CDBG Loan Fund – Belknap County Economic Development Council

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Areas Served: Belknap County

The New Hampshire Community Development Finance Authority (NHCDFA) administers these federal dollars in partnership with local municipalities.

The BCEDC is available to assist communities in applying for these funds, which generally involves a loan to a business that is creating or retaining jobs that benefit low and moderate income people.

In cooperation with a municipality, the BCEDC can apply for up to $500,000 annually, and manages the application for the borrower and the municipality.

Requirements:

•Requires sponsorship of a Belknap County municipality with the assistance of the BCEDC

•Requires Public Hearing on the proposed use of funds The Borrower must:

•Create 1 job for every $20,000 of grant funds received within 2 years; 60% of the jobs created must benefit low and moderate income people (see scale)

•Have a $1 match (debt or equity) for every $1 of funds received through this program Size of Loan: Up to $500,000 Interest Rate/Term: Negotiable based on current prime rate plus term of loan Origination Fee: 1 % of Loan Other Fees: Legal and closing costs

Contact Information
Belknap County Economic Development Council
Address: One Mill Plaza
City: Laconia
State: New Hampshire

Website: http://www.belknapedc.org/Financing-Your-Business.html

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