Merrimack County Savings Bank (The Merrimack) is helping the New Hampshire Community Loan Fund provide low-cost, flexible capital to minority-owned businesses with the purchase of $50,000 in tax credits purchased through the Community Development Finance Authority (CDFA). Launched in January 2022, the Minority Owned Business Lending (MOBL) program is driven in partnership with the Manchester NAACP for equal economic opportunities to help local businesses thrive.
“We’re so grateful to have partners like The Merrimack who understand the importance of investing in our local minority-owned businesses,” Steve Saltzman, President of the Community Loan Fund. “This contribution will help business owners access financing and technical assistance, as well as peer-to-peer learning opportunities.”
“We’re proud to support the Community Loan Fund and their commitment to creating opportunity for all who call New Hampshire home,” Linda Lorden, President of The Merrimack. “Their values align with The Merrimack’s efforts to promote diversity, equality and inclusion within the communities we serve.”
The New Hampshire Community Loan Fund turns investments into loans and education to create opportunity and transform lives. Established in 1983, the Community Loan Fund was one of the first Community Development Financial Institutions in the nation and has received industry awards and recognition for social impact, financial strength, and performance. For more information, visit communityloanfund.org.
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.