Sister banks, Meredith Village Savings Bank (MVSB), Merrimack County Savings Bank (the Merrimack) and Savings Bank of Walpole are the first three banks to contribute to the New Hampshire Nonprofit Response Fund with a combined tax credit purchase of $150,000. The NH Response Fund is providing nonprofit organizations with resources of up to $100,000 for working capital, equipment purchases and programming expenses.
Supported by donations from businesses in exchange for tax credits and flexible loan funds from the Community Development Finance Authority (CDFA) and the Business Finance Authority (BFA), the NH Nonprofit Response Fund is providing resources to qualifying community-based organizations on the front lines of the COVID-19 outbreak. Nonprofits supporting the most vulnerable individuals and families directly impacted will also qualify. Rick Wyman, President of MVSB was appointed in 2018 by Governor Sununu to the Board of Directors for the CDFA, and knew that this was a program that fit the community-based approach of MVSB and their sister banks.
The CDFA and the BFA will administer the loans, including deferred loans, to qualified nonprofits. Applications will be accepted starting on April 13th. For a copy of the application, visit https://resources.nhcdfa.org/programs/nh-nonprofit-response-fund/.
“We’re incredibly grateful for the generosity of Meredith Village Savings Bank, Merrimack County Savings Bank and Savings Bank of Walpole in championing these efforts to help nonprofits on the front lines of this health crisis,” said Katherine Easterly Marty, Executive Director of the Community Development Finance Authority. “It’s wonderful to be able to count on our community banks for providing such timely corporate leadership. Their contributions ensure NH’s vulnerable populations continue receiving the assistance they need. Our organizations have thrived for as long as we have because donors feel good knowing their money is used wisely, responsibly and for maximum impact.”
“It’s our pleasure to offer assistance that may alleviate the intense pressure felt by everyone on the front lines of this pandemic,” said Wyman. “The NH Nonprofit Response Fund will provide a significant benefit to NH communities. The Response Fund will be able to prioritize the most immediate public health needs and economic impacts by focusing on service providers that support underserved populations. We’re grateful for their timely efforts.”
“The Merrimack is happy to do as much as possible to help nonprofits most affected by COVID-19. The CDFA and BFA have each made a tremendous impact on the quality of life for everyone in our communities,” said Linda Lorden, President of Merrimack County Savings Bank. “We’re glad to be able to assist in bringing quick relief to our nonprofit community, and to support our most vulnerable friends and neighbors in any way we can.”
“Savings Bank of Walpole is proud to participate in the NH Nonprofit Response Fund,” said Mark Bodin, President of Savings Bank of Walpole. “Our nonprofit organizations contribute so much to the vitality of our communities and they are always there for us. Right now, they need us to be there for them and we are proud to answer the call.”
The Community Development Finance Authority (CDFA) is a statewide community and economic development entity serving all of New Hampshire. Their mission is to meet the evolving community- and economic-development needs of local communities statewide. Their impact is seen in revitalized downtowns, high-quality childcare facilities, renovated housing, clean energy projects, business expansion to provide jobs and a healthy and vibrant nonprofit sector.
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.
Founded in 1992, the NH Business Finance Authority (BFA) fosters economic development, and creates employment in New Hampshire. The BFA accomplishes these objectives by working with NH’s banking, business and economic development sectors to develop and implement programs that expand the availability of credit in the state. Their mission is to help New Hampshire businesses secure the capital they need to expand, succeed and create more jobs. For more information, visit nhbfa.com.
Unlike stock banks which focus on driving income to their stock-holders, Meredith Village Savings Bank, Merrimack County Savings Bank and Savings Bank of Walpole are mutual savings banks that operate expressly for the benefit of their depositors, borrowers and surrounding communities. As a result, each bank has remained steadfast in fostering the economic health and well-being of their communities, prioritizing the values of accountability, mutuality, excellence, respect, integrity, teamwork and stewardship in all matters of business and service.
Founded in 1869, Meredith Village Savings Bank has been serving people, businesses, non-profits and municipalities of Seacoast, Central and Lakes Region of NH for over 150 years. To learn more, visit any of the local branch offices in Alton, Ashland, Center Harbor, Gilford, Laconia, Meredith, Moultonborough, Plymouth, Portsmouth or Wolfeboro, call 800.922.6872 or visit mvsb.com.
Founded in 1867, Merrimack County Savings Bank has been serving the people, businesses, non-profits and municipalities in central and southern New Hampshire for over 150 years. The Merrimack was voted “Best Bank” by the Capital Area’s People’s Preferences for the 9th consecutive year in 2019. To learn more, visit any of their local offices in Bow, Concord, Contoocook, Hooksett and Nashua, call 800.541.0006 or visit themerrimack.com.
Founded in 1875, Savings Bank of Walpole is headquartered in Walpole and serves the Connecticut River Valley and Monadnock Regions of New Hampshire and Vermont from offices in Walpole and Keene. With assets totaling $460 million, the Bank offers a wide range of financial products, including services to individuals, businesses and organizations. For more information call 603.352.1822 or visit walpolebank.com.