The United States Department of Agriculture (USDA) announced Thursday a $1,000,000 direct loan to Capital Regional Development Council (CRDC) to relend to small rural businesses. USDA and CRDC expect this loan will support 10 New Hampshire businesses create or continue financing 101 jobs in rural New Hampshire.
"Capital Regional Development Council is an experienced intermediary lender for USDA Rural Development funds, " said USDA Rural Development Vermont and New Hampshire State Director Ted Brady. "This loan is the base capital for a series of loans that will assist rural businesses and perpetuate job creation in disadvantaged and rural communities."
Since 2008, CRDC has used $1.5 million in USDA Rural Development IRP loans to finance 22 New Hampshire small businesses. USDA Rural Development’s partnership with CRDC has resulted in the creation of 97 livable-wage jobs and 352 existing jobs saved.
"USDA Rural Development’s IRP program is a very important tool that permits the Capital Regional Development Council to lend much needed assets to New Hampshire’s growing small businesses," said Capital Regional Development Council Executive Director Stephen Heavener. "CRDC’s lending staff appreciates the flexibility of the program which enables us to provide creative financial solutions to New Hampshire businesses."
Rural Development’s IRP loans are given to private non-profit corporations, public agencies, Indian groups and cooperatives to alleviate poverty and increase economic opportunity and employment in America’s rural communities through very low-interest, accessible small business loans.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values.
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 $201.3 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.rurdev.usda.gov/nh-vtHome.html) or contact USDA RD at (802) 828-6000.