New Hampshire Creates $100M Fund to Spur Job Creation

An initiative aimed at creating 2,500 new jobs throughout New Hampshire will offer low-interest loans to companies who commit to creating new jobs or expanding their current employment base in the state.

Gov. John Lynch, along with Citizens Bank New Hampshire President and CEO Thomas Metzger, recently announced the Citizens Job Bank Program, a $100 million fund that will offer loans at 2 percent below prime for a fixed rate of 3.5 percent.

According to the governor's office, borrowers must create at least one full-time job for every $40,000 borrowed. The terms of the loan will require that the specified jobs be created within three years after the funds are borrowed. The New Hampshire Department of Resources and Economic Development will administer the program and certify that borrowers fulfill their job creation commitment.

Qualified borrowers may apply for a minimum loan size of $250,000 and a maximum of $10 million under the program.

"In addition to creating new jobs at existing local companies, it will allow us to attract out of state companies looking to expand or relocate to New Hampshire," according to Stuart Arnett, director of the New Hampshire Division of Economic Development.

Any public or privately owned business in a broad array of industry sectors, including manufacturing and industrial, will be eligible to apply for the loans. More information is available at: http://www.egov.nh.gov/jobbank/info/