Nashua launches ‘green’ micro-loan fund



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The city of Nashua has begun offering what may be the state's first municipal micro-loan program targeting businesses that are focused on sustainability.The Nashua Green Micro-Loan Fund is funded by the Gate City?s Community Development Block Grant program along with federal stimulus money.It targets very small new companies ? with five or fewer employees ? in Nashua that are seeking to deliver products or services in such areas as sustainable energy, green retrofit or weatherization, small-scale manufacturers leveraging local assets and sustainable food applications among others, said Thomas Galligani, director of Nashua?s economic development office.He said that, from a loan pool of $70,000, the fund is looking to offer several loans in the $5,000 to $20,000 range.The inaugural recipient is KT&T Distributors, a Nashua-based distributor of industrial green products and services.One of its flagship products is the BigBelly trash compactor, a solar-powered waste collector manufactured in Newton, Mass., that compresses five times the volume of ordinary trash receptacles and can save municipalities and organizations up to 80 percent on operating costs associated with collection.KT&T are distributors of BigBelly compactors in New Hampshire, Vermont and Maine.Galligani said KT&T "seemed to fit exactly what we were thinking."At this point, Nashua?s Green Micro-Loan Fund is a one-time loan program, unlike the city?s long-running Revolving Loan Fund, and the loan amounts will likely stay small.Galligani said the city is hoping to get the money out quickly."It will be interesting to see what the response is going to be. It?s a hard niche to target," he said.For more information, eligibility requirements and an online loan application, visit the Nashua Green Micro-Loan Fund (http://www.nashuanh.gov/CityGovernment/Departments/EconomicDevelopment/EconomicDevelopmentFinance/tabid/642/Default.aspx) or call the Nashua Office of Economic Development at 603-589-3260. ? CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW

 

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