Daniel Fitzpatrick, City Manager
31 Wakefield Street
Rochester, NH 03867
FOR IMMEDIATE RELEASE
Thursday, March 2, 2017
Contact: John Guilfoil
Rochester JOB Loan Program Boosts Local Businesses
ROCHESTER, N.H. — City Manager Dan Fitzpatrick is pleased to announce that the City of Rochester’s Department of Economic and Community Development has, through its Job Opportunity Benefit (JOB) Loan Program, offered assistance to multiple local businesses in an effort to create better, more fruitful jobs for Rochester residents.
The JOB Loan Program has already offered $30,000 to Seacoast Gymnastics and recently presented Trigger Devils, a video game startup, with a $50,000 loan.
Helping businesses in the City of Rochester, the JOB loan program was designed to provide financial assistance and increase job opportunities through the creation and/or retention of jobs. The JOB program mandates that at least 51 percent of jobs created through the program must be filled by moderate to low income persons. Businesses using the loan to retain jobs must prove that the jobs would be lost otherwise.
Sharon Bove, owner of Seacoast Gymnastics in Rochester, applied for the program in 2015 and used the opportunity to move her business across town. Since making the move to Milton Road, Bove’s business has taken on new life, allowing her to hire new staff and expand her client base.
“The JOB Loan Program allowed me to take my business to a different part of town, which has resulted in immense growth,” Bove said. “We offer quality, top-notch instruction that is now more accessible to a larger client base.”
Since securing the loan and moving Seacoast Gymnastics, Bove has doubled her staff (from six to 12) and is currently in the process of hiring two more.
On Friday, Feb. 24, JOB Loan Program Director Jennifer Marsh and Karen Pollard, Department Head of Economic and Community Development, presented a check to T Antonio, owner of Trigger Devils, a startup gaming company headquartered in Rochester. Antonio plans to use the funds to flesh out the company’s professional retail packaging and supplement the marketing budget.
Any business that wishes to apply for the loan must have annual sales below $3 million. For-profit corporations, partnerships and proprietorships are eligible to apply. Nonprofit organizations, lending institutions, gambling institutions and businesses not located within Rochester or the surrounding areas are not eligible for the program.
Businesses approved for a loan can use funds for a variety of projects, including acquisition of land and buildings, expansion, and the purchase of machinery and equipment. All projects involving construction are subject to environmental review and must be in accordance with federal wage laws.
A contract to determine a repayment schedule for the entire loan, including principal and interest, will be created between the applicant and the Department of Economic and Community Development.
“I am thrilled that the JOB Loan Program is helping local businesses succeed,” Marsh said. “We encourage any local business owner or entrepreneur who is in need of assistance to contact us about obtaining an application.”