Merrimack County Savings Bank (the Merrimack) has purchased $10,000 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 will go toward the operating costs to help further CRDC’s mission of providing non-traditional financing for small business working capital, real estate acquisition and equipment needs.
“We’re so thankful for this generous contribution from Merrimack County Savings Bank,” said Stephen Heavener, CRDC Executive Director. “I would like to thank Liz Sweeney, CRDC’s Senior Lender, for her work with the Merrimack to secure this important investment. Contributions like this one will help us continue easing the burdens that COVID-19 has placed on small businesses. By providing financing and assistance to established and developing businesses, our organization facilitates the creation of jobs and the strengthening of communities.”
“On behalf of the Merrimack and our employees, we proudly continue our support of the CRDC,” said Linda Lorden, President of Merrimack County Savings Bank. “We applaud their mission to help NH businesses. It’s very rewarding to stand behind an organization that aims to revive and sustain our local economy like CRDC does.”
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.