Meredith Village Savings Bank (MVSB) recently purchased $12,500 in tax credits through the New Hampshire Community Development Finance Authority (CDFA) in support of the Wentworth Economic Development Corporation (WEDCO). The Bank’s investment supports businesses and the creation of employment opportunities, through development assistance and financing. Benefitting towns include Brookfield, Effingham, Farmington, Middleton, Milton, Moultonborough, New Durham, Sandwich, Tuftonboro, Wakefield and Wolfeboro.
“We’re so thankful for this generous contribution from MVSB,” said Denise Roy-Palmer, Executive Director of WEDCO. “Contributions like this one make it possible for us to continue our valuable work. By providing financing and assistance to established and developing businesses, WEDCO has contributed to the creation of jobs and the growth of the local economy.”
WEDCO encourages and assists local businesses with sources of capital and consultation. They also focus on attracting new businesses that offer well-paying, skilled, long-term jobs. Founders believed in the need to attract a proper mix of business and industry or risk having a very fragile, variable economy.
“MVSB is enthusiastic about our continued support of WEDCO,” said Rick Wyman, President of Meredith Village Savings Bank. “They nurture existing businesses and help attract new ones. WEDCO has been an integral part of the economic strength of the eastern Lakes Region for many years.”
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.
The Wentworth Economic Development Corporation is a private, non-profit regional lender founded in 1993 for the sole purpose of promoting economic growth in the Eastern Lakes Region. Its mission is to promote and support businesses and the creation of employment opportunities by providing development assistance and financing. For more information, visit wedco-nh.org.