Posts Tagged ‘NH Community Loan Fund’
Friday, April 22nd, 2011
Here’s some great news from a friend of the No Bull Business Blog, Miles Smith Farm:
Grass-fed beef, land leased out to keep it green and an anticipated soon-to-arrive windmill allow Miles Smith Farm to rightfully lay claim for being environmentally friendly and fiscally sound. That new bright spot at Miles Smith Farm, however, will be a solar powered green store.
 In 2010, Miles Smith Farm was awarded a Rural Energy for America Program (REAP) Grant to help produce solar thermal energy for the new farm store to be added to the south side of the Miles Smith Farm barn. The NH Community Loan Fund also provided Miles Smith Farm with a loan and grant to help with the project to make the 1850s barn solar efficient. Solar collectors on the roof of the barn will provide hot water to heat a concrete slab on the floor of the new store, which is scheduled to be completed by the end of April.
“We are creating a 100% solar store,” said Miles Smith Farm owner Carole Soule. “Solar will be the only source of heat and electricity. We know our ‘eco-efforts’ will pay off in many ways.”
The benefits are plentiful on both the environmental and financial sides. The combination of having a super-insulated retail space and a photovoltaic system to offset power needs will save an estimated $890 per year in electricity costs. In addition, the estimated 5,400 kWh of solar power generated each year avoids an estimated 3.2 metric tons of carbon dioxide emissions, which is the equivalent of 362 gallons of gasoline or 7.5 barrels of oil.
Replacing the electric heaters in the sales room extension off the barn with a solar thermal system is estimated to save the farm another $800-plus per year. This savings further equates to reducing 3.1 metric tons of carbon dioxide—the equivalent carbon sequestered by 79.6 tree seedlings grown for 10 years.
“The Community Loan Fund is proud to be financing the Miles Smith Farm solar store. The energy efficiency built into this old barn should be great for the business, its customers, and the environment,” said Rick Minard, the Community Loan Fund’s vice president for policy.
The public is invited to attend the Grand Opening on May 20th from noon to 1:30 p.m. at Miles Smith Farm, 56 Whitehouse Road, Loudon. Enjoy a free lunch of grilled burgers to celebrate. For more information, visit www.milessmithfarm or call 603 783 5159.
Tags: Carole Soule, Miles Smith Farm, NH Community Loan Fund, REAP, Rick Minard, Rural Energy for America Program
Posted in NH Business Matters | Comments Off on Adding a Little Sunshine to Miles Smith Farm
Wednesday, January 12th, 2011
Congrats to our Seacoast Business Services Specialist Christine Davis who was recently asked to serve as a columnist for the Portsmouth Herald. Here’s her latest column that centers around the question of how to best secure business financing:
How to get business financing?
Starting with a bank you know is best choice
By Christine Davis
It wasn’t a big surprise to receive a number of questions related to financing your business. Businesses face multiple challenges every day, but one thing that seems to trump them all is money. How do I get it, how do I generate more and how can I hang onto more of it?
 NH Business Resource Center Seacoast Business Services Specialist Christine Davis Let’s start with how do I get financing for my business? The person who sent this question has owned his business for a number of years, had a small dip in revenue but has regained profitability over the past two years. His first call to a large bank was unsuccessful and he wanted to know what would be the best next step.
I spoke with Rob Barry, our in-house NH Division of Economic Development finance expert, to see what he recommends without knowing the particulars. In general, we recommend that you first reach out to the institution where you currently bank. Just like in everything else, it often boils down to relationships. If you have got one, go there first. If they are unable to meet your needs, make sure you understand why and then consider what changes your business needs to make to become more bankable. Most loan requests that are rejected are done so because of weak financials or because a company does not have a long enough history of being profitable. In some cases, they may not have an appetite for the type of financing you are seeking. If you have a relationship with a large bank, you may want to consider looking at some of your local community banks. While banks all share some common requirements (good credit, positive cash flow and collateral) some may be more aggressive in certain lending areas than others.
Another source of financing may be your local community economic development corporation. For the Seacoast area, there is the Rockingham Economic Development Corporation in Exeter, the Coastal Economic Development Corporation in Hampton and the Seacoast Economic Development Corporation in Dover. Each one covers a specific area so you will need to check and see which one covers your location. The REDC provides loans to businesses for a variety of needs and may be able to work with a business that does not qualify for a traditional bank loan. If you have a weak spot on your financials, such as a low credit score, but good cash flow and collateral, you might be a good candidate for a REDC loan. Since it is taking on more risk, the rates are typically a bit higher than a traditional bank.
Another alternative source of funding is the NH Community Loan Fund in Concord. It offers both debt and equity financing to business owners. Micro loans start at $1,000 and business growth loans can go as high as $500,000. The Loan Fund is more risk-tolerant and may ask to provide some educational guidance and input.
I also wanted to respond to a question I received about getting grants for business development. In a nutshell, there aren’t any. If you get a call with someone offering to help you find grants in exchange for a fee, run. It’s a scam. While there are some federal grants available for some very specific industries and research projects, they are highly competitive and few and far between. You won’t find grants to buy new equipment or open up a shop on Main Street. There are grants available for training through the N.H. Job Training Fund, www.nhjobtrainingfund.org, but they are for training projects only. I will talk more about that gem of a fund another day.
To learn more about these and other financial resources you can visit our Web site, www.nheconomy.com.
Whether you have been in business for 20 years or just getting started, we have the resources and the expertise to answer your questions. All information is confidential, and I promise not to print your name, age, height, weight or marital status without your approval. You can write to me at: Christine.Davis@dred.state.nh.us. I look forward to hearing from you.
Tags: Christine Davis, Coastal Economic Development Corporation, New Hampshire Division of Economic Development, NH Community Loan Fund, Portsmouth Herald, REDC, Rob Barry, Rockingham Economic Development Corporation, Seacoast Economic Development Corporation
Posted in NH Business Matters | Comments Off on Business Financing Made Simple
Thursday, August 26th, 2010
A whopping 500,000 of Facebook’s 500 million global users live in New Hampshire. Twitter recently crossed the 100 million user threshold and became the third largest search engine in the world, besting all but Google and YouTube. More than 80% of companies, recruiters, and human resource professionals report scanning online channels – including social networking sites – to research candidates, find prospects and weed out applicants.
 Epiphanies Inc.'s Allen Voivod holds court at last year's Social Media Business Summit. In an effort to bring this ever-growing impact and power of social media to more New Hampshire businesses, organizations and professionals, the New Hampshire Division of Economic Development, in partnership with social marketing and success strategies firm Epiphanies, Inc. and Public Service of New Hampshire (PSNH), will host the second annual “A-Ha!” NH Social Media Business Summit at PSNH, 780 North Commercial Street, Manchester, on Monday, September 27th. To ensure content is geared to the needs and skill levels of the attendees, the Summit will be split into two three-hour sessions for two different audiences, one in the morning and one in the afternoon.
“The shift in how we connect and communicate is changing the way business is done in New Hampshire and beyond,” says New Hampshire Division of Economic Development Communications & Legislative Director Steve Boucher. “If you want to be competitive and relevant to your target market, your community, and in your industry, you have to actively explore what’s happening – and what’s possible – in the social media realm. This Summit is the place to do exactly that.”
The Morning Session, from 9:00am to noon, is designed for social media beginners, small business owners, professionals in mission-driven organizations and passionate entrepreneurs. Presentations include “Social Marketing on a Shoestring Budget” and “Facebook on Fire: Tips, Tricks, and Shortcuts to Fuel Your Success on the World’s Hottest Social Network.” The last hour will feature the NH Entrepreneur Success Panel, featuring: Christy Cegelski, Drink Skinny, LLC; Stacey Lucas, Veggie Art Girl; Bill Rogers, Now or Never Media; and Steve Varnum, Communications and Marketing Director, NH Community Loan Fund.
The Afternoon Session is geared for people who are already running with one or more of the major social media platforms – including Facebook, YouTube, Twitter, and blogging. Ideal for social media enthusiasts, community leaders, marketing mavens, brand managers, bold entrepreneurs, and visionaries of mission-driven organizations, the afternoon’s presentations include “Facebook Marketing: Customization, Fan Building, and Advertising” and “Engaging the Social Senses: Listening, Monitoring, and Measuring.” Additionally, there will be a Cross-Industry NH Success Panel, featuring Erica Murphy, Director of Communications and Community Relations, The Common Man; Paul Boynton, Author of Begin With Yes and CEO of Moore Center Services; Steve Boucher, Communications and Legislative Director at the New Hampshire Division of Economic Development; and Abby Fitchner, Microsoft’s Developer Evangelist for Startups.
Summit Sessions will be presented and moderated by Lani and Allen Voivod, co-owners of Epiphanies, Inc., whom Boucher calls the Division’s “social marketing gurus,” and who’ve delivered workshops, webinars, slidecasts, and boot camps online and off, for Chambers of Commerce, trade associations, and business development events throughout the Granite State and for clients and entrepreneurs across the country.
“We received tremendously positive feedback from last year’s New Hampshire Social Media Business Summit,” PSNH Economic & Community Development Manager Pat McDermott said. “We’re proud to help bring these ideas and strategies to the business owners, entrepreneurs and community leaders who play such an important role in New Hampshire’s economic growth and vitality.”
“Our goal is to connect the dots, empower action, and incite attendees to thrive with these tools, channels, and platforms,” said Lani Voivod. “The opportunities are here waiting for them.”
“With social media as with business, belief is everything,” Allen Voivod added. “We aim to help people believe in their own bigger picture of possibility and success.”
As a special gift to New Hampshire’s business community from the Division of Economic Development and PSNH, admission to this event is free. However, there are only 100 seats available for each session, so early registration is strongly suggested. To register, go to www.AhaNH.com. For more information, call Epiphanies, Inc. at (603) 524-5248, or email events@EpiphaniesInc.com.
Tags: Allen Voivod, Begin With Yes, Bill Rogers, Christy Cegelski, Drink Skinny LLC, Epiphanies Inc., Erica Murphy, Facebook, Google, Lani Voivod, Microsoft, Moore Center Services, New Hampshire Division of Economic Development, NH Community Loan Fund, Now or Never Media, Pat McDermott, Paul Boynton, Public Service of New Hampshire, Stacey Lucas, Steve Varnum, The Common Man, Twitter, Veggie Art Girl, YouTube
Posted in NH Business Matters | Comments Off on 2nd Annual NH Social Media Business Summit Scheduled
Thursday, April 1st, 2010
A new revolving loan fund is making low-interest loans available to small businesses for energy-efficiency improvements and renewable-energy projects in their New Hampshire buildings.
Enterprise Energy Fund.
The Enterprise Energy Fund is a low-interest loan and grant program to help finance energy improvements in buildings owned or leased by businesses and nonprofits of all sizes. The
 Small businesses, microenterprises, nonprofits, child care providers, and owners of two- to four-unit apartment buildings are eligible to apply to the
The Enterprise Energy Fund is a low-interest loan and grant program to help finance energy improvements in buildings owned or leased by businesses and nonprofits of all sizes. The
NH Community Loan Fund will lend $1 million to small commercial businesses and nonprofits. The NH Community Development Finance Authority (CDFA) will lend $2.5 million for larger projects.
The $3.5-million fund was created by an award by the Office of Energy and Planning’s State Energy Program, from the American Recovery and Reinvestment Act.
The majority of the funds will be loaned to businesses and nonprofits to help them reduce their energy costs and consumption. The Community Loan Fund will administer the loans for projects under $100,000.
Loans to commercial businesses will range from $10,000 to $500,000, with terms from three to 10 years, and interest rates from 2.75% to 4%.
A small portion of the fund will pay for energy audits, provide down payments to businesses and to nonprofits that provide essential services and have been hardest hit by the recession, leverage significant private sector funds, and encourage investments in renewable energy.
All enterprises, regardless of size, are required to submit an
Initial Inquiry form on CDFA’s online grants management system. Preliminary applications submitted through April 30, 2010 will be the first group to be reviewed. Subsequent applications will be grouped and reviewed monthly thereafter until all funds are committed. Prior to accessing the Webgrants system, you will need a User ID and Password. If you have not yet registered to receive a User ID and Password, please register here. For more information, please see the Enterprise Energy Fund
Information workshops on the new fund are scheduled for April 20 in Concord, April 28 in Littleton and May 4 in Claremont. Please register in advance.
fact sheet and Q and A on the Community Loan Fund’s Web site.
Small businesses:
Rick Minard, Vice President for Policy and Program. Nonprofits and child care:
Julie McConnell, Director, Child Care and Community Facilities Lending.
Nonprofit housing:
Mike LaFontaine, Director, Community Housing.
Questions? Call your contact at the Community Loan Fund, (800) 432-4110.
Tags: Enterprise Energy Fund, Julie McConnell, Mike LaFontaine, NH Community Development Finance Authority, NH Community Loan Fund, NH Office of Energy and Planning, Rick Minard
Posted in NH Business Matters | Comments Off on Energy-Efficiency Loans Available for Businesses
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