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Nuttin Ordinary plans to add six jobs with community development loan

  • Rebeckah Bullock, the community development specialist for the Southwest Regional Planning Commission, Jack Dugan of Monadnock Community Development Corporation and Adam Hamilton and Josh Velasquez of Nuttin Ordinary attend a public hearing on Tuesday on whether Peterborough will apply for a community development loan to be granted to Nuttin Ordinary. Staff photo by Ashley Saari—

Monadnock Ledger-Transcript
Published: 4/12/2019 9:35:29 AM

Peterborough’s Nuttin Ordinary plans to use a $120,000 loan to purchase new equipment and add six full-time jobs.

The grant comes from the Community Development Finance Authority. The town of Peterborough applies for the grant, which is administered through the Monadnock Economic Development Corporation. Nuttin Ordinary pays back the loan, and the funds can be put back into the community via another economic development project.

Nuttin Ordinary produces a plant-based cheese product made from cashews. The business and its production is based out of its facilities on Vose Farm Road. It has four in-house employees, founder and CEO Josh Velasquez told the Select Board, during a public hearing on Tuesday.

In addition to the grant, the company also plans to invest about $120,000 of its own funds into the company’s expansion. The funds are to be used both to purchase new equipment and to fund wages for the additional workers, Hamilton said.

“Our goal from day one is to create quality jobs, not quantity,” Velasquez said. “We’re about a living wage.”

Hamilton said the jobs do not require specialized technical skill, although as the company grows and adds equipment, workers will have to adapt to the technology.

Adam Hamilton, Velasquez’s partner in the business, said the company has been growing continually, and their product is now available down the East Coast as far as Virginia. The company recently made an agreement with the grocery chain Wegman’s to sell their product, and are gearing up for even wider distribution as soon as 2020-21, he said.

“We need to expand production to keep up with demand,” Hamilton said.

Some residents questioned if there were any terms in the loan requiring the company stay in Peterborough, citing other quick-growing companies, which eventually moved out of the area. Jack Dugan, of the Monadnock Economic Development Corporation, which would administer the loan, said companies are asked about commitment to the community. In Nuttin Ordinary’s case, the company has a long-term lease on its facilities.

Ray Cote of Peterborough said whether or not the company eventually moved out of Peterborough years down the line, the jobs they create have a benefit to the community now.

“We’re focused on jobs next week, not four years from now,” he said. 

The loan is based off projected job growth. A company can borrow up to $20,000 per job they expect to create, up to $500,000. The terms of the loan require that the majority of the new jobs benefit people in low-income families. If Nuttin Ordinary fails to produce the additional six projected jobs, the loan will default and the company will be required to pay it back immediately.

The town of Peterborough can only apply for a total of $500,000 in community development block grants from the Finance Authority per year.

The Select Board unanimously approved applying for the grant during its meeting on Tuesday. 

Monadnock Ledger-Transcript

20 Grove St.
Peterborough, NH 03458


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