Published: 08/13/2021 8:00:02 AM
Jaffrey Airfield Silver Ranch is applying for a rural development loan to try to fill the funding gap for the airfield renovation.
Airfield manager Harvey Sawyer met with Jaffrey Select’s board of directors Monday to discuss raising funds for the project through the USDA Rural Development Loan Fund, a federal loan that is administered across the city.
A total of 80 percent of the $ 573,055 project paid for by a grant from the New Hampshire Aeronautics Bureau. The remaining 20 percent – $ 114,611 – must be raised in other ways.
The city has access to rural development loans totaling $ 40,000, which it can disburse at a time. Loans are repaid over a five-year period at a low interest rate, and as they are repaid, they can be re-issued to other organizations. Sawyer requested a maximum amount, but currently only $ 28,000 is available.
Sawyer said the airfield is a local landmark as well as the venue for several public events such as the Fireworks Festival, Jaffrey Jubilee, and the 2020 Conant graduation ceremony.
The board approved Sawyer’s application and approved a $ 28,000 loan.