Manchester Economic Development Office Loans $100,000 to Support New Restaurant On Elm Street Manchester

Manchester, NH – One of downtown Manchester’s seasoned restaurateurs has received a loan from the Manchester Economic Development Office (MEDO) in preparation for the grand opening of what is soon to become one of downtown’s staple eateries.

Rosa Paolini will open XO on Elm at 815 Elm Street on October 5th 2009. The new restaurant will be serving fresh New England cuisine with a touch of international fusion. XO will offer moderately-priced family dining, business catering, takeout services and a separate function hall for larger parties and events that will be available 365 days a year. The restaurant will also be providing free parking behind the building.

"I believe in downtown Manchester and the wonderful entertainment, nightlife, family and fine dining options we offer. I’m thrilled to again be part of the dynamic downtown scene and to offer a new dining option for families coming downtown for a game or show," said Paolini. "I want to be part of making downtown Manchester a dining destination."

The $100,000 loan was made via the city’s Revolving Loan Fund (RLF), which is aimed at helping to create new businesses, grow companies already in business and create new jobs in Manchester. The Manchester Development Corporation (MDC) significantly recapitalized the Revolving Loan Fund this year, contributing to the strength of the program. In Paolini’s case, the RLF loan, which was funded with MDC dollars, supplements a loan from St. Mary’s Bank. Paolini expects the opening of XO on Elm to create at least 15 new jobs over the next two years; job creation is a stipulation associated with using RLF funds.

"We view the Revolving Loan Fund as an invaluable tool to encourage the growth of new and existing business and the creation of jobs in Manchester," said Jay Minkarah, director of economic development for the City of Manchester. "The Economic Development Office is here to provide resources, assistance and guidance for local businesses and the RLF is one of the most effective tools we have to do so."

Paolini has remodeled the dining area and exterior of the restaurant, and has created a new façade for the space. She has also received $3,500 in grant monies through the Facade Improvement Program which is also administered through the City’s Economic Development Office.

"We believe in customer service. We want XO to be casual and affordable with every single dish that is made to order. We will be offering a selection of vegetarian and vegan options along with a kids menu. Overall we want this to be a destination restaurant where everyone feels welcome to gather and celebrate," said Rosa Paolini

For more information about the RLF and the facade improvement program please visit MEDO online at and click on Grow Your Business and then Incentives or call 603.624.6505.