TD Bank Backs REDC Economic Development Projects
December 09, 2012 2:00 AM
EXETER — The Regional Economic Development Center of southern New Hampshire announced a tax credit purchase from TD Bank in the amount of $25,000 toward REDC’s Annual Capacity Program.
The donation will allow REDC to continue to serve new and growing business through alternative lending and technical support within its territory. With the development of the REDC Business Training Center, REDC will soon be able to provide a one-stop shop for entrepreneurs, existing businesses, lenders and community leaders seeking assistance to help them stimulate economic activities. Included will be space, with complete electronic support, for training sessions sponsored by area business groups, trade associations, and educational institutions. The REDC will hold a ground-breaking ceremony for its new Business Training Center from 9:30 to 10:30 a.m. on Thursday, Dec. 13, at 57 Main St. in Raymond.
As part of its annual capacity building efforts, REDC was recently selected as recipient of the N.H. CDFA Community Development Investment Program, which offers highly desirable tax credits to New Hampshire businesses that donate, through the purchase of credits, to a nonprofit venture. It enables nonprofit community development organizations like REDC to utilize tax credits as a fundraising tool. CDFA then allocates the credit to donors who were able to support a specific organization and project. The tax credit may be applied against the business profits tax, business enterprise tax and/or the insurance premium tax.
To support community development initiatives, TD Bank makes tax credit investments in projects that align with its overall commitment to supporting the growth and stabilization of New Hampshire’s communities.
REDC was established in 1994 as a nonprofit economic development organization with a mission to serve new and growing businesses in southern New Hampshire. In 2003, REDC achieved designation as the only economic development district in southern New Hampshire. As part of that designation, REDC is awarded funding to continue the task of planning for the region’s economic growth, to include annually updating the region’s comprehensive economic development strategy. For more information, visit www.redc.com.