The Raymond-based Regional Economic Development Center is looking for corporate partners to join in support of its 2022 NH New Americans Loan Fund, which provides business financing to new American business owners seeking to open or grow their own business.

Since its launch, the New Americans Loan Fund has closed 32 loans totaling $1.277 million, resulting in the creation and retention of dozens of jobs, REDC said. Some of the clients REDC has helped in recent years have not been eligible for Covid-19 emergency loans and grants, making this program especially important for these business owners, said Laurel Adams, REDC’s president.

“Coming to America and opening your own business is very much a part of who we are as a nation,” said Adams. “Through this program and our corporate partners, the community is coming together to ensure that dream continues for the next generation of new Americans.”

The REDC was awarded the 2019 International Economic Development Council’s Silver Award for Excellence in Economic Development for Economic Equity & Inclusion for the program.

In 2022, she said REDC intends to apply for a Community Development Finance Authority tax credit allocation that would allow it to recapitalize its New Americans Loan Fund and leverage other resources to provide financing for another round of businesses.

That is why it is seeking corporate partners to commit to purchasing tax credits in the future or by making direct charitable contributions now.

Organizations that want to support the New Americans Loan Fund can donate through the CDFA Tax Credit Program. Companies that donate get 75 percent of the contribution back in the form of a state business tax credit. The tax credit can be applied against the donating company’s business profits tax, business enterprise tax or insurance premium tax. The contributing company may carry forward the credit for up to five years, as well as select which business tax and how much of their credit to apply towards their taxes in any given year. C corporations may also be eligible to claim the donation as a charitable contribution.

“This is an effective, relatively lowcost way to make a big impact in the New Hampshire business community,” said Adams. “When successful businesses help other, new businesses, we get a strong business community where everyone benefits.”

Companies interested in supporting the fund can contact Adams at 603-772-2655 or Laurel@REDC.com.

REDC is seeking corporate partners to commit to purchasing tax credits in the future or by making direct charitable contributions now.