The Northern Community Investment Corporation (NCIC) will strengthen its support of Vermont and New Hampshire’s small businesses thanks to a $605,000 funding package from the U.S. Department of Agriculture (USDA). NCIC will use USDA Rural Development’s Rural Microentrepreneur Assistance Program to provide aspiring Northeast Kingdom and North Country businesses with financial support and technical assistance.
“NCIC is a vital partner in ensuring that Rural Development support reaches promising businesses across the Northeast Kingdom and the North Country,” said Ted Brady, Vermont and New Hampshire State Director for USDA Rural Development. “With access to capital and technical assistance, aspiring businesses can grow to become vital institutions that provide essential services and employment to residents of Vermont and New Hampshire’s rural communities.”
NCIC received $605,000 to bolster their revolving loan fund which currently provides microloans to businesses seeking to strengthen their finances, develop new products, or create jobs in their local communities. As part of this award, NCIC is provided financial support to expand business counseling services, such as business planning and accounting assistance, to their borrowers. NCIC estimates that the federal capital added to their business loan fund will assist 16 Vermont businesses and create or preserve 53 local jobs.
“We are pleased to be able to add a new dimension to our lending options,” said Jon Freeman, NCIC President. “This is such an important product for this region. We are honored by this award and are so appreciative of the USDA Rural Development team that we work with.”
The Rural Microentrepreneur Assistance Program (RMAP) builds the capacity of local lending institutions that provide capital to small rural businesses. RMAP funding consists of capital for a revolving loan fund that lends and relends to local businesses over a 20 year agreement, and an annual grant to support business development through technical assistance. More information on the RMAP program can be found on the USDA’s website. Applications for assistance are due quarterly with an upcoming deadline of September 30. Financial institutions interested in applying can contact Susan Poland, Business Program Specialist at (802) 828-6002 or susan.poland@vt.usda.gov.
USDA, through its RD mission area, administers and manages housing, business and community infrastructure programs through a national network of state and local offices. Rural Development has an active portfolio of $214 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural areas. For more information on Rural Development visit the Vermont/New Hampshire Rural Development website (www.rd.usda.gov/nh or www.rd.usda.gov/vt ) or contact USDA RD at (802) 828-6000.
Established in 1975, NCIC is a non-profit, certified Community Development Financial Institution working to address regional economic challenges. NCIC responds to the needs of individual businesses and communities through: expanding high-speed Internet access, promoting tourism, finding affordable energy solutions, and offering businesses of any size financial solutions and support services. NCIC serves New Hampshire's Carroll, Coos and Grafton Counties and Vermont's Caledonia, Essex and Orleans Counties. NCIC offices are located in Lancaster, NH and St. Johnsbury, VT. For more information visit: www.ncic.org.