Merrimack County Savings Bank (the Merrimack) has purchased $15,000 in tax credits through the New Hampshire Community Development Finance Authority (CDFA) in support of Making Matters NH. The Bank’s investment contributes to the organization’s plans of expanding equipment and lab space to better serve the Greater Concord community.
Making Matters NH operates 8,500 square feet of makerspace and shared workspace in Penacook, NH at the previously vacant Beede Electric Building. Making Matters currently has a woodshop, metal shop, prototyping and electronics lab, as well as a photography studio, fiber arts studio and shared workspace for innovators and entrepreneurs.
“We’re so thankful for this generous contribution from Merrimack County Savings Bank,” said Laura Miller, Founding Member and Board President of Making Matters NH. “Contributions like this one will allow us to significantly expand our equipment and lab space to offer the community better use of our resources to host classes and workshops, while supporting entrepreneur and business development.”
“We’re happy to support the wonderful efforts of Making Matters NH,” said Linda Lorden, President of the Merrimack. “Innovation and ingenuity are the hallmarks of a healthy economy that is adaptable to change. It’s exciting that Making Matters has found their home in our backyard. We look forward to seeing the Greater Concord community become a destination spot for innovation.”
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.
Making Matters NH encourages locals of all skill-levels and talent to create, share, learn and collaborate. Community-operated and volunteer-run, Making Matters NH is a 8,500-square foot makerspace located in Penacook, NH, that provides the tools necessary for innovative collaboration such as workspaces, equipment and knowledge to community members. The organization promotes the importance of a creative community, and its role in enhancing the vitality and quality of life in Greater Concord. For more information, visit makingmattersnh.org.