The Regional Economic Development Center (REDC) announced today that Enterprise Bank has purchased $25,000 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. Enterprise Bank’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. This is Enterprise Bank’s second contribution to the Fund within a year, making their overall $75,000 donation the largest received in this tax credit cycle.
Peter Rayno, Executive Vice President/Community Banking & Lending Director at Enterprise Bank, stated, “We at Enterprise Bank have been honored to financially support the NH New American Loan Fund since the program’s inception five years ago. Renewing our financial commitment to this program through REDC is important to us. We’re so pleased to be able to contribute in REDC’s efforts to assist first generation Americans in financing their own businesses as they pursue their dreams.”
The REDC and Enterprise Bank have a long partnership in co-lending to small business clients, collaborating often to fit the needs for the businesses they serve. REDC President Laurel Adams stated, “Enterprise Bank has supported this critical program since the beginning, as a purchaser of tax credits, and we thank them deeply for their ongoing support. Enterprise Bank, with this third donation, continues to be one of our strongest lending partners as we work to create jobs and business opportunities for new Americans throughout New Hampshire.”
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 will make 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 purchase tax credits or learn more about this program, please contact Laurel Adams at 603-772-2655. Learn more about this fund at www.redc.com/newamericanloanfund.
About the Enterprise Bank
Established in 1989 and headquartered in Lowell, Massachusetts, Enterprise Bank is a commercial bank and financial services company which operates 27 full-service branches including 7 located in the New Hampshire towns of Nashua, Salem, Derry, Windham, Hudson, Pelham, and most recently Londonderry. 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. More information can be found at the Bank’s website, www.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 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 our communities. REDC also provides start-up and ongoing business advising, which supports businesses as they grow. To learn more about the programs REDC offers to entrepreneurs in NH, visit www.redc.com.