The New Hampshire Business Finance Authority made a $1,000,000 increase in small business loans available via the Strafford Economic Development Corporation (SEDC). The BFA and SEDC had previously provided $3,500,000 to businesses in the region. The BFA says the collaboration will help local businesses, which in turn helps create and retain quality jobs.
SEDC is a nonprofit that assists businesses in expansion and relocation efforts primarily in the Strafford County area. SEDC manages several revolving loan funds that are used for real estate acquisition, building expansion, working capital, machinery and equipment, and job training.
“We have a long and positive history with SEDC,” said James Key-Wallace, executive director of the BFA. “Additional capital is needed for small businesses across the state, now more than ever because of the pandemic. This will enable SEDC to provide critically important financing during a time when businesses need that support.”
SEDC has already affected more than 16,000 jobs in NH. The request for the increase was unanimously approved by Governor Chis Sununu and the Executive Council at their February meeting.