One of only 20 nationwide, the Intermediary Lending Pilot program made its first loan last week; a $200,000 SBA loan to full-service industrial design firm Helix Design. The New Hampshire program, administered by the Capital Regional Development Council, enables direct lending in cities with a population of 25,000 or greater.
The CRDC was recently awarded $1 million from the SBA, paid for by stimulus funds, for the pilot program, and plans to lend some $500,000 in 2013. Small businesses can use the loans for working capital, real estate or the acquisition of materials, supplies or equipment. The rise of alternative lenders is not limited to online platforms or local credit unions; state lending programs like this one are helping thousands of small businesses.