Q+A with Laurel Adams, REDC President, on the principles highlighted by the Community Navigator Program
Laurel Adams has been President of the Regional Economic Development Center for 13 years, specializing in helping new and growing small businesses access capital through various sources. REDC provides alternative financing to new, growing, and challenged small companies. While also providing no-cost business advising for entrepreneurs starting or growing a business in New Hampshire.
Adams spoke with us about The Community Navigator Program, now in its second year. The Community Navigator Program is an American Rescue Plan initiative designed to reduce barriers that underrepresented and underserved entrepreneurs often face in accessing the programs they need to recover, grow, or start their businesses.
Q: Who is eligible for the program in the communities you serve?
REDC focuses on the Southeast corner of the state, but the entire state of NH is covered by the Community Navigator Program.
Q: What are some hurdles that hopeful entrepreneurs may encounter when starting up a small business or micro-enterprise, and how does the Community Navigator Program help to address these issues?
The Community Navigator Program is really designed to help borrowers challenged by traditional requirements access technical assistance and loan funds earlier in their business cycle. We want to encourage entrepreneurs to seek funding and other opportunities at the first opportunity.
Q: Has the program called attention to any gaps in services that may have been overlooked before?
The Community Navigator Program is a pilot program, and I think we all learned a lot from the experience. It was a great response to the disparity highlighted by COVID and has certainly brought some disparity and gaps in services to light.
Q: How does the growth of small businesses in NH benefit the individual and the state?
NH is a state that really fosters start-ups and innovative businesses. Our success as a community is very much due to new companies starting, growing and creating jobs. Start-ups, which make up the vast majority of our businesses and tax base, are critical to NH’s success.
REDC was fortunate enough to fund several businesses that went through the Community Navigator Program. We will continue to encourage our newest companies and partners to start and grow while fostering the principles highlighted by the program.
Q: What are your plans for the future?
REDC will strive to make financing more accessible for all businesses that face challenges with financing, such as those owned by women, minorities and lower-income individuals, to grow and thrive.
The Community Navigator Program is a statewide initiative to help coordinate efforts to reach out to small businesses that are owned or being started by historically vulnerable community members, specifically Black, Indigenous, and People of Color; immigrants and refugees; veterans; women; disabled, formerly incarcerated; and LGBTQ and gender non-conforming people. Through the Community Navigator Program, CFDA engages with resource partners and other organizations to support targeted outreach for small businesses in underserved communities - building a new network and connections.
The support to these communities is made possible through a network of established microenterprise technical assistance providers, New Hampshire's Small Business Administration office, statewide training and language-access partners, and on-the-ground community partners. Funding for the program is provided by the U.S. Small Business Administration.
If you want to know more about CDFA’s Community Navigator Program, get involved or request support for your business, visit https://www.nhcommunitynavigator.org/.