CDFA Awards $500,000 to Microenterprise Organizations

The NH Community Development Finance Authority (CDFA), headquartered in Concord, approved a Community Development Block Grant (CDBG) of nearly $500,000 to a group of economic development organizations that offer services and programs for microenterprises. The organizations work with low- and moderate-income people who either own or want to launch a micro-business. The grant is made to Grafton County, which will oversee implementation of the awards, then subgrant to five programs.

The $499,934 award is divided among economic development centers from every corner of the state. They are:

·        $146,663 to the Women’s Rural Enterprise Network (WREN) in Bethlehem, to fund a series of workshops and classes for women entrepreneurs in areas such as business coaching, e-commerce, social marketing, and website design. The funds will help an estimated 39 microbusinesses in the North Country.

·        The Hannah Grimes Center in Keene will receive $134,175 to expand technical assistance programs at the center. These include an incubator program, a consultant’s roundtable, an industry cluster program, and support in the Hannah Grimes Marketplace in downtown Keene. The grant will provide assistance for at least 45 Monadnock-region cooks, artisans, and farmers looking to grow their fledgling businesses.

·        A grant of $86,452 for training and technical assistance programs to the Enterprise Center of Plymouth (ECP). A partnership between the Grafton County Economic Development Corporation and Plymouth State University, ECP will offer programs on topics such as lending advice, workshops on business skills, and one-on-one counseling for microenterprises that demonstrate promise for success. The award will allow ECP to staff and market their training programs, and benefit at least 35 entrepreneurs in Grafton and Belknap counties in the next year.

·        The NH Small Business Development Center at UNH will receive $75,167 in support of its Pathways to Work initiative in Durham and Manchester. The grant will fund services such as online courses in finance, management, and marketing; classes on e-commerce, business financing, and accounting; and specialized workshops topics like construction safety and business planning. SBDC estimates it will serve 85 beneficiaries through Pathways to Work this coming year.

·        The Regional Economic Development Center in Raymond will be granted $57,477 for their continuing microenterprise efforts. Activities funded will be advice on business start-ups, financial skills training, access to business financing resources, and referrals to critical support services and professionals. At least 35 budding entrepreneurs will get help from REDC’s initiatives.

The grant awaits final approval from the Executive Council.

The CDBG program <http://www.nhcdfa.org/web/cdbg/cdbg_program.html> funds provide housing and create jobs primarily for low- and moderate-income people. Funds are provided to NH by the US Department of Housing and Urban Development, and administered by CDFA. Each project is evaluated on several criteria, including impact on low- and moderate-income residents and the acquisition of matching funding.