$1.5 Million in Loan Money Flows Into NH – Not a Bank Bailout
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February 11, 2009
Concord, NH – New Hampshire is getting 1.5 million dollars. It's not a federal stimulus payment, and it's not a bank bailout. It's private money being invested in the Granite State through the New Hampshire Community Loan Fund, where it will be lent to small businesses and nonprofits, people refinancing manufactured homes, and co-ops buying manufactured home parks.
New Hampshire Community Loan Fund president Juliana Eades says it's a solid investment that pays steadily even during tough economic times.
"I run into someone on the street and they'll laugh, and they'll say, 'Gee, you’re our best investment right now.' They're getting a higher rate of return than they could get in many places, and still they're getting the community impact."
Eades says that even when the economy is on the upswing, loan money is rarely readily available for those on the lower end of the income scale – and that's where the Community Loan Fund comes in.
"Capital doesn't flow easily, and that has a disadvantage for low-income people. And so, we're trying to get capital to flow more easily so that low-income people can participate in the economy."
Money will also go towards making child care centers more energy efficient. Eades says the new influx of money comes from Pax World Mutual Funds – which focuses on steady return rates and investing in projects that benefit communities.
The Calvert Foundation is playing a role in getting the Pax Mutual World Mutual Funds money to New Hampshire.