New Hampshire’s thriving business environment, supportive community, and entrepreneurial spirit make it an excellent place to start and grow a small business. Whether you’re a startup owner or looking to expand your operations, funding is a critical component of success. Fortunately, New Hampshire offers a variety of resources, including government programs, non-profit initiatives, and local lenders. Here are 20 ways to secure small business loans in New Hampshire:
Government Programs and Non-Profit Loans
1. New Hampshire Business Finance Authority (BFA)
The BFA provides loan programs and credit enhancements to small businesses, including the Capital Access Program and Direct Loan Program. These programs offer financing solutions that are designed to foster growth and economic development.
2. Small Business Administration (SBA) Loans
The SBA New Hampshire District Office offers SBA-backed loans, including 7(a), 504, and microloans. These loans are great for working capital, equipment purchases, and real estate investments. They offer favorable terms and repayment flexibility
3. Community Development Block Grant (CDBG) Program
New Hampshire Community Development Finance Authority administers this program, which provides funding to small businesses in low-income communities to promote economic development. It is a great resource for businesses that are dedicated to the revitalization of underserved areas.
4. New Hampshire Small Business Development Center (NHSBDC)
NHSBDC offers free consulting and connects entrepreneurs with lenders and financing options tailored to their needs. They also provide training and tools to make sure business owners succeed.
5. Live Free and Start
This initiative, sponsored by the NH Department of Business and Economic Affairs, connects startups with funding, mentorship, and networking opportunities. It is especially focused on supporting tech entrepreneurs.
6. USDA Rural Development Loans
USDA Rural Development New Hampshire supports and finances rural businesses using the loan guarantees under Business and Industry and other programs to advance the economies of these localities while supporting the local agricultural business.
7. New Hampshire Community Loan Fund
NHCLF provides flexible loans for small businesses, including a focus on underserved marketplaces. They are sources of financing for housing and child care and for more community-focused projects.
8. Northern Border Regional Commission (NBRC)
NBRC offers grants and investment to businesses in distressed economic areas of northern New Hampshire. This is for supporting infrastructural development, work force, and small enterprises.
9. New Hampshire Economic Development Fund
This is an interest-free loan and grant issued by the state to assist the growth of the economic system and create employment for citizens. Businesses can employ the funds to expand businesses or start new ones
10. Women’s Rural Entrepreneurial Network (WREN)
WREN offers loans, training, and resources specifically for women entrepreneurs in rural New Hampshire. Their programs empower women to start and sustain successful businesses.
Find the right loan product for your business.
Local Bank and Credit Union Loans
11. Service Credit Union
Service Credit Union offers business loans, including term loans and lines of credit, with competitive rates and tailored solutions. Their personalized services ensure businesses find the right financial products.
12. St. Mary’s Bank
St. Mary’s Bank offers small business loans along with SBA-backed opportunities and personalized service to area entrepreneurs. They are oriented toward helping businesses meet financial objectives.
13. Eastern Bank
Eastern Bank offers various financing opportunities for small businesses, like equipment loans and lines of credit. Their flexible term options are made to tailor to the unique needs of business owners.
14. Merrimack County Savings Bank
Merrimack Bank is specialized in a business loan, including mortgages and equipment financing, specific to local small businesses that are committed to community development.
15. New Hampshire Credit Unions
Credit unions throughout New Hampshire, like Granite State Credit Union, offer very flexible terms on small business loans and community-based banking. These institutions often work to support local businesses as well.
Alternative and Specialized Financing
16. Crowdfunding Platforms
Kickstarter and Indiegogo provide New Hampshire entrepreneurs with an opportunity to raise money directly from the crowd for innovative ideas. These are suitable crowdfunding platforms for new product launches or services.
17. Angel Investors and Venture Capital
Groups like the New Hampshire High Tech Council connect entrepreneurs with the venture capital funding and investors. This can provide access not only to financial capital but also to strategic input.
18. Renewable Energy Loans
The NH Office of Strategic Initiatives funds businesses investing in renewable energy and energy efficiency projects. These programs help businesses cut costs while contributing to sustainability.
19. New Hampshire Manufacturing Extension Partnership (NHMEP)
NHMEP offers financial assistance and consulting services to manufacturing businesses aiming to improve efficiency and competitiveness. Their resources are tailored to help manufacturers grow.
20. Local Economic Development Loans
Many cities and towns within New Hampshire, such as Manchester and Concord, provide small business loans and grants from their economic development offices. Contact your local office for more information and assistance tailored to your specific needs.
Conclusion
New Hampshire’s diversified funding schemes are also important for all the business startups and help entrepreneurs begin and expand a business. Government-backed loans to local credit unions and initiatives from non-profits will make available loads of money catering to Granite State’s small business enterprises
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