One of the first CDFIs in the United States brings greater equity to New Hampshire’s economy
BOSTON, June 02, 2022–(BUSINESS WIRE)–Eastern Bank Foundation is pleased to announce the New Hampshire Community Loan Fund (the “Community Loan Fund”) as a 2022 Community Advocacy Award honoree for its pioneering efforts in providing loans, capital, training and technical assistance that assist businesses and people across New Hampshire with achieving economic stability. A Community Development Financial Institution (CDFI) founded 38 years ago, the Community Loan Fund helps New Hampshire residents gain access to affordable housing, secure jobs, and quality child care, and has reached 170 towns and every New Hampshire county. Impact reported by the Community Loan Fund includes more than $400 million in loans, and the creation or preservation of more than 10,800 affordable housing units and 3,900 jobs.
“For decades, the New Hampshire Community Loan Fund has laid the foundation for many people to thrive in New Hampshire by extending the reach of conventional lenders and public institutions and bringing people and institutions together to solve challenges,” said Nancy Huntington Stager, President and CEO of the Eastern Bank Foundation.
The Community Loan Fund has pioneered the role of a CDFI as a financing partner in the revitalization of economically distressed and underserved communities, and serves as a catalyst to enable traditionally underserved people to participate more fully in New Hampshire’s economy. Its work with small businesses focuses on providing loans, capital and technical assistance. It has invested millions of dollars and helped to secure millions more in loans to small businesses in sectors that include manufacturing, technology, retail and energy. It has also facilitated nearly 80,000 hours of technical assistance to small businesses.
Steve Saltzman, President and CEO of the New Hampshire Community Loan Fund said, “The New Hampshire Community Loan Fund aims to transform lives by bringing economic justice to people, neighborhoods and communities that have been historically disenfranchised.”
Zachery Palmer, Community Business Lender at the New Hampshire Community Loan Fund added, “Closing the wealth gap and solving disparities takes a multi-faceted, evolving approach. By creating new and innovative capital structures that help businesses in the community with the financial resources and tools to thrive, we are one step closer to an equitable economy.”
The celebration of Eastern’s Community Advocacy Award coincides with the Eastern Bank Foundation’s commitment to economic inclusion and mobility through its philanthropy, volunteerism and advocacy, including to advance equity in the small business ecosystem. Recognizing that entrepreneurs and business owners are building blocks for the local economy, the Foundation seeks to fund organizations that build ecosystems of support for business owners in historically disadvantaged communities, including Black, Latinx, Asian, women, LGBTQ+, Veterans and people with disabilities.
Read more about all of the 2022 Community Advocacy Award honorees at: https://www.easternbank.com/communityadvocacyawards
About Eastern Bank Foundation
Created in 1994, the Eastern Bank Foundation is the philanthropic arm of Boston-based Eastern Bank. Through philanthropy, employee volunteerism, advocacy and collaborations with other businesses and community partners, Eastern Bank Foundation responds to community needs and supports sustainable solutions to our communities’ most vexing challenges across eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. To learn more, visit easternbank.com/foundation.
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Eastern Bank Foundation