Jaffrey Airfield Silver Ranch is applying for a rural development loan to try to close the funding gap to repave the airfield.
Airfield Manager Harvey Sawyer met with the Jaffrey Select Board on Monday to discuss the possibility of receiving funds through the USDA Rural Development Loan Fund, a federal loan that is administered through the town, for the project.
A total of 80 percent of the $573,055 project is being paid for by a grant from the New Hampshire Bureau of Aeronautics. The remaining 20 percent – $114,611 – must be raised through other means.
The town has access to a total of $40,000 in rural development loans which it can issue at a time. The loans are repaid over a five-year period with a low interest rate, and as they are paid back, they can be re-issued to other entities. Sawyer requested the maximum amount, but currently, only $28,000 is available.
Sawyer said the airfield is a local draw as well as providing a venue for several community events such as the Festival of Fireworks, Jaffrey Jubilee, and the 2020 Conant graduation ceremony.
The board was amenable to Sawyer’s application, and approved the $28,000 loan.