Raymond, NH – The Regional Economic Development Center (REDC) announced today that Enterprise Bank is purchasing $50,000 in tax credits to the support the NH New Americans Loan Fund Tax Credit program. REDC recently received a Tax Credit Award from New Hampshire's Community Development Finance Authority (CDFA), which funds community development projects through the use of tax credits for NH businesses that contribute. Businesses can buy the credits, which are applied against their NH tax liability, for a net cost of approximately $.15 on the dollar. The contribution will support REDC’s NH New Americans Loan Fund, which provides access to technical assistance and loans to first-generation Americans who are prospective or current business owners throughout the state. REDC is actively seeking additional businesses who want to support this valuable work through the tax credit program.
John Phelan, a first-generation immigrant, and Senior Vice President of Enterprise Bank stated, “Since its inception 30 years ago, Enterprise Bank has recognized the importance that diversity has played in our growth, both client-based and from an employee perspective. We’re happy to announce that over the next two years, we will be purchasing $50,000 in tax credits to support the NH New Americans Loan Fund. Several years ago, we formed a multi-cultural alliance that consists of employees from multiple backgrounds and cultures, whose mission is to promote diversity within the organization and create an environment that is welcoming and inclusive. As many of us are first generation immigrants ourselves at the bank, we recognize the challenges new American entrepreneurs face when they arrive to America. We value being trusted advisors for our clients, so we truly welcome the opportunity to participate in the NH New American Loan Fund with REDC.”
The REDC and Enterprise Bank have a long partnership in co-lending to small business clients. “We are proud to have Enterprise Bank as the first purchaser of tax credits in support of the NH New Americans Loan Fund. Enterprise Bank continues to be one of our strongest lending partners as we work to create jobs and business opportunities for new Americans throughout the state through this lending program. We thank Enterprise Bank for setting the stage for other New Hampshire companies to support this important program which strengthens NH’s economy,” said Laurel Adams, President of REDC.
Microloans made from the NH New Americans Loan Fund will be used for working capital, equipment acquisition, inventory, and renovations. In addition to microloans, part of what will make clients successful is REDC’s robust technical assistance, which can include discussing business plan development, business financials, partnerships, exporting and importing support, market research help, employee guidance, and marketing, website assistance, and graphic design startup support. To purchase tax credits or learn more about this program, please contact Laurel Adams at 603-772-2655 or at Laurel@redc.com.
About the Enterprise Bank
Established in 1988 and headquartered in Lowell, Massachusetts, Enterprise Bank is a commercial bank and financial services company which operates 24 full service branches including 7 located in the New Hampshire towns of Nashua, Salem, Derry, Windham, Hudson, and Pelham. The Bank’s mission is to help create successful businesses; strong, vibrant, and prosperous communities; and to create opportunities and wealth for its customers, shareholders, and employees. In 2017, Enterprise Bank was named the #1 Top Place to work, among large companies in Massachusetts, by the Boston Globe. As of June 30, 2018, assets were $2.93 billion. Total assets under management were $3.87 billion. For further information, visit EnterpriseBanking.com.
About the REDC
REDC was established in 1994 as a non-profit economic development organization with a mission to serve new and growing businesses in southern New Hampshire. REDC seeks to promote responsible, sustainable economic development activities within southern New Hampshire by creating jobs for low-to-moderate income people, accessing alternative financing for businesses, and industrial expansion or relocations. These initiatives provide tax relief for communities within the region. REDC also provides start-up and ongoing technical assistance, which supports businesses as they grow. For more information, please contact REDC at 603.772.2655 or visit www.redc.com.