For 30 years, the Regional Economic Development Center (REDC) in Raymond has been finding ways to lend and support small businesses in NH and help them grow. For 17 of those years, it has done so under the leadership of President Laurel Adams.
When Adams joined the REDC, it only served Rockingham County, had two employees and a limited loan product. “I fell in love with the REDC’s loan mission to nontraditional borrowers who struggled to get financing,” Adams says. “It’s a passion for me because I struggled with barriers faced by many people.”
Under her leadership, REDC has grown from a $2.5 million organization to a $20 million nonprofit providing loans across the state with a staff of seven, 12 board members, and several innovative lending and technical assistance programs to make financing more accessible to small businesses, and underserved entrepreneurs (including New Americans). Of its total business lending, 56% is to startups, 40% to women-led businesses and 19% to minority-owned business.
The REDC also makes loans to support clean-up activities and re-development planning for contaminated sites as well as loans to housing developers committed to solving the state’s workforce housing crisis. The REDC also provides business and financial planning services as well as marketing design assistance.
As the designated steward of the annual Comprehensive Economic Development Strategy, REDC works with the U.S. Department of Commerce to assess and address critical economic challenges in NH. REDC monitors trends in economic development and workforce issues, including housing and employee attraction and retention to develop economic resiliency plans and infrastructure investments.
“Laurel is a force for economic opportunity in New Hampshire, leading with vision, integrity, and a deep commitment to the entrepreneurs and communities she serves,” says Sara Powell, program director of the Hannah Grimes Center in Keene. “What sets Laurel apart is her ability to see both the immediate needs of the entrepreneurs and the long-term challenges facing New Hampshire’s economy. She doesn’t just acknowledge problems—she takes action.”
Most recently, Adams and her team launched the Building Roots Home Fund in 2024 to create a loan fund to address NH’s affordable housing shortage. The fund provides developers with loans ranging from $500,000 to $3 million for projects where at least 20% of the units are designated for households earning 80% of area median income or less. The program closed on its first project to create 16 new rental units in Keene.
Adams has seen first-hand the struggles young people in NH face when it comes to finding affordable housing. “I’ve lived in southern New Hampshire my whole life and I struggle with [the fact] that may not be attainable for my children,” she says. What gives her hope is that the REDC is receiving a steady stream of inquiries from developers about the fund, she says.
“Lending can be a very competitive landscape, but Laurel has crafted REDC’s role as a supportive part of a vital ecosystem to New Hampshire’s economy. Through this lens of collaboration instead of competition, Laurel is a leader with a vision. She has always had her eye on the problems NH faces and works with others to find solutions,” says Tim Roche, executive director of Rockingham Planning Commission, pointing to the Building Roots Home Fund as a prime example. “More housing in our state is imperative, and I’m thrilled to see REDC stepping up to help solve this crisis.”
REDC became NH’s official Kiva Hub in 2022, giving small businesses access to zero-interest, zero-fee crowdfunded microloans, which has already assisted 74 small businesses that would not qualify for traditional lending.
To celebrate the REDC’s 30th anniversary in 2024, Adams launched the THRIVE Business Competition Series, a statewide competition that provided funding and mentorship to small businesses. Competitions focused on business planning, sustainability, arts and culture, and video pitching. The REDC awarded $30,000 in prize money.
In 2018, Adams and her team founded the NH New Americans Loan Fund, the only statewide loan program designed for first-generation immigrants, providing microloans and technical assistance to help New Americans launch and grow businesses.
Adams says the REDC is careful not to duplicate existing efforts in the state but rather looks for gaps in the lending market. “Economic diversity is as important to communities as anything else,” Adams says. “Economic development is important to New Hampshire keeping its great quality of life and economic prosperity.”
It is little wonder why, after funding hundreds of startups and small businesses, the REDC was recognized as the NH SBA Microlender of the Year for six consecutive years. Adams has won several accolades, including the Daniel Quinlan Award for Outstanding Achievement in Community and Regional Planning in 2020 and was honored as the 2012 SBA Financial Services Champion.
Adams, who is a 2016 graduate of Leadership NH, serves on the Mascoma Bank New Markets Tax Credit Advisory Board, as treasurer of the NH Economic Development Association, a member of the NH Alliance of Regional Development Corporations (and is its former president), and is a volunteer for End 68 Hours of Hunger as well as Habitat for Humanity.
She remains focused on meeting the economic development needs of the state. “We’re always trying to innovate,” Adams says. “I love New Hampshire. It’s where I want to live and make a difference. …The connections we have as a small state is our greatest strength in overcoming adversity.”
To learn more about these winning companies and celebrate their success with them, join us at the Business of the Year Awards celebration to be held on June 6, from 11:30 a.m. to 1:30 p.m. at the DoubleTree by Hilton Manchester Downtown Hotel. For more information or to purchase tickets or tables, visit BusinessNHmagazine.com.
