Shaheen secures $1M grant for business loan program during pandemic
By Jeff McMenemy
May 27, 2020
U.S. Sen. Jeanne Shaheen has secured a $1 million grant to help a Rockingham County agency establish a revolving loan program for businesses during the COVID-19 pandemic.
Shaheen secured the $1 million grant from the U.S. Economic Development Agency (EDA), her office said Tuesday. The grant will help the Rockingham Economic Development Corporation (REDC) establish the revolving loan fund.
“These new federal funds for REDC are an important investment that will help support Rockingham County businesses, sustain jobs and bolster our state’s economic recovery from this crisis,” said Shaheen, the lead Democrat of the Commerce, Justice, Science and Related Agencies Appropriations subcommittee.
The EDA grant will be matched with $250,000 in local funds and is expected to sustain or create nearly 300 jobs and generate $15 million in private investment, Shaheen’s office said.
Shaheen led the effort to prevent the EDA from being eliminated during the federal budget process last year.
An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities to create jobs for U.S. workers, promote American innovation and accelerate long-term sustainable economic growth.