New Loan Fund for First-generation Immigrants

Tika Acharya, (at podium) the owner of AS Insurance in Manchester, talks about the value and importance of helping new businesses.

The Regional Economic Development Center (REDC) has launched a new initiative for first-generation immigrants to encourage business development and job creation.

Laurel Adams, president of the REDC, says the NH New Americans Loan Fund will work with local lenders to help borrowers secure the micro-funding between $5,000 and $50,000.

Tika Acharya, the owner of AS Insurance in Manchester, and the first recipient, says by helping first generation immigrants to start a business, the fund is enabling them to put down roots and contribute to the economy.

“We have tried many times with traditional lending institutions, but as we don’t have a history in the US of owning a business, we have been denied many times,” Acharya says. “With their expertise and underwriting, and effort from the city (Concord) and various donors this fund is now going, and I am lucky to be the first recipient.”

Acharya opened an independent insurance agency in 2017 and says he now has close to 2,000 customers and has created four full-time jobs.

“There is a big need for people like me, when we say 7.5 percent of NH is people of color, this group has a very solid strength … with a little support we can make NH more diverse, more productive, and we can retain talent here. REDC is filling that gap.”

Adams says REDC also provides free technical assistance to help applicants build a solid business plan.

Will Arvelo, director of the NH Division of Economic Development, says the New Americans Loan Fund will be a tool to work with a new population that is out there and want to be part of the American dream, be part of the state,” Arvelo says. “This is the future of where we are heading as a state. All of those working together contribute to creating a welcoming landscape for small business.

“NH is becoming more diverse,” he says. “It is welcoming people from different backgrounds, ethnic groups and races, this is good for a state.”

Joyce Craig, mayor of Manchester, says the loan fund is one of the most exciting initiatives to come along in her term as mayor.

“We in Manchester are so proud to be home to thousands of new Americans from diverse backgrounds and this program will have tremendous impact on our city and on our residents,” Craig says. “The REDC’s efforts will lead to more business opportunities, more jobs, and a more diverse economy.”

Adams says they placed a map of the world in the conference room at the REDC office and as each loan is approved, the recipients places a pin on their native country.

The new fund was announced at a press event in Manchester on May 18. U.S. Sen. Jeanne Shaheen, D-N.H. did not attend the launch, but sent a letter where she applauded the opportunity the fund will create.

“When we reach out and support new Americans, we do more than build on our national heritage as a land of opportunity where all races and faiths are accepted. We also welcome a population with special skills, talents and aspirations,” Shaheen wrote. “By empowering immigrants, we can help them achieve their dreams and, in turn, find our community enriched by the contributions of our newest neighbors.”