Job Retention Fund
We at CDFA understand that the current economic climate has greatly reduced the availability of business credit. Without adequate credit, businesses and their employees are at risk. CDFA has set aside up to $1.2 million to respond to this critical need for business financing. A primary objective of this program is job creation and retention.
The CDFA Job Retention Fund helps New Hampshire businesses without access to existing credit or equity resources. Loans are made to qualified economic development entities (EDEs), such as the ten Regional Development Corporations, to meet the immediate needs of area businesses. These EDEs then make loans or offer lines of credit to be used solely to assist businesses in keeping open and operating.
Money from the CDFA Job Retention Fund has been used to retain employment in a variety of sectors across the state. Financing made to Country Hearth & Home in Conway saved five full-time positions and created three new ones. A loan to Rescue Welding in Somersworth preserved five jobs. A line of credit to the Pease International Tradeport helped capitalize on money-saving rebates which retained 40 jobs and created eight new ones.
CDFA does not take direct applications from businesses looking to access money in the Job Retention Fund. Instead, interested organizations should contact their area EDE and inquire about the type of Job Retention Financing they offer (loan or LOC) and the availability of funds.
Representatives from area economic development entities with questions about the Job Retention Fund can contact Cassandra Bradley at 603-717-9114.
The CDFA Board of Directors will meet on Tuesday, December 12.
The Executive Committee will meet on Tuesday