(Concord and Berlin, N.H.) – The New Hampshire Community Development Finance Authority (CDFA) announced today it has awarded $500,000 in Community Development Block Grant (CDBG) funds to the City of Berlin to support the development of a local business and bring new jobs to the area. The distribution of funds was approved by Governor Hassan and the Executive Council on April 6.
The City of Berlin requested the funds on behalf of the Coös Economic Development Corporation (CEDC) to ultimately provide a loan to Capone Iron Corporation North Woods, Inc. The loan will assist Capone Iron in purchasing the necessary machinery and equipment to run a state-of-the-art steel fabrication operation. Additionally, as a result of the investment, Capone Iron will create 25 new, full-time jobs. A minimum of 60 percent of those positions will be available to individuals from low- to moderate-income households.
“Enabling partner organizations like Coös Economic Development Corporation to foster economic growth throughout the Granite State is key to our economic development mission,” stated Taylor Caswell, Executive Director, CDFA. “Capone Iron will put many of our talented steelworkers back to work in new, good paying, permanent jobs, and contribute to the steady economic reconstruction of the legendary communities of the North Country.”
The Community Development Block Grant program is a federal initiative which provides financial assistance to municipalities for projects that benefit low-to-moderate income residents. Administered in New Hampshire by CDFA, awards are provided for affordable housing, public services, job creation and workforce training initiatives, as well as planning and emergency relief.
To learn more about CDFA, its impact on New Hampshire communities, and available funding resources, visit www.nhcdfa.org.
CDFA is a statewide nonprofit public authority focused on maximizing the value and impact of community and economic development programs in New Hampshire through its own programs and those of its partners through the scaling and leveraging of its own financial and technical resources. CDFA’s assets under management exceed $25 million annually. Those resources include competitive deployment of grants, direct debt, and equity; highlighted by state tax credits, federal Community Development Block Grant resources, Neighborhood Stabilization, and multiple clean energy and efficiency finance products via the CDFA Clean Energy Fund. For more information about CDFA and its programs visit www.nhcdfa.org or call 603-226-2170.