The NH Community Development Finance Authority (CDFA) in Concord awarded $844,865 to assist entrepreneurs and small business owners in accessing technical assistance programs. The Community Development Block Grant (CDBG) Microenterprise Program award will support six economic development organizations that offer services, education, and programs for micro-businesses statewide.
The CDFA says the microenterprise program helps foster economic development by providing a range of entrepreneurial training and technical assistance services to low- and moderate-income micro-business owners and start-ups (those with fewer than five employees).
“Small businesses are a significant driver of New Hampshire’s economy,” said Katherine Easterly Martey, CDFA executive director. “The microenterprise program provides the support and training necessary to empower small business owners and entrepreneurs to innovate and thrive within our communities.”
CDFA awarded the following funding:
- $200,000 to the Belknap Economic Development Council in Laconia. BelknapEDC will collaborate with Grafton Regional Development Council and Wentworth Economic Development Corporation to assist 70 low- to moderate-income (LMI) individuals throughout Grafton, Belknap and Carroll Counties through lending advice, one-on-one counseling and trainings geared toward small business development.
- $134,000 to the Women’s Rural Entrepreneurial Network (WREN) in Bethlehem. Technical assistance from WREN includes initiatives such as vendor readiness classes, business coaching, and computer tutorials to approximately 50 low-to-moderate income business owners.
- $71,000 for the Northern Community Investment Corporation (NCIC) in Lancaster. Roughly 25 start-up businesses will be able to take advantage of NCIC’s financial management and business coaching, marketing seminars, and training in customer service, among other benefits.
- $162,455 to the Hannah Grimes Center in Keene. The center will provide access for 60 microenterprises to its training, one-on-one counseling and technical assistance, as well as other services.
- $147,455 for the Regional Economic Development Center in Raymond. Activities funded include one-on-one meetings with business advisors, training in reading financial statements, and assistance with brand development and marketing. An estimated 54 low-to-moderate income small business owners will use their many resources.
- $129,955 to the NH Small Business Development Center’s Pathways to Work initiatives in Durham and Manchester. Some of the services provided to approximately 47 participants include classes on how to start a small business, e-courses on finance, and workshops on topics like marketing and accounting.
Funding for the Community Development Block Grant program is provided to NH through the U.S. Department of Housing and Urban Development. The Microenterprise Program is a subset of the CDBG Economic Development Program. To learn more about CDFA, its impact on NH communities, and available funding resources, visit www.nhcdfa.org or call 603-226-2170.