Loan Ensures Continued Community Impact and Employee Stability
Concord, NH — The New Hampshire Business Finance Authority (BFA) has announced its approval of a $1 million loan to the New Hampshire Union Leader, the state’s largest newspaper, aimed at strengthening the publication’s long-term financial position and supporting its continued role in delivering impactful news to Granite Staters.
The BFA’s board unanimously, while noting the recusal of Vice Chair Stephen Duprey, approved the loan at its November 18 meeting. This financing will provide critical support to the Union Leader, ensuring the paper can maintain its commitment to delivering quality journalism on stories of consequence throughout the state.
“This transaction reflects the BFA’s dedication to supporting New Hampshire’s business landscape and our statewide community,” stated James Key-Wallace, Executive Director of the New Hampshire Business Finance Authority. “We’re excited to play a role in helping the Union Leader build a stable foundation for the future, which will not only benefit the publication but also ensure its employees can fully benefit from their hard-earned pensions.”
The requirements of the five-year loan include significant equity and collateral contributions from private investors, with an additional $1 million in equity investment and $750,000 in cash collateral provided to secure the BFA’s financing. This support will help bolster the Union Leader’s financial standing, positioning the newspaper for sustainable success.
The BFA’s financing requires that rank and file employees continue to receive 100% of their pensions, providing essential security to the Union Leader’s workforce. Meanwhile, the executive pension plan participants have agreed to a 65% reduction, reflecting a commitment to prioritizing employee welfare.
“Ensuring the financial stability of our employees, who are essential to the Union Leader’s success, is at the heart of this transaction,” stated Brendan J. McQuaid, Publisher, New Hampshire Union Leader. “By securing full pension benefits for staff and implementing strategic financial changes, the Union Leader is positioned to continue providing independent, local journalism to New Hampshire long into the future.”
This support from the BFA highlights the organization’s mission to foster business growth and job stability within New Hampshire, with the Union Leader’s strengthened position ultimately contributing to more consistent, reliable reporting for readers across the state.
About the NHBFA
The Business Finance Authority (BFA) is a self-funding organization that fosters economic development and creates employment in New Hampshire. The BFA accomplishes these objectives by working with New Hampshire’s banking, business, and economic development sectors to develop and implement programs which expand the availability of credit in the state. Our customers include manufacturers, small and medium-sized businesses, health providers, and non-profit educational and cultural organizations.
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