United States Senator Jeanne Shaheen, United States Department of Agriculture (USDA) officials, and others marked the opening of a Seacoast Region restauraunt focused on connecting Granite Staters with local food Monday at Hayseed Restaurant in Hampton. Shaheen and USDA Rural Development State Director Ted Brady announced a new $500,000 loan to Coastal Economic Development Corporation (CEDC) to help small businesses like Hayseed create jobs and stimulate investment in rural New Hampshire communities.
USDA Rural Development awarded CEDC a $500,000 Intermediary Relending Program (IRP) loan that will enable the development organization to relend the money to small businesses. Brady said CEDC used $87,500 from a previous IRP loan to help Smuttynose Brewing Company purchase equipment in its new Hayseed Restaurant, which opened for business in late February. The restaurant has a focus on serving locally produced food with offerings including roasted root vegetable pot pie, schnitzel with spaetzle and lentils, and cioppino featuring lobster broth and fresh catch. In addition to sourcing much of its meat and produce from New Hampshire producers, Hayseed plans to farm adjacent land to provide the freshest ingredients.
“Local foods are a critical ingredient in our local communities, and they support the local economy,” said USDA Rural Development New Hampshire and Vermont State Director Ted Brady. “Rural quality of life depends on places like Hayseed Restaurant, where people can gather, enjoy good food and community, and support local farms and fisheries.”
“Local small businesses like Hayseed Restaurant are an important part New Hampshire’s economy, particularly in rural areas, and we need to do everything we can to support their creation and growth,” Shaheen said. “USDA programs are making a real difference in New Hampshire – they’re helping small businesses and local agricultural businesses across our state get their start and ultimately put people to work. I hope to see more of these kinds of investments across the state.”
“The design, financing and construction of our new Towle Farm campus, including our restaurant, Hayseed, was a complex process involving many players and many moving parts,” said Smuttynose/Hayseed founder and President, Peter Egelston. “Access to funds through the Intermediary Relending Program helped us close a critical financing gap, making it possible to bring this facility to life.”
Hayseed Restaurant is associated with Smuttynose Brewery, which opened in the Spring of 2014.
Both the brewery and Hayseed are located at the former Towle Farm in Hampton and occupy separate, energy-efficient spaces. The brewery and the restaurant required a $21 million investment from the business owners, including loans from the Provident Bank, the U.S. Small Business Administration, the New Hampshire Business Finance Authority, the Coastal Economic Development Corporation and the Regional Economic Development Center of Southern New Hampshire. CEDC matched the IRP funding with $87,500 from its Seacoast Revolving Loan Fund. The brewery and restaurant now employ more than 80 people.
USDA’s Intermediary Relending Program (IRP) provides low-interest loans to local intermediaries that re-lend to businesses and community development projects in rural communities.
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 more than $206 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 New Hampshire Rural Development website (www.rd.usda.gov/nh/) or contact USDA RD at 603-223-6035.