From left, Martha Clifford, MVSB Branch & Business Development Manager, Marcy Dembiec, MVSB Mortgage Loan Officer NMLS# 165849, Anne Duncan Cooley, Grafton Regional Development Corporation (GRDC) CEO, Matty Leighton, Operations & Facilities Coordinator, GRDC Enterprise Center, and Michelle Beaudin, GRDC Grants & Operations Manager.
MVSB is proud to support Grafton Regional Development Corporation (GRDC) with a $5,000 tax credit purchase through the Community Development Finance Authority (CDFA). GRDC was awarded tax credits to increase outreach to underserved small businesses and entrepreneurs in Grafton County communities.
“Successful local businesses are the foundation of a thriving and vibrant economy in the region,” said Anne Duncan Cooley, GRDC CEO. “This support allows us to connect with small business owners throughout the county and offer programs and services that can help them reach their goals.”
“GRDC is a critical community partner in supporting local entrepreneurs as they are starting out and as they face the expected and unexpected challenges of owning a business,” said John Swedberg, Senior Vice President, Senior Commercial Loan Officer. “I’ve had the pleasure of serving on GRDC’s Loan Committee for several years now and it’s been so incredibly rewarding to see the impact of their programs firsthand. We are very proud to pledge our support with this contribution.”
GRDC is a nonprofit organization dedicated to strengthening local businesses, growing the economy, and fostering community support networks that create jobs and build wealth within Grafton County. Go to graftonrdc.org to learn more.
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.