LOANS
(603) 569-4216
The primary purpose of our business financing is to retain and/or create employment opportunities for area residents. We can provide financial assistance to eligible businesses in and around Carroll and Strafford County. It is designed to assist existing and new businesses with limited financing, so actual or threatened job loss can be avoided, or new employment opportunities can be created. Retention and/or expansion of the regional employment base, leveraging of additional financial resources and demonstration of the borrower’s financial ability to repay the loan term are the primary criteria.
To apply for business financing please complete our Loan Application (link below) and submit it to WEDCO. Please include the items listed on page 4 of the Loan Application.
Please visit our Resources section for information on business counseling and assistance, local workshop and training seminars, and links to local chambers of commerce, regional planning commissions, state/federal business resources.
WEDCO MANAGED FUNDS
Revolving Loan Fund (RLF)
The RLF guidelines allow for expansion and/or relocation loans for businesses that are creating or retaining jobs in the region. Loans are available for business or real estate acquisition, machinery and equipment, renovation/construction, working capital and project gap financing. Other uses may qualify on an individual basis.
Intermediary Lending Program (IRP)
A United States Department of Agriculture Rural Development (USDA-RD) initiative. The primary goal of WEDCO’s IRP is to preserve and create employment opportunities in the region. IRP funds may be used for a business acquisition, real estate acquisition, machinery and equipment, inventory, and working capital. In some instances, it may be used for construction and/or renovation. In specific cases, IRP financing can also be used for value-added agriculture or refinance.
Rural Microloan Revolving Fund (RMRF)
A United States Department of Agriculture Rural Development (USDA-RD), through their Rural Microentrepreneur Assistance Program (RMAP). The primary goal of WEDCO’s RMRF is to help microenterprises start up and grow. RMRF funds are for loans of up to $50,000 with a fixed interest rate. Loans can be used for working capital, debt refinancing, purchase equipment and supplies, as well as improve real estate. The microenterprise has to have 10 or fewer full-time employees and located in WEDCO’s service area.
OTHER FINANCING OPPORTUNITIES
NH Business Finance Authority (BFA) Indirect Loan Program
BFA provides WEDCO with additional resources to develop and expand the local economy. When a business applies for a loan which exceeds WEDCO’s capacity, we may apply for additional funding from the BFA who works hand-in-hand with local development organizations to foster local economic growth.
Community Development Block Grant (CDBG)
These Housing and Urban Development funds are available through the New Hampshire Community Development Finance Authority (NHCDFA). They administer these funds in partnership with local municipalities, including counties. WEDCO can assist your business in applying for these economic development funds. If approved, these grants are made to the municipality and WEDCO to lend to the business that is creating and/or retaining jobs. Maximum funding is up to $500,000.
Other Options
Other Regional Development Corporations such as Stafford Economic Development Corporation (SEDC), Belknap County Economic Development Council (BCEDC), and the Mt. Washington Valley Economic Council (MWVEC) are important partners when additional sources of financing are needed.
The Northern Community Investment Corporation (NCIC) and NH Community Loan Fund (NHCLF) are also sources of additional financing when needed.
Guarantees
Guarantees may also be available through various State & Federal Agencies.
Get In Touch
Get In Touch
Address
PO Box 641, 15 Varney Road, Wolfeboro, NH 03894
Phone
(603) 569-4216