Wentworth Economic Development Corporation

"WEDCO helped us with an interesting problem. We needed a new warehouse and wanted to put it on the same lot as our existing retail store. Zoning was good and money was not the problem, but financing was going to be tricky. The existing retail store had a bank loan underwritten by the SBA. It could not be paid off early without steep penalties. No commercial bank was going to loan the money and be in a third position. WEDCO was willing to step up and fund the project out of their revolving loan fund and hold a third position mortgage. The process was fast and relatively inexpensive.

We now have the warehouse space and increased retail space to continue to grow our business thanks to WEDCO!"

Jim & Diane Tully
Woodman Associates Inc,
Woodman’s Forge & Fireplace

BUSINESS FINANCING

The primary purpose of our business financing is to retain and/or create employment opportunities for area residents. We can provide financial assistance to eligible businesses in and around Carroll and Strafford County. It is designed to assist existing and new businesses with limited financing, so actual or threatened job loss can be avoided, or new employment opportunities can be created. Retention and/or expansion of the regional employment base, leveraging of additional financial resources and demonstration of the borrower's financial ability to repay the loan term are the primary criteria.

To apply for business financing please complete our Loan Application and submit it to WEDCO. Please include the items listed on page 3 of the Loan Application.

If technical assistance is needed, please go to our Resources section for links to various organizations and agencies which provide business assistance, such as SCORE, SBDC, etc.

If data and other information are needed, please go to the Resources section links to Regional Planning Commissions, State Agencies, Chambers, etc.

For local Workshops, Seminars, etc. please refer to our Home Page.

WEDCO Managed Funds

Revolving Loan Fund (RLF): The RLF guidelines allow for expansion and/or relocation loans for businesses that are creating or retaining jobs in the region. Loans are available for business or real estate acquisition, machinery and equipment, renovation/construction, working capital and project GAP financing. Other uses may qualify on an individual basis.

Intermediary Lending Program (IRP): A United States Department of Agriculture Rural Development (USDA-RD) initiative. The primary goal of WEDCO’s IRP is to preserve and create employment opportunities in the region. IRP funds may be used for a business acquisition, real estate acquisition, machinery and equipment, inventory, and working capital. In some instances it may be used for construction and/or renovation. In specific cases, IRP financing can also be used for value-added agriculture or refinance.

Other Financing Options

Community Development Block Grant (CDBG) for Economic Development: These Housing and Urban Development funds are available through the New Hampshire Community Development Finance Authority (NHCDFA). They administer these funds in partnership with local municipalities, including counties. WEDCO can assist your business in applying for these economic development funds. If approved, these grants are made to the municipality and WEDCO to lend to the business that is creating and/or retaining jobs. Maximum funding is up to $500,000.

NH Business Finance Authority (BFA) Indirect Loan Program: BFA provides WEDCO with additional resources to develop and expand the local economy. When a business applies for a loan which exceeds WEDCO's capacity, we may apply for additional funding from the BFA who works hand-in-hand with local development organizations to foster local economic growth.

Business Enterprise Development Corporation (BEDCO), Northern Community Investment Corporation (NCIC) and other economic development organizations are important WEDCO partners when additional sources of financing are needed.

Guarantees may also be available through various State & Federal Agencies.

If you have any questions or need additional information please email: loans@wedco-nh.org

EQUAL CREDIT OPPORTUNITY NOTICE The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, martial status, age (provided that the applicant has the capacity to enter into a binding contract); and because all or parts of the applicant's income is derived from any public assistance program; or because the applicant has in good faith, exercised any rights under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this credit is the Federal Trade Commission. If a person believes he or she was denied assistance in violation of this law, they should contact the Federal Trade Commission, Washington, DC 20580.