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Posts Tagged ‘Business Finance Authority’

400 New Advanced Manufacturing Jobs to Be Created in Rochester, NH

Thursday, December 15th, 2011

Safran GroupCONCORD – Gov. John Lynch and the Executive Council on Wednesday approved a $4 million Business Finance Authority loan to complete a major economic development agreement between the State, Safran USA, and the City of Rochester.

The agreement will enable the construction of a previously announced 275,000 square-foot facility, in which Safran USA and Albany Engineered Composites (AEC) will be co-located. The facility will employ approximately 400 workers. The State, through the Department of Resources and Economic Development, worked with Albany, Safran USA and the City of Rochester to ensure an agreement could be reached.

“We have been working closely with Safran USA and Albany to see the project through to completion. Today’s news is a major economic development win for Rochester and the entire state of New Hampshire, and will result in the creation of hundreds of jobs,” Gov. Lynch said.

As part of the effort to recruit the new facility, the state has also partnered with Great Bay Community College to create a new composite manufacturing curriculum to train workers to fill the new jobs.

“Safran USA and Albany could have located their new facilities anywhere in the country, but they chose New Hampshire because they recognize that we have a strong workforce and a winning economic strategy. We worked intensely with the companies over the past several years to make the construction of this new plant, and the hundreds of jobs that come with it, a reality,” Gov. Lynch said.

“I want to thank (DRED) Commissioner George Bald and his staff, particularly state business recruiter Cindy Harrington, as well as New Hampshire’s Business Finance Authority, under the leadership for Jack Donovan, for getting us to where we are today.  I also want to thank Mayor T.J. Jean and Rochester city officials for their work and commitment to this project,” Gov. Lynch said.

“Finally, I want to thank Albany International’s President and CEO Joseph Morone and Safran USA leadership for their commitment to New Hampshire and for working cooperatively to move this critical project forward.”

“This agreement, and the manufacturing plant and new jobs that will result from it, is a reflection of not only the strength of the relationship between the State of New Hampshire, the City of Rochester, Albany International and Safran USA, but also of how tightly our futures are connected. The efforts of Governor John Lynch and his team in this process cannot be overstated, and the new plant and new jobs that will be created are the direct result of his efforts on behalf of State of New Hampshire,” said Albany President and CEO Joseph Morone.

The new facility will manufacture composite engine components.

“We are very pleased to launch the construction of a manufacturing plant in Rochester, where the Safran group and AEC will combine their resources in order to produce advanced composite parts for the LEAP aircraft engines developed by CFM International, a 50/50 joint company between Safran and GE,” said Peter Lengyel, President and CEO of Safran USA, Washington D.C. Operations.

Albany Engineered Composites is a subsidiary of Albany International, Corp., which employs about 225 workers at its existing Rochester facility. Last year, the company relocated its corporate headquarters from New York to Rochester.

“The City of Rochester is honored to be selected by Safran USA and Albany Engineered Composites to host their new world-class advanced manufacturing facility. This investment demonstrates Rochester’s commitment to attracting and securing sustainable industrial development and providing valuable jobs to our local economy,” said Rochester Mayor T.J. Jean. “Today’s announcement is a milestone for Rochester as we emerge from these difficult economic times.”

“This is a great day for Rochester and for the state of New Hampshire as a whole,” said Commissioner George Bald. “We thank Safran USA for making the decision to locate their facility in New Hampshire and commend the City of Rochester for its hard work in bringing in a quality company that will create new jobs and add to the economic vitality of our state.”

Construction of the new plant, near the existing Albany facility, will begin in the spring of 2012.


Ask CJ: Laying Out the NH Advantage

Thursday, August 25th, 2011

“I have heard that there are grants available to business owners in NH.  Is that true?  What other economic incentives are available to a NH business owner?”

I get this question pretty frequently from businesses of all sizes and industries.  What is that “NH Advantage” that we keep hearing about? 

NH Division of Economic Development Seacoast Business Services Specialist Christine Davis

Unlike some other states, New Hampshire isn’t known to dangle hefty incentive packages to lure new business into the state.  We don’t offer short term special deals to a prospective company from out of state that isn’t available to our current business owners.  What NH does offer, the NH Advantage, includes such things as our lack of an income tax and sales tax.  Also part of the Advantage is our high standard of living, quality of education, and geographic location.  We also have government agencies such as ours, the Division of Economic Development, that are reachable and responsive. 

Besides the above-mentioned incentives for locating your business in the Granite State, there are a number of other potential NH-based financial incentives.  Large energy consumers may be eligible for a grant that covers the cost of an energy audit.  Our division, www.nheconomy.com, offers free technical assistance, which could include an energy audit (valued at $10,000) to businesses that are spending $100,000 or more on their combined utilities.  The business can take this audit and work with a number of financial institutions, including the NH Community Development Finance Authority (which also has some grant funds for energy audits) to assist them with a cost effective plan to implement these recommended efficiencies.  These funds are limited so you will need to check first on availability. 

The Business Finance Authority (BFA) offers the Business Energy Conservation Loan Fund: http://www.nhbfa.com/BFA_LoanPlans_BizEnergy.html which is financing assistance for energy efficiency improvements.  The USDA Rural Development program, www.rurdev.usda.gov/vt, offers both grant and loan programs for a variety of projects and programs.  You will need to visit their website to see if your business falls within the geographic and industry parameters for the projects they support.  The NH Community Development Finance Authority, www.nhcdfa.org, also offers a tax credit program that provides, “New Hampshire businesses the unique opportunity to invest and target their tax dollars to community development projects throughout the state in exchange for a 75% State Tax Credit through the Tax Credit Program. This program enables businesses to invest cash, securities, or property to fund economic or community development projects in exchange for this 75% tax credit which can be applied against any or all three of the business profits, business enterprise, or insurance premium taxes. The donation also may be eligible for treatment as a state and federal charitable contribution.”

Businesses that are located within an Economic Revitalization Zone may qualify for a tax credit if they are making improvements to the facility and creating new jobs.  You will first need to check with your town or our office, www.nheconomy.com, to see if you are located in an ER Zone.  If so, you may be eligible to receive up to $40,000 in tax credits per year for up to 5 years to be used against your business profits tax and or your business enterprise tax.  It is a complicated formula but our staff will help with the heavy lifting.  This program also has limited credits available but that ceiling was not reached last year.

Non-profits are quite familiar with grants, as many of them need this support in order to function.  Grants are almost always restricted to non-profit entities and when I hear someone tell me they received a call about grant opportunities for businesses (of course in exchange for a fee) I cringe.  There is one grant in NH for businesses and it is the real deal.  The NH Job Training Fund is a matching grant program available to both for-profit and non-profit entities.  Companies can be awarded a cash match that ranges from $750 up to $100,000 for skills enhancement training.  What does that include?  Just about any training that increases the skill set of your employees including computer training, technical training, leadership and management skills training and lean manufacturing to name a few.  Details on this fantastic program can be found at www.nhjobtrainingfund.org

Through the University of NH the Green Launching Pad, www.greenlaunchingpad.org, “is a public and private sector initiative that enables local start-ups to bring green solutions to market.  We discover New Hampshire’s best and brightest, and then support them with the financial resources, business infrastructure, and academic expertise to succeed.”  Companies apply and compete to be selected as a GLP recipient.  Winners not only receive some funding and technical assistance but they also get some great press which has a lot of value. 

Also through UNH is the New Hampshire Innovation Research Center.  Created by the Legislature in 1991, these grant funds are meant, “To increase collaboration, technology development and innovation between New Hampshire businesses and universities.  New Hampshire businesses propose projects in collaboration with researchers, typically at Dartmouth Medical or the University of New Hampshire. Companies then match their project awards to fund the research which often leads to new production methods, new products and sometimes new companies.”  You can visit their website, www.nhirc.unh.edu, to learn more about this program.

Each city, town or county may have its own incentive program for business development.  You would want to reach out to your town manager, mayor or economic development director to see what is available.  You never know until you ask.

Christine J. Davis works for the N.H. Division of Economic Development as a resource specialist serving businesses in Rockingham and Strafford counties. Her role is to provide the support needed for businesses so that they may remain viable and growing entities in the community. Ms. Davis lives in Exeter with her two daughters.  When not performing her work or parenting duties she likes to spend time at the beach and discovering news places and activities in the community with her girls.  She can be reached at Christine.davis@dred.state.nh.us.

Over $3M Available Through New Energy Reduction Fund

Wednesday, December 9th, 2009

Great news from the good folks over at the Community Development Finance Authority!


New Hampshire businesses and non-profit organizations can access new funds for energy efficiency improvements and renewable energy projects. The Community Development Finance Authority (CDFA) was recently awarded $3.5 million by the Office of Energy and Planning‘s State Energy Program, from the American Recovery and Reinvestment Act, to develop and implement a low-interest loan and grant program to help finance energy improvements in buildings owned by small, medium, and large businesses and non-profit organizations statewide.  

Low-interest loans will be available for comprehensive energy improvements, which could include air sealing, insulation, replacing heating and cooling systems, renewable energy alternatives, and heat recovery systems. Grant funds are available for fuel blind energy audits and some other purposes.

“Our goal is to provide affordable financing to help businesses and non-profit organizations reduce their operating costs with the energy efficiency improvements,” said Kathy Bogle Shields, Executive Director of CDFA. “We look forward to working with our partners including the New Hampshire Community Loan Fund, Jordan Institute, Regional Development Corporations, Business Finance Authority, and Retail Merchants Association in order to create a program that will meet the needs of the businesses that are driving our economy and strengthening our communities.”

Of the $3.5 million in funds, $2.5 million will be for large commercial and industrial businesses and non-profit organizations. The remaining $1 million will be administered by the Community Loan Fund and for micro- and small commercial and industrial businesses and non-profit organizations. All businesses, large or small, seeking energy-reduction financing will apply through CDFA’s on-line system.

energy-savings“Our goal is to provide opportunities for employers to use capital to strengthen their organizations, the communities in which they operate, and the families they serve,” said Community Loan Fund President Juliana Eades. “These funds will allow even small businesses and nonprofits to explore energy improvements that will reduce their operating expenses for many years to come.”

The Energy Reduction Fund is currently being developed. It is anticipated that the application for funds will be available on CDFA’s website, www.nhcdfa.org, early in 2010. All funds need to be awarded by April 2012.

CDFA, created by legislation in 1983, is a nonprofit public instrumentality of the State of New Hampshire.  CDFA administers nearly $40 million in funding resources, which includes a combination of state tax credits and federal Community Development Block Grant, Neighborhood Stabilization, and Energy Reduction Funds.   CDFA supports the development of vibrant and resilient communities by providing resources for community development efforts. For more information about CDFA and its programs, visit www.nhcdfa.org or call 603.226.2170.

The Community Loan Fund turns investments into loans and education to create opportunity and transform lives across New Hampshire. It collaborates with a wide range of donors and lenders, and with business, nonprofit and government partners, to provide the financing and support people need to own homes, have quality jobs and child care, and become financially independent.  Established in 1983, the Community Loan Fund was one of the first Community Development Financial Institutions in the nation, and has received industry awards and recognition for social impact, financial strength and performance. For more information, visit www.communityloanfund.org or call 800.432.4110.