Grafton Regional Development Corporation Offers Businesses Lending OpportunitiesJanuary 10, 2022 10:30 am
If you need to secure financing for a new or growing business, sometimes it can be hard to know where to begin. Lenders and banks have a range of loans and lending programs available, but how do you choose the one that’s right for your business?
Grafton Regional Development Corporation (GRDC) is a 501(c)3 non-profit organization dedicated to creating opportunities for entrepreneurs and businesses within New Hampshire and supporting economic development. One of many services they provide is business loans. These loans serve companies that are looking to expand, buy machinery and equipment, or simply need working capital.
They also offer support to business owners to help them understand their options for securing a business loan throughout the process. GRDC works with lending institutions and other economic development organizations to help business owners find the package that’s right for them.
Here are some of the loan programs available through the GRDC.
Sometimes a small amount is all that’s needed to jump-start a business and GRDC provides these microloans to give solo entrepreneurs, micro-enterprises and small businesses access to small amounts of capital. GRDC’s Microloan programs can provide business loans under $50,000, often to very small start-ups or existing businesses.
Revolving Loan Fund
Revolving loan funds have become a powerful tool in providing affordable loans to small businesses around the country. It is a financing tool that uses payments of interest and principal from loans to continually replenish the fund and offer loans to new lenders.
GRDC has a robust Revolving Loan Fund that supplies businesses and entrepreneurs with financing for many years. These funds can be used to relocate, open, or expand a business in Grafton County, and range from $50,000–$475,000.
The goal of the GRDC Revolving Loan Fund is to finance businesses looking to retain or create jobs within Grafton County, spurring long-term economic development.
White Mountain Gateway Revolving Loan Fund
This is the newest GRDC loan fund, in partnership with the White Mountain Gateway Economic Development Corporation, focused on small businesses in the Greater Plymouth Region (this includes Bristol!) This loan program offers flexible terms, personalized attention, and the support and commitment of the GRDC. Bristol business owners should reach out to GRDC at firstname.lastname@example.org to learn more about this Plymouth area fund.
GRDC’s Microloan Program is available to Grafton County businesses for a variety of purchases, including inventory and working capital, ranging from $5,000 to $50,0000.
Other Resources for Business
Grafton Regional Development Corporation is also pleased to offer to business owners and community members free or low-cost educational and skills-building workshops as well as networking events. These workshops are held virtually and also at their two business incubators: The Enterprise Center at Plymouth and Dartmouth Technology Center. I
For more information on GRDC, go to graftonrdc.org. And if you’re looking for information about starting a business in Bristol, our Land Use Department is here to answer your questions.