CONCORD, N.H. – This month, the U.S. Small Business Administration announced that it has distributed $210,805,900 worth of loans to 550 New Hampshire small businesses over the past fiscal year, including just under $6.8 million to Manchester-based businesses.
Nationwide, $36.5 billion in 7(a) loans were provided to small businesses with another $8.2 billion in 504 loans and $71.8 million in microloans.
7(a) loans are used for working capital, refinancing and inventory among other things. 504 loans are generally used for capital expenditures such as facility upgrades or large machinery.
“The success of SBA loan programs in New Hampshire is thanks to our wonderful partnerships with local and national lenders that help us provide greater access to capital for our small businesses,” said SBA New Hampshire District Director Amy Bassett. “We see many small businesses recovering inNew Hampshire but remain mindful that many continue to struggle with the ongoing economic impacts from the pandemic. With continued enhancements to our lending programs and the ongoing commitment from our lending partners, we hope to build on the achievements of the past year and aid many more entrepreneurs in the coming year.”
A list of Manchester-based businesses receiving loans can be found below.
[table id=43 /]
The New Hampshire Community Development Finance Authority was also selected to receive a $2.5 million grant to launch a Community Navigator Pilot Program.
Funded through American Rescue Plan funding, the Community Navigator Program aims to provide $100 million to 51 organizations owned by veterans, women, people of color, those in rural communities and other groups that face hardships in accessing financial support.
“I am thrilled that the Community Development Finance Authority (CDFA) was selected after a competitive process to receive a $2.5 million grant to launch SBA’s Community Navigator Pilot Program in New Hampshire,” said Bassett. “With this funding, through a hub and spoke model, CDFA will support New Hampshire-based entrepreneurs, focusing on underserved and rural communities. The NH SBA looks forward to building a close collaboration with CDFA as they develop a program that will aid New Hampshire small business in accessing the critical resources they need to start, grow, build resiliency and thrive.”