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Sens. Hassan, Shaheen call for more funding

By AP | May 18, 2020

U.S. Sen. Maggie Hassan

WASHINGTON – U.S. Send. Maggie Hassan (D-NH) and Jeanne Shaheen (D-NH) sent a bipartisan letter to Senate Majority Leader Mitch McConnell (R-KY) and Democratic Leader Chuck Schumer (D-NY) calling for $1 billion for the Community Development Financial Institutions (CDFIs) Fund as part of the next COVID-19 funding package.

CDFIs magnify the impact of the funds they receive through innovative partnerships with the private sector, making resources available to businesses that most need additional support in under-served communities. The Senators wrote that additional funding for this program would help keep small businesses afloat during the pandemic, and help them rebound once the economy reopens.

“CDFIs not only have a proven track record of making the most of federal resources, but they also have an existing infrastructure in place to deploy much-needed financing quickly to small businesses throughout the country,” the Senators wrote. “While it is important to continue the newly established Paycheck Protection Program, we should also take greater advantage of these pre-existing CDFI channels so that more of our small businesses receive the necessary resources to save jobs and get their companies through to the other side of the pandemic.

New Hampshire currently has four CDFIs: NH Community Loan Fund, Resident Ownership Capital LLC, Rockingham Economic Development Corporation, and Strafford Economic Development Corporation.

Senators Hassan and Shaheen have been working to help small businesses and non-profits stay afloat during the COVID-19 pandemic. The Senators supported bipartisan legislation that Congress recently passed and the President signed into law to expand the Paycheck Protection Program by $310 billion. Additionally, the New Hampshire Congressional Delegation previously urged the Small Business Administration and U.S. Treasury Department to provide better guidance to lending institutions regarding the Paycheck Protection Program.