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Mascoma Community Development to sponsor the NH Kiva microloan hub

Raymond, N.H.  – The Regional Economic Development Center of Southern New Hampshire (REDC) has announced that Mascoma Community Development has sponsored the NH Kiva microloan hub with a $90,000 grant that will assist in REDC’s ongoing technical assistance program for Kiva applicants. Kiva is an international non-profit that aims to expand financial access to underserved communities in the U.S. through zero-interest crowdfunded loans, and REDC became the official Kiva Hub for the state of New Hampshire in late 2021.

Mascoma Community Development (MCD) is a community development entity (CDE) – established in 2013, as a wholly-owned subsidiary of Mascoma Bank with the primary mission of community development using the New Markets Tax Credit (NMTC) Program. MCD takes great pride in supporting organizations and programs that strengthen the communities they serve. MCD commends the important work of REDC, and all CDFIs, and is pleased to support their efforts with this grant.
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Tad Atwell, Chief Operating Officer at Mascoma Community Development stated, “MCD sincerely appreciates REDC’s partnership in our CDFI grant program and is pleased to support REDC’s efforts to expand its Kiva microloan crowdfunding program, which provides crucial small business funding for an underserved population in New Hampshire.”

KIVA serves the financing needs of people in the U.S. by offering loans between $1,000 and $15,000 at 0% interest, with no fees, and extended grace periods for repayment. Kiva borrowers crowdfund their capital from individual lenders, some as small as $25, with Kiva collecting the money and putting 100% of the money lent back into the lender’s chosen community project. When the borrower repays the loan, that money goes back to the original lender, who can choose to reinvest the funds in another project or withdraw the money.

“REDC is very grateful for MCD’s support of the Kiva program,” said Laurel Adams, President of REDC. “We’ve already seen how Kiva is empowering New Hampshire entrepreneurs in the past year with community-driven lending. With the support of this grant, REDC can continue to help small businesses develop and grow with one-on-one business advising, which includes helping applicants through the loan application process, supporting them as they work with their social network to secure the initial loans, and continuing to provide business advising as they develop their business.”

New Hampshire small business owners can learn more about the program and begin the application process at www.redc.com/kiva, or reach out directly to REDC at 603-772-2655.

For more information about Kiva U.S., go to www.Kiva.org/lend-by-category/Kiva-u-s.


About REDC
REDC was established in 1994 as a non-profit economic development organization with a mission to serve new and growing businesses in southern New Hampshire. REDC seeks to promote responsible, sustainable economic development activities within New Hampshire by creating jobs for low-to-moderate income people, accessing alternative financing for businesses, and industrial expansion or relocations. These initiatives provide tax relief for our communities. REDC also provides start-up and ongoing business advising, which supports businesses as they grow.

For more information, please contact REDC at 603-772-2655 or visit www.redc.com.

About Mascoma Community Development
Mascoma Community Development (MCD) is a community development entity (CDE) – established in 2013, as a wholly-owned subsidiary of Mascoma Bank with the primary mission of community development utilizing the New Markets Tax Credit (NMTC) Program. The NMTC program allows MCD to direct capital to underserved communities through financing high-impact, mission-focused projects nationwide. MCD’s primary goals are to deploy tax credits into projects benefiting severely distressed, low-income communities and/or low-income persons.

For more information, please visit https://www.mascomabank.com/business-banking/mascoma-community-development/

The REDC prohibits discrimination on the basis of race, color, national
origin, sex, sexual orientation, religion, age, disability, marital, or family status.
The REDC is an equal opportunity employer.