City of Manchester Loan Fund Announces New Members

Manchester -The City of Manchester’s Revolving Loan Fund announces the addition of three new members to the Loan Review Committee : Ovide Lamontagne , an Attorney with D e vine Millimet ; Stephen Patterson , an attorney with Wiggin and Nourie, P.A. ; and Michael Simoneau , Vice President of Commercial Lending at Hampshire First Bank. “The City of Manchester Economic Development Office is pleased to have the wide range of talent and expertise these three new members bring to the Committee” s aid Glen Ohlund, Development Coordinator at the City of Manchester Economic Development Office and manager of the Revolving Loan Fund.

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 and two loans made by the former Greater Manchester Development Corporation. A total of 13 firms have been assisted by the revolving loan fund. The 13 firms have borrowed a total of $921,000 and created 161 new jobs in Manchester since the program’s inception.

The City of Manchester revolving loan fund makes loans for working capital and fixed asset acquisition to existing or relocating Manchester businesses that will create new jobs. These funds are not a substitute for traditional financing sources. The revolving loan fund is one of several business financing programs offered by the City of Manchester. The Economic Development Office provides information and referrals for other business development incentives offered by the City, State of New Hampshire, and a variety of Federal agencies. For more information, contact the Manchester Economic Development Office at 624-6505.