Headed to the Regional Economic Development Center in Raymond is $400,000 from the federal Economic Development Agency, U.S. Sen. Jeanne Shaheen, D-N.H., announced Wednesday.
The funds will be used to support businesses in Rockingham County.
During federal budget negotiations, Shaheen led an effort to prevent the Economic Development Administration from being eliminated, and helped secure the funds, according to her office.
The REDC in Raymond is one of the Granite State’s four economic development corporations working to provide assistance and resources to businesses, and promote overall economic health in areas that need support most.
The grant will be used to boost and supplement the REDC’s response to the economic fallout from COVID-19, Shaheen’s office said, and help businesses in the region recover from the crisis, particularly as the state furthers its reopening process.
“As New Hampshire’s economy reopens, we need to ensure our businesses and communities get the resources and support they need to recover and safely resume operations,” said Shaheen, lead Democrat of the Commerce, Justice, Science and Related Agencies Appropriations subcommittee, which provides funding for the EDA. “These federal grants will provide much-needed assistance to help Rockingham County businesses survive the financial impact of this crisis and aid the region and state’s economic recovery. I’ll continue to fight for more federal support for Granite State businesses and workers in any upcoming COVID-19 relief legislation.”
REDC President Laurel Adams said the organization is thankful to the EDA and Shaheen for “continuing their support of job creation and small businesses in New Hampshire.” She noted the funding will allow the REDC to add a disaster relief coordinator to its staff.
“This funding will ensure small businesses looking to start or grow in southern New Hampshire have the opportunity to do so with funding and dedicated support from in-house business advisors,” Adams said. “We are honored we can continue our mission of job creation, especially for low- to moderate-income individuals.”
This federal award comes in addition to a $1 million grant Shaheen previously announced to the REDC to establish a Revolving Loan Fund to provide critical financing to New Hampshire businesses and entrepreneurs. Shaheen secured the funds as part of the federal CARES Act, her office said.