Shaheen announces $825K to establish revolving loan fund to serve businesses in Nashua impacted by COVID-19

August 28, 2020

WASHINGTON – U.S. Senator Jeanne Shaheen (D-NH) announced that the City of Nashua will receive an $825,000 grant from the Economic Development Agency (EDA) to establish a second Revolving Loan Fund (RLF). The RLF provides low-interest capital to businesses and entrepreneurs. This RLF would specifically assist businesses with mitigating the impact of the COVID-19 pandemic. Senator Shaheen, the lead Democrat on the Senate subcommittee that funds the EDA, secured these funds as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act.

"It's essential that New Hampshire businesses have the financial support they need to survive the economic crisis spurred by the COVID-19 pandemic. This loan fund will do just that by increasing Nashua businesses and entrepreneurs' access to low-interest capital so they have economic security and stability they can count on during these challenging times," said Shaheen, the lead Democrat of the Commerce, Justice, Science and Related Agencies Appropriations subcommittee, which provides funding for the EDA. "I fought to preserve this agency because we’ve seen how important its resources are to our local businesses in New Hampshire and across the nation. As Granite State entrepreneurs work to safely resume operations, I’ll keep fighting for the federal help they need to stay open and keep employees on payroll."

"Nashua’s small businesses are at the heart of our community and throughout this, we’ve been working hard to support them. Small businesses, including those in Nashua, are struggling to stay afloat during the COVID-19 pandemic. Being able to establish a new revolving loan fund is important to help them keep their doors open. To Senator Shaheen, we are grateful for your efforts in bringing this funding to Nashua. Thank you," said Nashua Mayor Jim Donchess.

The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

Source: Nashua Telegraph