Merrimack County Savings Bank (the Merrimack) recently purchased $15,000 in tax credits through the New Hampshire Community Development Finance Authority (CDFA) in support of the Capital Regional Development Council (CRDC). The Bank’s investment goes toward the CRDC-managed Brownfields Revolving Loan Fund.
CRDC manages the US Environmental Protection Agency-funded Brownfields Revolving Loan Fund (RLF). The RLF provides loans to businesses, non-profits and municipalities located throughout NH to support clean-up activities of environmentally damaged sites that are suitable for redevelopment. Although the program requires a minimum 20-percent match and strict eligibility standards, it is a very useful tool to assist with the remediation of environmentally impacted areas that can be redeveloped. For more information about Brownfield Loans, visit http://www.crdc-nh.com/brownfields_loans_grants.html.
“We’re so thankful for this generous contribution from Merrimack County Savings Bank,” said Stephen Heavener, CRDC Executive Director. “Contributions like this one make it possible for us to continue our valuable work. By providing financing and assistance to established and developing businesses state-wide, the CRDC contributes to the creation of jobs and the growth of our local economy.”
“On behalf of the Merrimack and our employees, we are proud to support the CRDC,” said Linda Lorden, President of Merrimack County Savings Bank. “We applaud and stand behind their mission to help NH businesses succeed. It’s very rewarding to support an organization that aims for success with both the environment and the economy.”
CDFA tax credits allow businesses to fund qualifying economic or community development projects in exchange for a tax credit that can be applied against state business tax payments. The tax credits are administered by the New Hampshire Community Development Finance Authority (CDFA). Any business with operations in NH that contributes to a CDFA tax credit project receives a NH state tax credit worth 75% of their contribution. The credit can be used over a period of five years to reduce the business’ state tax liability (business profits, business enterprise or insurance premium taxes). The tax credit program allows NH businesses to use their state tax dollars to support local projects that they care about. CDFA reviews many project applications each year and awards tax credits to those they determine are feasible and will make the biggest impact on economic development in the state. For more information, visit nhcdfa.org.
CRDC is the regional development corporation that provides a variety of economic development services to businesses and local governments throughout New Hampshire. CRDC is certified to provide SBA 504 loans within the state and manages several small business gap financing funds in Merrimack, Sullivan and Hillsborough Counties. CRDC is a mission-driven non-profit focused on providing tools that result in private sector job creation and local property tax base enhancement. In addition to small business lending, CRDC also offers real estate development, economic development consulting programs and new market tax credits. For more information, visit crdc-nh.com.