This week, U.S. Senator Jeanne Shaheen (D-NH) announced a $1 million grant from the Economic Development Agency (EDA) to the Regional Economic Development Corporation (REDC) to establish a Revolving Loan Fund (RLF) to provide critical financing to New Hampshire businesses and entrepreneurs. Senator Shaheen, the lead Democrat on the Senate subcommittee the funds the EDA, led the effort to prevent the agency from being eliminated during the federal budget process last year. The EDA grant will be matched with $250,000 in local funds and is expected to sustain or create nearly 300 jobs and generate $15 million in private investment. 

“We are so thankful to the EDA and Senator Shaheen for continuing their support of job creation and small businesses in New Hampshire,” said Laurel Adams, REDC President. “This funding will ensure small businesses looking to start or grow in southern New Hampshire have the opportunity to do so with funding and dedicated support from inhouse business advisors. We are honored we can continue our mission of job creation, especially for low- to moderate-income individuals.”

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.

Fifteen small businesses that REDC serves were selected to receive mini grants. Along with a mini grant, each business will also receive technical assistance from REDC to best leverage the use of the funds. These funds will help with existing expenses such as rent, payroll, working capital, and utilities, all costs that have been impacted through loss of business due to COVID-19.

"We are so honored to be able to award grants to small business who are in critical need of funds to get through this difficult time. Thank you to all who have supported the NH Nonprofit Response Fund for making these grants possible," stated Laurel Adams, REDC President. "Along with these mini-grants, REDC has been working to provide disaster loans to aid clients who have been most impacted by COVID-19. We are committed to helping small businesses survive and return stronger than ever as our state begins to open up again."

To learn more about crisis resources from REDC and its partners, please visit our Crisis Resources page. 

2020 CEDS Draft Open for Public Comment

REDC is accepting comments on its draft 2020 CEDS. Our CEDS is an economic master plan for the Southern NH region and includes economic development needs and goals, while outlining existing conditions, a vision, and an action plan.

Comments on the draft 2020 CEDS will be accepted until June 24, 2020. The draft and a form for comments are on our website at: https://www.redc.com/ceds

We appreciate your input!

• For a project to qualify for the EDA CARES Act funding, an applicant shall explain clearly how the proposed project would “prevent, prepare for, and respond to coronavirus” or respond to “economic injury as a result of coronavirus.”

• EDA expects to fund at least 80% and up to 100% of eligible project costs. Baseline request is 80% match share.

• Unsure if a project would qualify? The EDA continues to fund projects under its existing Public Works, Economic Adjustment, and Disaster Declaration grant opportunities, which we can discuss with you.

• REDC will work with municipalities to screen projects and to determine if a project is EDA and/or CARES Act eligible through dialogue with our EDA representative. If a project is eligible, REDC can assist in the application process and with grant administration and reporting; fees are project specific.

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