The Regional Economic Development Center (REDC) announced today that BankProv has recently purchased $12,500 in tax credits to benefit the NH New Americans Loan Fund Tax Credit program. REDC’s Tax Credit Award, from New Hampshire's Community Development Finance Authority (CDFA), allows NH businesses to contribute funds to community development projects. BankProv’s tax credit donation 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.
"I'm proud to announce our commitment to purchasing $12,500 in tax credits and our support of The Regional Economic Development Center and their NH New Americans Loan Fund. By fostering access to financial resources, we amplify the potential of New Hampshire's diverse communities, creating a pathway for the dreams and aspirations of the state's New Americans to take flight and contribute to the vibrant tapestry of our local economy,” said Joe Kenney, Chief Lending Officer for BankProv.
“We are deeply grateful for this tax credit purchase by BankProv,” stated REDC President Laurel Adams. “Their purchase will help us further our mission of increasing business development and job creation among new Americans, as well as helping keep the Granite State a welcoming community.”
Microloans made from the NH New American Loan Fund are used for working capital, equipment acquisition, inventory, and renovations. In addition to microloans, part of what makes clients successful is REDC’s robust technical assistance, which can include discussing business plan development, business financials, partnerships, financial packaging recommendations, exporting and importing support, market research help, employee guidance, and marketing and graphic design startup support. To learn more about this fund visit www.redc.com/newamericanloanfund.
BankProv is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank that offers a comprehensive suite of banking products for corporate clients. As a premier Banking-as-a-Service (BaaS) provider specializing in technology-driven banking solutions to niche markets, the Bank seeks to build financially strong and vibrant communities by investing in the success of their clients through understanding and solving their unique business needs. BankProv is a trusted advisor and partner to a wide range of niche, technology-driven industries including renewable energy, fintech and enterprise value lending. Headquartered in Amesbury, Massachusetts, BankProv is the 10th oldest bank in the nation. The Bank insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). To learn more about the organization, visit bankprov.com.