Having Made a Significant Economic Impact and Contributing Toward the Creation of 162 Jobs, Manchester’s Revolving Loan Fund Gears Up For Another Round Of Lending
Fund provides financing opportunities to local business to support expansion, new job creation and retention.
Manchester , N.H. – Building on a history of success, the City of Manchester Economic Development Office (MEDO) has announced the availability of funds to promote business development in the City through its Revolving Loan Fund (RLF). Since its inception, the program has led to the creation of 162 jobs while delivering significant economic benefits to the City. The RLF is on target to extend its track record of success.
The RLF was established by the City of Manchester in 1996 to provide an incentive for the growth and development of local business with a primary goal of stimulating job creation. The fund is capitalized using allocations of Community Development Block Grant funds, 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. These firms have borrowed a total of $921,000 and created 162 new jobs in Manchester since the program’s inception. This translates to a new job creation cost of under $6,000 per job, far exceeding the federal goal of $35,000 for each new job created.
“The loan we recently received from the City allows us to continue design and production of our fashionable clothing line and other merchandise in a location that has served in this capacity for nearly two hundred years,” said loan recipient Luke Gutelius, co-owner of Maax Inc.
The City’s revolving loan fund makes loans of up to $50,000 for working capital and $100,000 for fixed asset financing to existing Manchester businesses or business relocating to Manchester that will create new jobs. These loans are typically made in conjunction with private financing and are not a substitute for traditional financing sources. The revolving loan fund is one of a number of business assistance programs offered by the City of Manchester. The Economic Development Office also provides information and referrals for other economic incentives offered by the State of New Hampshire and a variety of Federal agencies. For more information or to receive an application with guidelines, contact the Manchester Economic Development Office at 624-6505 or visit www.YourManchesterNH.com.