MVSB is proud to support the Regional Economic Development Center (REDC) with a $5,500 tax credit purchase through the Community Development Finance Authority (CDFA). The tax credits support the REDC’s New Americans Loan Fund, which offers business financing to new American business owners seeking to open or grow a business in New Hampshire.
“REDC is thankful for the generous support MVSB has provided in purchasing tax credits that will aid this vital program,” said Laurel Adams, REDC President. “The NH New Americans Loan Fund ensures the newest members of our communities have the opportunity to start and grow their own businesses in the granite state, which is what the American dream is all about.”
“We are proud to contribute to the efforts at the Regional Economic Development and all the crucial work they do to invest in New Hampshire’s business community,” said Marcus Weeks, MVSB President. “Purchasing tax credits through the CDFA allows our donations to be dispersed where it is needed most and reach a wide variety of businesses.”
REDC was established in 1994 as a nonprofit economic development organization with a mission to serve new and growing businesses in southern New Hampshire. REDC seeks to promote responsible, sustainable economic development activities within southern New Hampshire by creating jobs for low-to-moderate income people, accessing alternative financing for businesses, and industrial expansion or relocations. These initiatives provide tax relief for communities within the region. REDC also provides free start-up and ongoing business advising, which supports businesses as they grow. Go to redc.com for more information.
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.