Savings Bank of Walpole Among First Banks to Donate to the New Hampshire Nonprofit Response Fund
Keene, NH – Savings Bank of Walpole, along with its sister banks, Meredith Village Savings Bank (MVSB) and Merrimack County Savings Bank (the Merrimack), 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.
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 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.”
“Savings Bank of Walpole is proud to participate in the NH Nonprofit Response Fund,” said Mark Bodin, President of the bank. “Our nonprofit organizations contribute so much to the vitality of our communities and they are always there for us. Now more than ever, 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, Savings Bank of Walpole, Meredith Village Savings Bank and Merrimack County Savings Bank 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 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.