We are proud to support the Wentworth Economic Development Corporation (WEDCO) by purchasing $5,000 in tax credits through the New Hampshire Community Development Finance Authority (CDFA). The Bank’s contribution aids WEDCO in their efforts to provide economic development opportunities in the Lakes Region.
“We’re so thankful for this amazing contribution and the continued support from MVSB,” said Denise Roy-Palmer, WEDCO Executive Director. “Tax credits are an important component of our funding model and make it possible for us to continue our valuable work. This support will allow us to help small-to-midsized businesses obtain the financial resources necessary to thrive, bringing new resources to our communities and creating quality jobs for local residents.”
“MVSB is very proud to support WEDCO and the work they do to stimulate economic growth in our communities,” said Dan Osetek, Senior Vice President, Commercial Lending Team Leader. “I have seen firsthand as a Commercial Loan Officer and WEDCO’s current Treasurer the critical role the organization plays in helping to facilitate financing for our local business community.”
WEDCO was founded in 1993 to promote economic growth in the eastern Lakes Region. Their primary purpose is to create jobs for area residents by assisting established businesses or developing businesses in their endeavor to be successful. Go to wedco-nh.org to learn more about the organization.
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.