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Community Development Block Grant Loan Program
The New Hampshire Community Development Finance Authority (NHCDFA) administers these federal dollars in partnership with local municipalities including counties. The BCEDC is available to assist communities in applying for these funds, which generally involves a loan to a business that is creating or retaining jobs that benefit low and moderate income people. In cooperation with a municipality, the BCEDC can apply for up to $500,000 annually, and manages the application for the borrower and the municipality.
Requirements:
- Requires sponsorship of a Belknap County municipality with the assistance of the BCEDC
- Requires Public Hearing on the proposed use of funds
The Borrower must:
- Create 1 job for every $20,000 of grant funds received within 2 years; 60% of the jobs created must benefit low and moderate income people (see scale)
- Have a $1 match (debt or equity) for every $1 of funds received through this program
Size of Loan: Up to $500,000
Interest Rate/Term: Negotiable based on current prime rate plus term of loan
Origination Fee: 1 % of Loan
Other Fees: Legal and closing costs
Instructions on Applying
1. Download application form (4 pages)
2. Personal Financial Statement (3 pages)
3. Complete, sign, enclose application fee and mail to the BCEDC at 2 Airport Road, Gilford, NH 03249
Downloads:
CDBG Application
Personal Financial Statement
CDBG Addendum
Other terms and restrictions may apply. For complete details, contact the BCEDC.
The BCEDC is an Equal Opportunities Lender.
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