Linda Lorden, President of The Merrimack with Laurel Adams, President of REDC
The Regional Economic Development Center of Southern NH (REDC) receives funding to boost capital for the NH New Americans Loan Fund with support from Merrimack County Savings Bank (The Merrimack). The $50,000 in tax credits purchased through the Community Development Finance Authority (CDFA) will provide financial capital for New Hampshire’s recent immigrants to open or grow their businesses.
“Coming to America and opening your own business is very much a part of who we are as a nation,” said Laurel Adams, President of REDC. “Thanks to The Merrimack’s generous pledge, we will be able to increase access to capital, making it possible for the next generation of new Americans to become successful, small business owners.”
“As a mutual bank, The Merrimack was established to serve our community, making it a better place to live and work,” said Linda Lorden, President of The Merrimack. “By supporting the great programs that REDC offers, we’re ensuring the success of our neighbors and the economic development to drive our local communities.”
The Regional Economic Development Center (REDC) is a private, non-profit organization that helps entrepreneurs in New Hampshire start or grow their small business. The REDC offers technical assistance, financing through various funding sources, and business development training. Since its launch, the NH New Americans Loan Fund has closed more than 37 loans totaling more than $1.48 million, resulting in the creation and retention of dozens of jobs.
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 CDFA. Any business with operations in New Hampshire that contributes to a CDFA tax credit project receives a New Hampshire state tax credit worth 75 percent 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 New Hampshire 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. Visit nhcdfa.org for more information.