Problems Solved

In 2015, CoösEDC received a $473,500 CDBG for Capone Iron Corporation North Woods to assist in the purchase of a $1.2m Plasma Cutter for its new operation in Berlin. CIC NW decided it needed a North Country presence, and with the assistance of NH DRED and the Berlin Industrial Park Authority, found a suitable location for their expansion.

 

CIC NW completed the first phase of building renovations late last year when it immediately began production and is expected to reach its hiring goal of 25 new employees within several months. Phase II of the project involved $9.2m in New Markets Tax Credits and will add an additional 13,000 sq. feet to the facility along with an additional 25 workers, and is expected  to be completed early this spring. 

Business Attraction

A joint effort by Plymouth State University and the Grafton Regional Development Corporation (GRDC), The Enterprise Center (EPC) at Plymouth is a 10,000 square foot, state-of-the-art, business incubator.

 

Enterprise Center of Plymouth received $86,452 from a CDBG from the CDFA, along with other economic development organizations that offer services and programs for microenterprises, for training and technical assistance programs. In FY16, ECP hosted 24 workshops, supporting more than 200 small businesses, had 12 incubator tenants, and 3 successful graduating businesses.

They support 41 FTE and 15 PTE between incubating businesses.

Incubator

Through the work of BEDC, a CDBG of $140,000 was awarded to Lakes Region Community College (LRCC)  in 2012, to assist with the purchase of new training equipment for their Nursing Program. The grant also aided in the expansion and renovation of LRCC Center for Arts & Technology building, including a new nursing lab.

 

A total of seven jobs were created from this grant, each providing excellent pay and benefits, and at least five of them will be made available for persons of low-to moderate-income.

Workforce Development

In 2010, the state of NH approached REDC to request assistance in a retention effort for Resonetics, a micro machine manufacturer of devices used in the healthcare industry.  Resonetics was in dire need of a new facility and was being courted by neighboring Massachusetts. At the time Resonetics employed 82 people, many of who were low-to-moderate income (LMI); they have excellent benefits and pay their manufacturing line workers between $15 – $21 per hour. REDC worked with the state, the city of Nashua, and their Lead Lender to put together a financing package, with the help from a $500,000 Community Development Block Grant (CDBG) loan, that allows them to renovate an existing vacant building. In eighteen months, they moved into the new facility and created an additional 25 jobs, of which more than 60% have been for LMI persons which are verified with Family Income Verification Forms. Many of these are minority populations and head of household persons.  

Business Retention