Meredith Village Savings Bank (MVSB) has purchased $5,000 in tax credits through the New Hampshire Community Development Finance Authority (CDFA) in support of the Grafton Regional Development Corporation (GRDC). The Bank’s investment allows GRDC to continue progress in local economic growth, job creation, small business lending and opportunities for workforce development.
“We’re so thankful for this generous contribution from Meredith Village Savings Bank,” said Anne Duncan Cooley, CEO of GRDC. “Contributions like this one make it possible for us to continue our valuable work. By providing financing and assistance to established and developing businesses, GRDC contributes to the creation of jobs and the growth of our local economy.”
“Meredith Village Savings Bank and our employees are proud to support GRDC. We applaud and stand behind their mission to help local businesses prosper. It’s very rewarding to make contributions to outstanding organizations like this one,” said Rick Wyman, President of Meredith Village Savings Bank. “We have an excellent relationship with GRDC. We rent space to them from our branch office on Main Street in Plymouth, and we’ve been a long-time supporter of their Enterprise Center.”
GRDC is dedicated to creating opportunities for entrepreneurs and businesses statewide. Their mission to strengthen local businesses, grow the economy and foster community support networks has created jobs and increased prosperity in Grafton County for over 20 years. Among the many partnerships GRDC has, the organization also supports startups and growing businesses through the Enterprise Center at Plymouth and Dartmouth Regional Technology Center, two incubator and accelerator programs in Grafton County. For more information, visit graftonrdc.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 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.