Accessing Rural Small Business Support in New Hampshire
GrantID: 21531
Grant Funding Amount Low: $50,000
Deadline: Ongoing
Grant Amount High: $100,000
Summary
Grant Overview
Supporting Rural Small Businesses in New Hampshire
New Hampshire’s rural areas face significant barriers to economic development, particularly for small businesses looking to expand or establish themselves. With over 80% of the state’s geography classified as rural, many entrepreneurs find it challenging to secure financing and market opportunities due to limited local resources and infrastructure. Recent reports indicate that rural small businesses in New Hampshire are 50% less likely to receive financing compared to their urban counterparts, exacerbating economic disparities within the state.
The entrepreneurs who experience these barriers range from new start-ups to established businesses struggling to adapt to modern market demands. Many operate within industries that traditionally lack access to large financial institutions and resources, resulting in reliance on local chambers of commerce for support. However, given the vast geographic spread, these chambers often lack the capacity to provide comprehensive assistance tailored to the unique needs of each business.
To counteract these specific challenges, the grant is aimed at supporting rural small businesses through technical assistance and mentoring programs. The funding will provide resources for capacity-building initiatives that help local entrepreneurs navigate financing options and market their products effectively. By collaborating closely with local chambers of commerce, the program intends to foster a regional economic development strategy that aligns with New Hampshire’s rural context.
The expected outcomes focus on strengthening the economic resilience of rural businesses, ultimately leading to job creation and community revitalization. In New Hampshire, where small businesses make up 99% of all firms, ensuring their success is critical for the overall economic health of these localities. The technical assistance provided through the grant will empower underserved populations to create sustainable business models that contribute positively to their communities.
Implementing this initiative in New Hampshire involves recognizing the distinct needs of rural businesses and ensuring that support mechanisms are accessible and relevant. By tailoring programs to the unique challenges of rural entrepreneurs, the initiative aims to create not only equitable opportunities but also a vibrant economic landscape that celebrates New Hampshire’s diverse small business environment.
Eligible Regions
Interests
Eligible Requirements
