immigrants) in New Hampshire. We are so thankful for your support! |
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As a Kiva hub, REDC is happy to have assisted Kevin and his business F & R Transportation with a Kiva loan application, which is now live and ready for your support! Based in Manchester, NH, Kevin is seeking funding to expand his transportation services for seniors without a car or reliable transport. This loan will help increase F & R Transportation's insurance levels, so that they may be certified with Medicaid and Medicare and assist people at no cost to them.
Looking to make a positive impact by supporting local small businesses? Kiva connects online lenders to entrepreneurs through an online lending platform. Crowdfund loans unlock capital for underserved communities and those experiencing underlying barriers to capital access. By lending as little as $25 on Kiva, you can be part of the solution and make a real difference in someone’s life. 100% of every dollar you lend on Kiva goes to funding loans.
Only a few days left to support this loan at:
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100% Funded! REDC is thrilled to announce Laura of Melo Tax Services has reached full funding on her Kiva project! Melo Tax Services, based in Manchester, NH, received $6,000 from a total of 158 lenders through KIVA's online crowdfunding lending platform. Congratulations, Laura! | | |
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Confident Med Spa REDC is pleased to provide financing to Confident Med Spa, a luxury medical spa in Epping, NH. This participation loan with Merrimack Savings Bank is for the purpose of renovations, equipment, and working capital. Confident Med Spa services include skin treatments, hair removal, scar revisions, and more. | | |
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Northeast Therapy and Service Dogs REDC is pleased to provide financing to Northeast Therapy and Service Dogs, a home-based dog training, boarding, daycare, and small breeding business, based in Newfields, NH. Funding provided will assist with construction and working capital to build an indoor training facility. Northeast Therapy and Service Dogs has a vision to build a sanctuary for dog training and development of pets, emotional support dogs, and working dogs, while preserving the breed and enhancing qualities through purposeful breeding. | | |
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If you know of a small business in NH in need of assistance, or someone interested in starting a new business, please share REDC with them. |
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