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BFA Explores Small Business Equity Fund

Published Tuesday Feb 11, 2020

BFA Explores Small Business Equity Fund

The New Hampshire Business Finance Authority (BFA) will conduct a study to determine whether there is a demand for a new state-focused private equity fund to help small businesses. The fund would purchase or invest in small businesses. The study will be funded in part by the New Hampshire Charitable Foundation.

Too often, family-owned and local privately-held companies cease operations because they don't have a succession plan or they lack visibility to investors/buyers to grow the company during a period of transition. The purpose of this study is to determine whether there is enough of a market to create a fund to keep these companies rooted in NH.  

"These small companies are vital to the New Hampshire economy and offer high-quality jobs but in many cases operate 'under the radar' of traditional Private Equity Funds," said James Key-Wallace, executive director of the NH BFA. “Our goal with this study is to determine whether there are unmet needs and work to find a way to support these companies so they can continue to contribute to the New Hampshire economy.”

The study will focus on companies with at least $5 million in revenue and 25-100 employees, primarily operating in the manufacturing and specialty services sectors and will be led by local entrepreneur and investor John Gargasz with support from UNH business student, Teddy McNulty. They will reach out to lenders, the businesses community, as well as public sector leaders to determine feasibility. Any business owner who is considering selling their company or seeking outside investment, but wants to ensure the company stays in NH should reach out to the BFA. To learn more, visit

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