March, 20, 2010

The Pease Development Authority authorized a new agreement with The Provident Bank this week to handle the Commercial Fishermen's Revolving Loan Fund Program.In 1994, the PDA Division of Ports and Harbors worked with the Economic Development Administration to secure federal grant monies to assist the local commercial fishing industry. The RLF Program has approximately $1 million available for loans to qualified commercial fishermen and businesses that are directly or indirectly involved in the commercial fishing industry and whose economic base is in Rockingham or Strafford counties.

Since the RLF Program's inception, approximately $2.5 million has been loaned to more than 60 participants, creating or saving 183 jobs. Terms of the grant require a banking partner to provide a portion of the funding for each qualified loan in conjunction with loans issued using RLF grant monies."I am thrilled to be managing this new program for the bank," said Steve Scott, vice president of commercial lending for The Provident Bank's Portsmouth office. "Living and working in Portsmouth, I understand the importance and rich history of the fishing industry here."

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