CRDC announced its financial results for fiscal year ending September 30, 2011. The report is highlighted by solid loan growth despite a down economy, increase in creation and/or retention of jobs and an increase in approved SBA 504 lending giving CRDC the number two ranking in licensed New Hampshire SBA Community Development Companies – a jump from fourth in 2010.
“In addition to providing direct lending, CRDC works closely with New Hampshire banks to provide gap funding which often times comes in the form of SBA 504 lending,” says Stephen Heavener, CRDC Executive Director. “Despite a challenging economic time, we had a successful year with $4,489,305 in closed loans. This does not account for the pending closings dated after September 30th. I attribute the success to the diligent work of our loan officers; Elizabeth Sweeney and Jennifer Boulanger, our established relationships within the banking industry combined with CRDC’s strong reputation that our loan products are very competitive and necessary for banks to draw upon to enable growing companies to borrow.”
“New Hampshire has many innovative business owners that are seeking to grow their business but need some financial assistance,” said Elizabeth Sweeney, CRDC Senior Loan Officer. “My biggest joy is to work with these owners, and match their needs with our direct lending products or to be there to provide gap funding solutions in conjunction with their bank.”
The report released at CRDC’s Annual Meeting of Board Directors, and invited guests on November 9, highlights CRDC’s work in the creation and/or retention of New Hampshire jobs. In 2011, 130 jobs were the direct result of CRDC’s loan development, that’s an 11% increase from the previous year.
“As a mission-driven non-profit we are focused on offering financing programs that result in private sector job retention and creation,” said Jennifer Boulanger CRDC Loan Officer. “The majority of these jobs were in the hospitality and information technology industries further proving CRDC’s value to New Hampshire’s economy.”
Click here to download the 2011 Annual Report http://www.crdc-nh.com/default/resources.html