Manchester Economic Development Office lends nearly $300,000
and spurs the creation of over 40 news jobs
Revolving Loan Fund leverages new and existing local businesses
Manchester, NH - Manchester's Economic Development Office (MEDO) has made four loans to local businesses, all of which will use the funds to either start or grow the companies. The loans - nearly $300,000 in all - are available through the City's Revolving Loan Fund (RLF), which leverages the growth and creation of new and current business within Manchester. In addition, each loan directly correlates to the creation of new jobs, a stipulation associated with the fund.
"We view the Revolving Loan Fund as an invaluable tool to spur the creation of new business, support and encourage the growth of existing business and create new jobs in Manchester," said Jay Minkarah, director of economic development for the City of Manchester. "These recent recipients represent a diverse array of worthy ventures and we're pleased to be able to lend our support."
The Revolving Loan Fund was established by the City of Manchester in 1996, using allocations of Community Development Block Grant funds and repayments from existing loans.The RLF makes loans for working capital and fixed asset acquisition that will create new jobs to assist in business retention, expansion and recruitment. RLF loans typically provide "gap" financing to help cover the difference between available private financing and the total amount needed for qualifying proposals.
Single Digits, Inc. received a $100,000 loan on October 10 which will help to support the significant growth the company has experienced over the last 18 months. The company, which is a leading provider of comprehensive WiFi deployments, guest Internet services and technical support solutions, has rapidly grown to over 30 employees. Based in Manchester and headquartered on East Industrial Park Drive, Single Digits, Inc. is just another example of the well-run successful businesses contributing to the Queen City's economy.
"We have experienced a rapid and significant growth in our business and we are currently investing in our infrastructure to meet the demands of our clients and expand our offerings, particularly in the area of high end technical support," said Bob Goldstein, CEO and co-founder of Single Digits. "Access to the City's Revolving Loan Fund will deliver funding that will propel our organization forward, support our growth and help us create and retain a number of high-tech jobs here in Manchester.
Meanwhile, the loan fund has leveraged a new downtown restaurant. Opening in November 2008, Firefly American Bistro & Bar will offer comfort food redefined. The epitome of the quintessential neighborhood bar and grill, Firefly will present a unique blend of traditional and contemporary in both food and décor, along with a little local flair. Located in the newly-rehabilitated historic building at 22 Concord Street, Firefly will be open daily at11:00am serving lunch and dinner. Owners Diane Downing and David Becker received a $70,000 loan on October 3 to support the opening of the new downtown restaurant, which will create over 20 new jobs.
"I think it is great that the city, by offering this loan to local businesses, has taken a proactive role in the revitalization and redevelopment of the downtown area. We are really grateful to be a part of this program."said Downing. "Firefly American Bistro & Bar plans to be a big part of the continued growth of downtown Manchester by providing a great service to our patrons, creating jobs and involvement with fellow community organizations and businesses."
Image 4, a thriving business in Manchester since 1987, recently closed on a $100,000 loan to be used for the purchase of equipment and as working capital. With 9 new jobs slated for creation, the company - which creates visual marketing and branding support strategies and solutions for their clients - will continue to grow its national presence.
Finally, Cedar and Oak, a furniture manufacturing company started in Candia, will expand to Manchester, offering wood hand-made furniture. The $22,000 loan to Cedar and Oak will provide capital for the purchase of manufacturing equipment and products, as well as the creation of at least two new jobs.
"The Revolving Loan Fund is such an important part of the City's economic development efforts," said Michael J. Simoneau, a life-long resident of Manchester, Vice President of Commercial Lending with Hampshire First Bank and a member of the Revolving Loan Fund oversight committee. "And particularly in today's economy, we feel more than ever that it is important to step up and help leverage the creation of new business, new jobs and the growth of our current businesses. In particular, the job creation component of this program is vital; employment growth is key to a healthy economy."
The Manchester Economic Development Office is focused on supporting the growth of current businesses, while encouraging the creation of new business and new jobs in Manchester. MEDO administers the Revolving Loan Fund, currently lending at a 5% interest rate for a term of 5 years with oversight from a Revolving Loan Fund committee. For more information about the RLF, visit MEDO online at www.YourManchesterNH.com and click on Grow Your Business and then Incentives or call 603.624.6505.