(Washington, D.C.) - U.S. Senator Jeanne Shaheen today announced that her request for support for critical New Hampshire small business lending programs has been approved by the Senate Appropriations Committee. Shaheen secured $500,000 to support the MicroCredit-NH and Vested for Growth programs, which offer loans to New Hampshire small businesses that have difficulty accessing credit. These funds were included in the Fiscal Year 2011 Transportation, Housing, and Urban Development Appropriations bill, which is now ready for consideration by the full Senate.
"Small businesses are the key engine of job creation in New Hampshire and across the country and ensuring they have access to credit is one of my top priorities as we emerge from this difficult economic climate," said Shaheen. "These lending programs will help our smallest businesses - the ones that anchor Main Streets across New Hampshire - access the credit they need to continue to invest in their growth and create jobs."
"During these uncertain economic times, the access to capital and extensive technical assistance that the Community Loan Fund's MicroCredit-NH and Vested for Growth programs provide to small businesses are more needed than ever," said Juliana Eades, President of New Hampshire Community Loan Fund. "This funding will help foster job retention and job growth statewide, and we are thankful for Senator Shaheen's support."
MicroCredit-NH is a program of the Community Loan Fund that lends to businesses with fewer than five employees and total business capital under $500,000. Vested for Growth's innovative financing programs help existing small businesses access expansion capital without the collateral requirements of bank debt, while also avoiding the need to sell the business. This funding will help bridge the gap between MicroCredit-NH and Vested For Growth by creating a full spectrum of small business financing which will increase MicroCredit-NH loans from $15,000 to $50,000 as well as help meet the high demand on Vested For Growth. This project will help retain more than 500 jobs and spur the creation of at least 60 new jobs in New Hampshire.