Shaheen, Hassan, Pappas announce $600K investment to establish loan fund to serve small businesses in Lakes Region
U.S. Rep. Chris Pappas
U.S. Senator Jeanne Shaheen (D-NH), a senior member of the Senate Appropriations and Small Business & Entrepreneurship Committees, announced with U.S. Senator Maggie Hassan (D-NH) and Congressman Chris Pappas (NH-01) a $600,000 federal loan from the U.S. Department of Agriculture (USDA) to the Wentworth Economic Development Corporation (WEDCO) in Wolfeboro to establish a loan fund. The investment was awarded by USDA’s Intermediary Relending Program and will be used to provide critical financing to Lakes Region small businesses and entrepreneurs. The funds will help 16 rural businesses, retain 60 full-time jobs and create 30 new jobs.
“Granite State small businesses need access to capital to weather the economic impact of COVID-19, return to normal operations and continue to develop and grow,” said Senator Shaheen. “These new federal funds for WEDCO are an important investment that will support Lakes Region businesses, sustain and create jobs and strengthen our state’s recovery from this crisis. I’ll keep fighting for federal resources and work across the aisle to ensure assistance for Granite State businesses and workers are prioritized in additional COVID-19 relief legislation.”
“This new loan fund will help provide much-needed support for small businesses in the Lakes Region, boosting their economic recovery and helping provide more Granite Staters secure stable, good-paying jobs,” Senator Hassan said. “I will keep working across the aisle to help our small businesses get through this challenging time, including by pushing for an additional, comprehensive relief package that includes direct support for businesses and families.
“New Hampshire small businesses are the backbone of our economy and need continued support and capital during this pandemic. This federal funding for the Wentworth Economic Development Corporation is a crucial investment for small business across the Lakes Region and will help them sustain and create jobs as New Hampshire recovers from this economic crisis. I will continue to advocate for federal resources to support New Hampshire small businesses and workers in upcoming COVID-19 relief packages,” said Congressman Pappas.