ach Regional Development Corporation (RDC) in New Hampshire offers a variety of services to meet the needs of its constituent communities and businesses. All have revolving loan funds that support a wide array of economic development projects in their service areas.

For several years, the CDFA Board of Directors and the CDBG Advisory Committee have provided capacity building funds to the 10 RDCs. Annually, a total of $200,000 in Tax Credit Program and $200,000 in CDBG Economic Development Capacity funding have been earmarked towards this initiative.

The revolving loan funds were principally created by repayments of CDBG Economic Development grants from the for-profit businesses served. New Hampshire’s RDCs are the regional leaders in developing economic capital, supporting business development and redevelopment, and creating/retaining jobs that are critical to the economic health of the state.

Mount Washington Valley Economic Council of Conway was one of 10 RDCs to receive some of these funds. They recently constructed and equipped the Mount Washington Valley Technology Village, a resource center and business incubator. Jac Cuddy, the organization’s Executive Director, is a strong believer in the importance of capacity funds. “For us to be able to sustain ourselves as an organization--to be able to build this project--it was really necessary for us to be able to have money for our operations so that we could employ an executive director and administrative staff people...If we didn’t have the organization firmly secured through its funding sources, then there wouldn’t have been anybody around to make sure this project was developed.”

Rather than spend time raising funds for the project, the money from the Tax Credit Program and CDBG allows these organizations to directly support and sustain local economies.

Project Facts:

Total funds annually allocated to RDCs	$400,000
Number of RDCs statewide	10
Average grant	$40,000
CDFA Funding Source – Tax Credit & CDBG Economic Development Programs