CRDC to take part in $1m small-business lending pilot
The Capital Regional Development Council has been awarded a $1 million loan from the U.S. Small Business Administration under its stimulus-funded Intermediary Lending Pilot program through which the Concord-based agency can fund eligible businesses up to $200,000.CRDC was among 20 organizations nationwide to be awarded ILP funding.
Under the program's guidelines, borrowers can use the loan proceeds for working capital, real estate or the acquisition of materials, supplies, furniture or equipment.
"This resource will add to CRDC's growing diverse direct-lending tools," said Stephen Heavener, CRDC's executive director. "We will work to deploy all of the funds as quickly as the market can absorb them, with an initial $500,000 budgeted for 2013.The funds are available throughout New Hampshire, but he said that, unlike other government-funded loans administered by CRDC, the ILP program permits direct lending in cities that have a population of 25,000 or greater -- "great news for small businesses in Manchester and Nashua," he said.
Heavener said CRDC deploys most of its loan programs working in close coordination with New Hampshire's banks, providing loan funds to business borrowers to fill financing gaps. This new program will follow the same guidelines.
For more information, visit www.crdc.comor call Heavener at 603-369-9000.