By Mark Chamberlain
Eagle Times Correspondent
CLAREMONT, NH — The New Hampshire Business Finance Authority is honoring the Lending division of Claremont Savings Bank with its “Loan Participation of the Year” award.
The award specifically referenced the bank’s collaboration with the Authority to provide financing to MontShire Packing, a meat-processing facility in North Haverhill, dedicated to providing locally sourced meats. MontShire also has a retail outlet at its location selling beef and pork grown on farms in Vermont and New Hampshire.
MontShire Packing was formed in 2022, when owner Mark Boyden purchased and renamed an existing meat processing facility to process the beef produced on his Cambridge, VT, farm. Previously, he had relied on other meat processors but found that, as his business grew, he needed a dedicated facility. It was one of Boyden’s competitors who introduced him to Jim Lynch at CSB.
In an interview, Boyden told the Eagle Times, “As soon as I met Jim Lynch and began discussing our needs, I knew I was in the right hands. It was clear from the get-go that CSB understands the needs of agricultural business owners and that they would be able to execute on my vision for a more integrated company.”
The Finance Authority offers a number of financing programs and assists small business owners across the state.
Under the Loan Participations program MontShire applied for, the Business Finance Authority loans capital to the borrower and that loan is subordinate to any bank loans, meaning repayment of the bank loan comes before repayment of the Authority’s loan. This structure succeeded in reducing Claremont Savings Bank’s risk in this transaction and permitted the bank to offer more competitive terms to MontShire.
Lynch said, “Over the past few decades, consumers have changed their purchasing habits, looking for more locally produced foods. As a result, many new agricultural businesses have opened in the Upper Valley and existing ones have expanded. We at CSB are so pleased to have become the bank of choice for so many of these businesses which provide truly essential products to New Hampshire and Vermont residents.”
Authority Executive Director James Key-Wallace said, “BFA’s goal is to empower New Hampshire businesses to be the best that they can be. Small businesses across the state employ thousands of New Hampshire residents and are vital to the economic prosperity of our cities and towns. Working with the Claremont Savings Bank gave us an opportunity to ensure that MontShire Packing remains an important employer in North Haverhill and a much-loved provider of high-quality meats.”
Lynch and his team are thrilled to have won this award and look forward to continuing their work with businesses in the Upper Valley and in the extended Connecticut River Valley.
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