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NH Delegation Announces $557K to NH Community Loan Fund to Support Small Businesses & Promote Economic Growth in Granite State Communities

(Washington, DC) – Today, U.S. Senator Jeanne Shaheen (D-NH), a senior member of the Senate Committee on Small Business and Entrepreneurship, announced with U.S. Senator Maggie Hassan (D-NH) and Representatives Annie Kuster (NH-02) and Chris Pappas (NH-01) the award of $557,000 in federal funding to the New Hampshire Community Loan Fund to support small businesses and promote economic growth in Granite State communities. The award was allocated by the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund), which enables CDFIs like the New Hampshire Community Loan Fund to increase lending and investment activity in low-income and economically distressed communities in the Granite State and across the nation.

“As the economic fallout spurred by this pandemic worsens, it is essential that New Hampshire businesses have the support they need to survive this crisis. This funding will help do just that by allowing the New Hampshire Community Loan Fund to expand access to capital in the hardest-hit Granite State communities to promote economic growth and create jobs,” said Senator Shaheen. “While this is welcome assistance, more is urgently needed to protect our small businesses that are on the brink of shuttering their doors. I continue to call for bipartisan progress on another COVID-19 relief bill that helps our small businesses, including my legislation that would fund a second round of loans through the Paycheck Protection Program.”

“As the COVID-19 pandemic continues to take a financial toll on Granite State businesses, the New Hampshire Community Loan Fund is providing critical financial support to communities in need, including to support affordable housing,” Senator Hassan said. “This federal grant will help the Community Loan Fund continue its important mission and help our economy recover from this unprecedented public health and economic crisis. I will continue pushing my colleagues to pass an additional COVID-19 relief bill to get critical resources to small businesses and individuals during this challenging time.”

“Small businesses have been hit hard by the COVID-19 pandemic, with many uncertain how much longer they will be able to keep their doors open,” said Representative Kuster. “This funding will provide Granite State businesses with much-needed financial support and help boost local economies in our state. I’m pleased by this development and I will continue working to ensure New Hampshire businesses have the resources they need to get through the COVID-19 crisis.”

“New Hampshire’s small businesses are the engine of our state’s economy and make up the fabric of our communities. The economic downturn caused by this pandemic has placed a further stress on our small businesses and this federal assistance provides much-needed support to help them survive. This funding allows the New Hampshire Community Loan Fund to invest capital in economically distressed communities to spur job growth,” said Representative Pappas.

Shaheen and Hassan are strong advocates of the CDFI Fund program. Earlier this year, Shaheen and Hassan sent a bipartisan letter to Senate leadership calling for $1 billion for the CDFI Fund as part of COVID-19 relief legislation.