May 2022 Newsletter

REDC Launches the Hannah Grimes Center Revolving Loan Fund for Small Businesses in the Monadnock Region

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.

 

To learn more about the Hannah Grimes Center for Entrepreneurship, contact them at 603-352-5063 or visit www.hannahgrimes.com.

REDC Financing

REDC Client Awarded Women Owned Business of the Year award by NH SBA!

 

The U.S. SBA 2022 New Hampshire Small Business Award winners were honored at a celebration on May 12th, and we're so proud to see A Place to Grow named as the Woman Owned Business of the Year. We have loved working with A Place to Grow for the past nine years and know this award is well deserved!

Here is A Place to Grow owner Jen Lehrer with her kids, Amy Bassett, SBA NH District Director, and Mike Vlacich, SBA New England Regional Administrator at the awards ceremony.

 

Read more about our history with A Place to Grow in our Client Spotlight:

Client Spotlight: A Place to Grow

Improving equity is a declared priority for the U.S. Economic Development Administration (EDA) throughout all of its programs. In service of this mission, the EDA has charged Recast City and the Institute for Local Self-Reliance with offering Equitable Lending Leaders. Equitable Lending Leaders is a 12 session intensive course to advance equitable outcomes in small business RLF lending programs.

 

REDC is pleased to announce it is among 40 RLF lenders chosen to partake in this program, which will cover everything from decision-making processes and underwriting criteria to marketing outreach and the accessibility of technical assistance. REDC is committed to achieving more equitable outcomes in our small-business lending program and we are excited to engage in this meaningful work.

 

More information on the Equitable Lending Leaders program here.

New Loan Clients

The Riverworks Restaurant & Tavern

REDC is pleased to welcome the new owners of The Riverworks Restaurant, Marcy Curtis and Scott Moreau, as new loan clients. 

Financing provided will assist with the business acquisition.

 

The Riverworks Restaurant is located at 164 Main Street, Newmarket, NH. 

 
The Riverworks Restaurant

 

Stevens Mill

REDC is pleased to provide financing to Stevens Mill, a mixed-use complex in Franklin, NH, created by Chinburg Properties. The four main buildings of the complex will have 147 market-rate apartments and 32,000 square feet of commercial space.

 
Stevens Mill

 

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.

REDC
57 Main Street, Raymond, NH, USA
603-772-2655

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