Shaheen Announces $1 Million to Establish Revolving Loan Fund to Serve Businesses in Rockingham County

May 26, 2020

**During federal budget negotiations, Shaheen led successful effort to prevent the Economic Development Administration – the agency administering this loan fund – from being eliminated**

 **This grant will support an estimated 300 jobs and generate $15 million in private investment**

(Washington, DC) – Today, U.S. Senator Jeanne Shaheen (D-NH) announced a $1 million grant from the Economic Development Agency (EDA) to the Rockingham Economic Development Corporation (REDC) to establish a Revolving Loan Fund (RLF) to provide critical financing to New Hampshire businesses and entrepreneurs. Senator Shaheen, the lead Democrat on the Senate subcommittee the funds the EDA, led the effort to prevent the agency from being eliminated during the federal budget process last year. The EDA grant will be matched with $250,000 in local funds and is expected to sustain or create nearly 300 jobs and generate $15 million in private investment.

“As our economy begins to reopen, we need to ensure Granite State businesses have access to the capital and support that they need to return to normal operations,” said Shaheen, the lead Democrat of the Commerce, Justice, Science and Related Agencies Appropriations subcommittee, which provides funding for the EDA. “These new federal funds for REDC are an important investment that will help support Rockingham County businesses, sustain jobs and bolster our state’s economic recovery from this crisis. I’ll continue to fight for more assistance for Granite State businesses and workers in any upcoming COVID-19 relief legislation.”

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.