The Regional Economic Development Center of Southern New Hampshire (REDC) and the Coastal Economic Development Corporation (CEDC) have merged, creating one organization that will provide services for the business community throughout Southern NH. All existing CEDC operations, staff, and loan portfolio will be acquired by REDC, and the missions of both organizations will be combined to serve the more than 160 loans under management.
The decision to merge the two 501(c)(3) nonprofit regional economic development corporations was evaluated by the boards of directors of both entities and deemed to be in the best interest of area businesses. The merger will streamline lending and technical assistance services under one organization and reduce administrative costs. CEDC President Daniel Gray will fill a new position as executive vice president at REDC, with Laurel Adams remaining as REDC President.
CEDC served businesses in the following NH communities, which will now be under REDC’s primary lending territory: Portsmouth, New Castle, Newington, Rye, Greenland, North Hampton, Hampton, South Hampton, Hampton Falls, Seabrook, and Kensington. REDC and CEDC have had a long and positive relationship and have partnered in the past to co-finance businesses in both regions.
“This merger will strengthen services for all the communities REDC serves in Southern New Hampshire by adding key staff and uniting both organizations’ services under one roof,” said Adams. “We look forward to working with Daniel Gray and the CEDC board members, Ellen Lavine and Steve Falzone, as we make this transition with them.”