In a recent government meeting, officials highlighted the significant impact of small business development in rural New Hampshire and Vermont, where 70% and 90% of residents, respectively, live in communities with fewer than 5,000 people. The discussions underscored the importance of small businesses, which employ nearly half of New Hampshire's workforce, as a vital component of the local economy.

The meeting focused on the Rural Energy for America Program (REAP), a flagship initiative that has seen substantial enhancements under the Biden-Harris Administration's Inflation Reduction Act. The program now offers increased funding opportunities for renewable energy and energy efficiency projects, with grant matches rising from 25% to 50% of total project costs. This change has led to a surge in applications, with New Hampshire alone seeing requests for $21 million in energy improvements this year.

Over the past five years, the agency has invested approximately $1.3 billion in the two states, benefiting over 3,400 families and supporting 570 businesses. Notable success stories included a child care center that saved $6,000 annually through energy efficiency upgrades and a country store that secured an $838,000 grant for a solar array, projected to save over $130,000 annually.

Despite the positive outcomes, officials noted that demand for REAP funding has outpaced supply, with applications doubling from 2022 to 2023. The meeting concluded with a call for continued support and recognition of the transformative effects of the Inflation Reduction Act on rural communities and small businesses.