Franklin Savings Bank purchased $15,000 in CDFA tax credits to support the NH Nonprofit Response Fund. Supported in part by contributions from the business community in exchange for tax credits and loans from the Community Development Finance Authority and NH Business Finance Authority, the NH Nonprofit Response Fund will provide nonprofit organizations with critical resources of up to $100,000 to meet the needs of the state’s most vulnerable residents, as well as individuals serving on the front lines during the coronavirus pandemic.
“We are pleased to support the NH Nonprofit Response Fund during this time of great need throughout our state,” commented Ron Magoon, President & CEO. “Nonprofits are vital engines that provide our under-served population with critical services and resources to address important needs. By partnering with the Community Development Finance Authority and NH Business Finance Authority to invest in the Fund, we will be able to assist our nonprofit community with becoming more resilient during this period of economic disruption due to the coronavirus pandemic.”
The CDFA has identified four specific areas that the NH Nonprofit Response Fund will address, including the needs of community-based organizations serving on the front lines of the pandemic; costs associated with new activities or adaptation for activities directly related to COVID-19; increases in demand for services provided to the most vulnerable populations as a result of the virus outbreak; and reductions in nonprofit’s revenue and other resources due to COVID-19.
Eligible organizations may apply for a minimum of $2,500 up to a maximum of $100,000 in funding. Loans can be used towards working capital, equipment purchases, program expenses and other eligible expenses. For further details, visit nhcdfa.org.
About Community Development Finance Authority (CDFA)
The CDFA is a statewide nonprofit public authority focused on maximizing the value and impact of community development, economic development, and clean energy initiatives throughout New Hampshire. Visit nhcdfa.org for more information.
About NH Business Finance Authority (BFA)
The NH BFA was created in 1992 to foster economic development and create employment opportunities throughout the state. The organization accomplishes these objectives by working with New Hampshire’s banking, business, and economic development sectors to develop and implement programs to expand upon the availability of credit. To learn more, visit nhbfa.org.
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.