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EDA seeks partner to administer small‑business revolving loan; committee to review proposals and explore local accelerator partnership
Summary
Three proposals were received to administer the EDA’s revolving loan fund for small businesses. The Small Business Finance Committee will vet two lower‑cost proposals and explore a partnership with the Portsmouth Partnership accelerator to reduce administrative costs and provide business education.
The Portsmouth Economic Development Authority on Jan. 21 reviewed responses to a solicitation for a program administrator to manage a small‑business revolving loan fund. Staff reported three proposals were received and summarized the committee’s preliminary review.
According to staff, one proposal had administrative costs so high they would have consumed most of the loan pool; the committee placed that proposal at the lowest priority. Two other proposals had similar, lower administrative costs and remain under consideration. The committee plans to meet with those two proposers for clarification and to return to the board with a recommendation at a future meeting.
Staff said the Portsmouth Partnership is operating a business accelerator and that its executive director, Michelle Rand, has offered to provide educational components to prepare firms to apply for loans. Committee members and staff agreed to explore a formal collaboration with the Portsmouth Partnership to reduce program administrative costs and improve applicant readiness.
Proposals have been provided to the Small Business Finance Committee for review; staff will circulate them to the full board before any formal action. The committee aims to finalize a recommendation at the next EDA meeting.
