FOR IMMEDIATE RELEASE
Contact: Senate President Ted Gatsas
(603) 271 – 2111
Contact: Jack Donovan, Executive Director of the BFA
(603) 271 – 6457
March 24, 2006
New Hampshire Program to Help Businesses Affected By Mild Winter
Concord , NH – Small businesses in Northern New Hampshire have been affected by a mild winter and are in desperate need of a life line. New Hampshire’s Business Finance Authority (BFA) has a program in place to help small businesses help make ends meet because of weak winter related revenues.
The Capital Access Program (CAP), through the BFA, allows businesses, which are expanding, or having problems securing funding, to obtain loans of up to$100,000 through participating New Hampshire banks. The CAP program is open to both existing and new companies with annual sales of less than $5 million.
Senate President Ted Gatsas (R- Manchester) remarked, “Businesses throughout New Hampshire that rely on winter related activities have been seriously hurt by the mild weather we have experienced this year. The CAP program can be taken advantage of by the afflicted businesses so they can get back on their feet.”
Senator John Gallus (R- Berlin) commented, “I have a lot of businesses in the North Country that rely solely on revenue produced during the winter months, which in most cases are directly attributable to snowfall. These businesses have hardly had a great season and many are on the brink of closure. We need to protect them and that is exactly where the CAP program comes into play.”
The BFArecognizes that banks often face higher risks with loans to emerging or thinly capitalized companies, so it has created CAP. The program gives banks incentives to issue small business loans by establishing a loan-loss reserve, known as the CAP Fund.
Jack Donovan, Executive Director of the BFA concluded, “The BFA stands ready to help the small businesses in New Hampshire. We understand that many businesses are having trouble making ends meet because of the mild weather. We will work to assist the affected small businesses.”
There is a meeting scheduled for next Wednesday, March 29th, at 10 AM at the LancasterTown Hall to meet with affected businesses.
Jack Donovan, Executive Director of the BFA can be contacted at (603) 271-6457 for more information on the Capital Access Program.