Revolving Loan Fund helps Richard’s Bistro cover renovation expenses and allows Laird Institute to provide financial aid to students
Manchester, NH – Richard’s Bistro and The Laird Institute of Spa Therapy are the latest Manchester businesses to receive a loan through the Manchester Economic Development Office’s Revolving Loan Fund (RLF). Richard’s Bistro received a $10,000 loan and the Laird Institute received $66,375. The RLF is a loan program administered by the Manchester Economic Development Office (MEDO) to help encourage new business, expand companies already in business and create new jobs in Manchester.
“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. Richard’s Bistro, one of Manchester’s longest running and well-known fine dining restaurants used the loan to redesign and renovate the interior of the restaurant. After 15 years in business, owner Richard Vareschi wanted to create a new atmosphere for the restaurant as Chef Matt Provencher begins to take over the day to day operations of the restaurant. Richard’s closed for two weeks in July while undergoing the renovations and is now open seven days a week.
The Laird Institute of Spa Therapy provides educational programs specializing in the training of advanced skin care, spa nail technology, customer service and team leadership. The Laird Institute will use the loan to receive a letter of credit from the Department of Education. The letter of credit will allow the Laird Institute to begin to offer financial aid packages to their students. “The RLF will ensure the Laird Institute is able to offer our students financial aid packages which will help us stay competitive with other schools and lead to increased enrollment. Without the RLF loan we would not have the ability to receive a letter of credit, creating a situation where our students may not get the financial aid they need” stated co-owner Jared Laird. Laird Institute plans to have loans available for more than eighty students for the upcoming year. The Laird Institute is planning an open house later this month.
For more information about the Laird Institute of Spa Therapy please visit www.lairdinstitute.com or call 603-625-6100. For more information about the Revolving Loan Fund please contact Chris Wellington at 603.624.6505 or visit www.yourmanchesternh.com and click on grow your business than incentives.