WALPOLE, N.H. – Savings Bank of Walpole, along with its sister banks Meredith Village Savings Bank and Merrimack County Savings Bank, are the first three banks to contribute to the New Hampshire Nonprofit Response Fund with a combined tax credit purchase of $150,000. The New Hampshire 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 and the Business Finance Authority, the New Hampshire 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.
The CDFA and the BFA will administer the loans, including deferred loans, to qualified nonprofits. Applications will be accepted beginning April 13. For a copy of the application, visit www.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 New Hampshire’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.”
The Community Development Finance Authority 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. For more information, visit www.nhcdfa.org.