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Thursday
Feb042010

MEDO Spurs Economic Development and Job Creation in Manchester

Manchester Economic Development Office spurs economic growth in city by investing over $100,000 into three local small businesses

Revolving Loan Fund and Energy Efficiency Loan Program spur economic growth and job creation in Manchester

Manchester, NH – Three locally-owned small businesses have recently received a total of $100,000 in loans through the Manchester Economic Development Office’s Revolving Loan Fund (RLF) and Energy Efficiency Revolving Loan Fund (EERLF).  The purpose of the RLF is to help encourage new business, expand companies already in business and create new jobs in Manchester.  The EERFL is a new program aimed at providing incentives to business owners to invest in energy efficiency upgrades to their current buildings and facilities.  The three recipients were Circa 1906, a deli and neighborhood convenience store located at 1362 River Rd, Margie’s Dream, a local restaurant specializing in home cooking located at 172 Hayward St and Delisle Hillsborough Market, a local neighborhood corner store located at 519 Lincoln St.

Delisle Hillsborough Market received $40,000 through the RLF and $20,000 through the EERLF. “The RLF loan will allow me to refill my inventory with the items the community in this neighborhood need and the EERLF loan provides me with the opportunity to replace a fridge and freezer that are more than 30 years old”, stated owner Betty Delisle when asked how the loans would help her business.  The new energy efficient appliances are estimated to save her business more than $3,500 a year in utilities.  Delisle went on to say she hopes to hire one part time worker in the short term and add another full-time worker next year.  This will be in addition to adding workman’s compensation and the WIC program, two programs she was unable to afford before receiving financial help through the Manchester Economic Development Office (MEDO).

 “This was my dream and it could not have happened without the cities help” stated Michael Lewko, owner of Circa 1906, a recipient of a $10,000 RLF loan.   George Kokkinos, owner of Margie’s Dream used a portion of the $30,000 RLF loan to finish a complete renovation of the restaurant.  Margie’s Dream is scheduled to open later this month and George hopes to hire 3-5 full-time employees within the next year.  “It’s a wonderful program to offer small business owners.  It gives us the ability to concentrate on running our business and making it successful” stated Betty Delisle, highlighting the benefit of these programs and the partnership that exists between Manchester and the small business community.

 “We view the Revolving Loan Fund as an invaluable tool to encourage the growth of new and existing business and the creation of new jobs in Manchester,” said Jay Minkarah, Director of Economic Development for the City of Manchester. “The Economic Development Office has had a record quarter with increased interest in incentive programs offered by the city.  The Revolving Loan Fund not only creates jobs directly by providing small business owners with the capital necessary to hire additional employees but stimulates the economy even further by providing work to local contractors, suppliers, and vendors with the additional construction work, equipment and inventory purchases that follow a RLF loan.  The RLF is Manchester’s own Jobs Program”.

For more information about the Revolving Loan Fund, the Energy Efficiency RLF, or any of the business incentives and programs offered by MEDO visit our website at www.YourManchesterNH.com and click on Grow Your Business and then Incentives or call 603.624.6505.

 



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