REDC Receives Tax Credit Award, Seeks NH Businesses to Support New Americans Loan Fund |
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NH Community Development Finance Authority Executive Director Katy Easterly Martey presents REDC Executive Vice President Daniel Gray with REDC’s 2022 Tax Credit award at a ceremony held at the Kimball Jenkins Estate in Concord on Thursday, June 23. |
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The Regional Economic Development Center (REDC) has been selected by the NH Community Development Finance Authority to offer business financing to new American business owners seeking to open or grow their business and achieve the American Dream in the Granite State. The REDC invites corporate partners to join in support of the REDC’s 2023 NH New Americans Loan Fund by purchasing tax credits. Since its launch, the New Americans Loan Fund has closed more than 37 loans totaling more than $1.477 million, resulting in the creation and retention of dozens of jobs. Some of the clients REDC has helped in recent years have not been eligible for COVID-19 emergency loans and grants, making this program especially important for these business owners. “Coming to America and opening your own business is very much a part of who we are as a nation,” said Laurel Adams, President of REDC. “Through this program and our corporate partners, the community is coming together to ensure that dream continues for the next generation of new Americans.” The tax credit allocation REDC has received will allow the organization to recapitalize its New Americans Loan Fund and leverage other resources to provide financing for another round of loans to businesses. REDC is seeking corporate partners to commit to purchasing tax credits or make direct charitable contributions now. On June 14, 2022, the CDFA Board of Directors approved an award of $350,000 in tax credits which will net $280,000 for the loan fund. Organizations that want to help support the NH New Americans Loan Fund can donate through the CDFA Tax Credit Program. Companies who donate get 75% of that contribution back in the form of a state business tax credit. For example, if a donor makes a $25,000 donation to CDFA on behalf of the NH New Americans Loan Fund, their company will receive a state tax credit in the amount of $18,750. The tax credit may be applied against the donating company's business profits tax, business enterprise tax, and/or the insurance premium tax. The contributing company may carry forward the credit for up to five years, as well as select which business tax and how much of their credit to apply towards their taxes in any given year. Companies may also be eligible to claim this donation as a charitable contribution, bringing the net cost as low as $.07 on the dollar. For companies interested in supporting the NH New Americans Loan Fund through the CDFA Tax Credit Program via a tax credit pledge, or by making a direct donation, please contact REDC President Laurel Adams at 603-772-2655 or Laurel@REDC.com. For more information on the tax credit program, please visit https://nhcdfa.org/investing-in-nh-communities/tax-credit-program/. For more information about the NH New Americans Loan Fund, please visit https://www.redc.com/newamericanloanfund. |
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REDC Presents the 2022 CEDS Update |
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REDC is pleased to present the 2022 Comprehensive Economic Development Strategy (CEDS). This year's CEDS is the second annual update to the 2020 CEDS, which was published in June 2020. During the 2022 CEDS planning cycle, the REDC staff, its consultants, and the Steering Committee worked to provide up-to-date demographics, information on regionally significant programs and projects, and address other regionally significant issues that impact the CEDS member communities, businesses, and citizens. |
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The 2022 CEDS Update is available electronically on REDC's website. Physical copies of the document are available upon request. |
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Our Kiva hub is honored to have assisted Stephanie and her business Safety In Freedom with her Kiva loan application, which is now live and ready for your support! Stephanie, based in Bennington, NH, is seeking funding to help expand her business that offers mental-health counseling for military and first responders. Looking to make a positive impact by supporting local small businesses? Kiva connects online lenders to entrepreneurs through an online lending platform. Crowdfund loans unlock capital for underserved communities and those experiencing underlying barriers to capital access. By lending as little as $25 on Kiva, you can be part of the solution and make a real difference in someone’s life. 100% of every dollar you lend on Kiva goes to funding loans. Click below to read about how this passionate entrepreneur plans to expand her business and offer services that will help members of the military, first responders, and their families. |
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Wrap City REDC is pleased to provide funding to James and Meredith Cestrone, owners of a Wrap City franchise in Nashua, NH, who are purchasing a second franchise in Londonderry, NH. Wrap City brings regional and international wraps, sandwiches, salads, and flatbreads together under one roof. | | |
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The Hammer Pub Grille REDC is pleased to provide funding to co-owners of The Hammer Pub Grille, Graham Camire, Robert O’Leary, Joseph Scarlotto, and Frank Silva. Financing will assist in purchasing the building which currently houses The Hammer Pub Grille, located in Portsmouth, NH. | | |
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If you know of a small business in NH in need of assistance, or someone interested in starting a new business, please share REDC with them. |
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