The Portsmouth Economic Development Loan Program (PEDLP) provides Portsmouth, New Hampshire -based small businesses with long-term financing typically at 75% of the prime rate.
PEDLP staff works closely with local banks and other financing packages, blending PEDLP funds with private financing and/or other federal loan programs to create an incentive for qualified businesses to relocate to or expand in Portsmouth.
Designed to stimulate the growth and development of Portsmouth businesses, expand the tax base, create jobs for residents, and improve the use of vacant and under-utilized space -particularly in the Central Business District – the program targets for-profit corporations, partnerships, and proprietorships located in or relocating to Portsmouth.
Businesses must have a net worth of less than $6 million and after-tax profits of less than $2 million.
Loan funds may be used for land and building acquisition, machinery and equipment purchase, and other projects on a case-by-case basis.
The term of the loan is based on the estimated economic life of the assets financed: machinery and equipment up to 15 years; land and buildings up to 25 years.
City of Portsmouth
Address: One Junkins Avenue
State: New Hampshire