New Fund will be administered by the CDFA and BFA and offer a simple and flexible application process
Concord, NH – April 8, 2020 – The New Hampshire Community Development Finance Authority (CDFA) and New Hampshire Business Finance Authority (BFA) are partnering in an effort to support the state’s non-profit organizations during the COVID-19 outbreak. The CDFA and BFA will be administering the resources of the newly created New Hampshire Nonprofit Response Fund, which will be funded in part by contributions from the business community and provide nonprofit organizations with resources up to $100,000 for working capital, equipment purchases and programming expenses.
The NH Nonprofit Response Fund will prioritize the most immediate public health needs and economic impacts from COVID-19, focusing on service providers that support vulnerable populations. The CDFA and BFA will administer loans, including deferred loans and grants to qualified nonprofits.
“We know that New Hampshire’s non-profit organizations are on the front lines of this epidemic and during these difficult times they are playing critical roles in our communities,” stated Governor Chris Sununu. “Ensuring their ability to continue delivering critical services now and into the future is at the core of this proposal and paramount to the wellbeing of Granite Staters. I applaud the CDFA and BFA for getting this important program running.”
Sister banks, Meredith Village Savings Bank (MVSB), Merrimack County Savings Bank (the Merrimack) and Savings Bank of Walpole were among the first three banks to contribute to the New Hampshire Nonprofit Response Fund with a combined tax credit donation of $150,000. The Fund also received several other early and significant contributions from Piscataqua Savings Bank, Citizen’s Bank, Eastern Bank and Amoskeag Beverages, for a current list of contributors or to contribute please visit CDFA’s website.
“Our state’s non-profits provide critical services to some of our most vulnerable populations,” stated Katy Easterly Martey, executive director of the New Hampshire CDFA. “We know our non-profits are struggling right now. Our goal is to provide them with the necessary resources, so they can continue their important work.”
“This fund will allow us to rapidly deploy resources to the community-based organizations at the front lines of the outbreak and nonprofits supporting the most vulnerable individuals and families directly impacted,” stated James Key-Wallace, executive director of the New Hampshire Business Finance Authority. “We are proud to be partnering
with the CDFA to provide this critical support during this challenging time.”
In order to move resources quickly, the CDFA and BFA have created a simplified and flexible application process. Applications will be accepted on April 13th. Funds will be released on a rolling basis as they are raised, continuing throughout the outbreak and recovery phases of the crisis.
Non-Profits that want to apply for the funds, can access information here.
Businesses that want to participate in the NH Response Fund will receive a 75% State Tax Credit that can be used for up to 5 years. For more information on the Tax Credit Program, click here.
The Community Development Finance Authority (CDFA) is a statewide community and economic development entity serving all of New Hampshire. We see a future New Hampshire whose communities are economically and socially resilient, reflect and respect their natural surroundings, and are places where people want to live, work, and play.
The Business Finance Authority (BFA) fosters economic development. The New Hampshire Business Finance Authority was created in 1992 to foster economic development and create employment in New Hampshire. The BFA accomplishes these objectives by working with New Hampshire’s banking, business, and economic development sectors to develop and implement programs that expand the availability of credit in the state. The BFA’s mission is to help New Hampshire businesses secure the capital they need to expand, succeed, and create more jobs.