FSB donates to NH Nonprofit Response Fund

FRANKLIN — Franklin Savings Bank purchased $15,000 in CDFA tax credits to support the New Hampshire Nonprofit Response Fund. Supported in part by contributions from the business community in exchange for tax credits and loans from the Community Development Finance Authority and Business Finance Authority, the fund will provide nonprofit organizations with resources of up to $100,000 to meet needs, as well as people serving on the front lines during the coronavirus pandemic.

“Nonprofits are vital engines that provide our underserved population with critical services and resources to address important needs. By partnering with the Community Development Finance Authority and Business Finance Authority to make an investment in the Fund, we will be able to assist our nonprofit community with becoming more resilient during this period of economic disruption due to the coronavirus pandemic,” said Ron Magoon, president and chief executive officer.

The CDFA has identified four areas the fund will address, including needs of community-based organizations serving on the front lines of the pandemic; costs associated with new activities or adaptation for activities directly related to COVID-19; increases in demand for services provided to vulnerable populations as a result of the virus pandemic; and reductions in nonprofit’s revenue and other resources due to COVID-19.

Eligible organizations may apply for $2,500-$100,000 in funding. Loans can be used for working capital, equipment purchases, and program expenses. For further details, visit nhcdfa.org.