Franklin Savings Bank recently purchased $10,000 in New Hampshire Community Development Finance Authority business tax credits from Making Matters NH – a maker and shared workspace located in Penacook, NH. The bank’s donation will enable them to expand upon the equipment and resources they are able to provide to the community, thereby increasing their impact at a grassroots level. Over the next year, the group will invest in new equipment for its facility to include a 3D printer for a prototyping lab, a CNC router for a woodshop, a lathe for a machine shop, and more.
“We are proud to offer our support to Making Matters NH, so they can continue to provide topnotch space with the finest tools for artisans to make their crafts,” commented Ron Magoon, President of Franklin Savings Bank. “They offer an outstanding facility and it’s a great resource for the community.”
Jared Reynolds, President of Making Matters NH, added, “We are grateful for Franklin Savings Bank’s investment in our facility, which will allow us to offer new workforce development and educational opportunities, provide better support to entrepreneurs and emerging businesses, and enable us to continue to grow as a hub of innovation and creativity in the greater Concord area.”
The business tax credits are administered by the New Hampshire Community Development Finance Authority (CDFA). Any business with operations in the state that contributes to a CDFA tax credit project is eligible to receive 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’s state tax liability. The program allows NH businesses to redirect a significant portion of their state tax dollars to support local projects in their community.
Making Matters NH
Making Matters NH offers 8,500 sq. ft. maker and shared workspace in a revitalized section of the former Beede Electric building located in Penacook. The group provides a space for makers, entrepreneurs, and innovators of all backgrounds and skill levels with access to resources, equipment, and space to connect with others. The facility features a woodshop, machine shop, prototyping and electronics lab, finishing lab, fiber arts and textiles studio, as well as shared workspace and meeting space. Visit makingmattersnh.org for additional information.
Franklin Savings Bank
Established in 1869, Franklin Savings Bank is an independent, mutually-owned community bank, offering a full array of commercial lending, personal banking and investment services. Headquartered in Franklin, the Bank has offices in Bristol, Boscawen, Tilton, Gilford, Merrimack and Goffstown. Through its wholly-owned subsidiary, Independence Financial Advisors, Franklin Savings
Bank also offers investment, insurance and financial planning services. A recognized leader in
providing the latest in financial services technology, Franklin Savings Bank is committed to serving the needs of businesses, families and the communities it serves, through a dedicated team of employees, a diverse line of financial products and services, and continued investment in emerging technology.
Franklin Savings Bank has donated over 11% of its net income to charity since 2009. Visit www.fsbnh.bank to learn more or follow the bank on Facebook, LinkedIn, Instagram, Twitter and YouTube.