Natural Entrepreneur: MicroCredit NH- A program of the NH Community Loan Fund

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Business Resource Corner

MicroCredit NH

A Program of the NH Community Loan Fund

-- by Elizabeth Ward, NH SBDC

Organization: MicroCredit NH, a program of the NH Community Loan Fund

Mission: The purpose of MicroCredit NH is to help New Hampshire’s smallest businesses grow by providing business training, loans, networking opportunities and other support.

Services: Loans up to $10,000, business training, and networking opportunities.

These business essentials are provided through a network of peer groups, each made up of 4 to 10 people who have diverse businesses.

Client Example: Wendy Walter’s pottery business took shape three years ago. “I was in the midst of a divorce and had a two-year old and four-year old to support; so it was time to make a living at what I loved. I hocked my wedding ring and bought a kiln and a wheel and I was in business,” said the Portsmouth woman whose parents owned a Bed & Breakfast as Wendy was growing up. She thinks that helped to give her an entrepreneurial mindset.

Wendy became a member of Empowered Entrepreneurs, a MicroCredit-NH peer group. She was able to borrow $3,000 to buy glazing equipment and help launch a new product line. Later she accessed $5,000 for materials to meet new export orders to Ireland. Through her repayment of these loans, Wendy was able to build credit and recently accessed traditional bank financing for her business.

Wendy offers this advice to those starting out: “Make sure it’s something you really love. Incorporate your values and be prepared to work.” There are more than 50 MicroCredit business groups in every county in New Hampshire, providing access to capital, business skills training, and networking opportunities statewide.

Impact & Results: From 1999 to 2003 MicroCredit-NH helped 889 self-employed and small business owners create or preserve nearly 1600 full-time jobs in the state.

A survey that MicroCredit-NH conducted also showed that members of business groups increased their family income by 22% or by an average of $5,489 over what they earned when they joined MicroCredit-NH groups two years earlier, and that average gross business sales jumped by 72% or an average of $9,750 for members involved in the statewide program for two years.

Contact Information: For more information about MicroCredit-NH, please call or (800) 769-3482 or email: geninfo@microcreditnh.org. Visit us online at www.microcreditnh.org for a complete listing of this month’s events.

This article is part of a series of profiles by Liz Ward of NH Small Business Development Centers (SBDC) for the Natural Entrepreneur of NH, we're calling the Business Resource Corner, which features non-profit and government programs that benefit small businesses.

Elizabeth Ward is Special Assistant to the State Director of the NH SBDC, and North Country Regional Manager. She can be reached at (603) 444-1053 or via email eaward@ncia.net

Upcoming Events

Feb 21 (8-9:30a): NH Forum on the Future, NHHTC, CR Sparks, Bedford, NH

March 1 (6:30-8:30p): Women's Business Center and MicroCredit-NH Networking Event, Bank of America, Portsmouth, NH

March 6 (10a-noon): Growth Capital Resources in New Hampshire, City of Nashua, Office of Economic Development, Daniel Webster College, Nashua, NH

March 8: (12pm -1pm) Break the Rules and Close More Sales, Amoskeag Business Incubator, Manchester, NH

March 16: Peak Pitch (pitch your plan to invstors on the chairlift), Mt. Sunapee, NH ($)

March 22: Breaking Trends in Web Develoment, UVCIA, Hanover, NH ($)

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