Small businesses are critical to our state's economy, employing the majority of our residents.
We must make sure we are giving them the tools they need to succeed. Until this change, the New Hampshire Business Finance Authority could only guarantee loans with five-year terms or less. The U.S. Small Business Administration 504 Loan Program typically requires loan terms of 10 years. The legislation, House Bill 204, brings New Hampshire's statutes into harmony with the SBA's requirements, allowing the Business Finance Authority to guarantee loans for up to 10 years, with the possibility of two consecutive five-year extensions possible to meet Small Business Administration requirements. The passage of this legislation will allow preservation and renovation to go forward at the historic Mountain View Hotel in Whitefield, as well as other businesses.