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CONCORD, NH - January 13, 2014 – Merrimack County Savings Bank recently invested $2 million in the New Hampshire Community Loan Fund to support the nonprofit’s work helping people achieve affordable homes, quality jobs and child care, and economic independence.
“We are delighted to have a resource such as the New Hampshire Community Loan fund to help us target support where the need is greatest,” said Paul C. Rizzi, Jr, President and CEO of The Merrimack.
The Community Loan Fund uses its loans to support the things working families and a healthy state need: good jobs, affordable housing, and quality early education and community services. It differs from most nonprofits in that it seeks investments as well as donations. Every dollar invested in the Community Loan Fund (at fixed interest rates of up to 5 percent) is immediately loaned to families, nonprofit organizations and small businesses across the Granite State that could not otherwise get access to financing. In fiscal year 2013, the Community Loan Fund made 135 loans totaling nearly $17.4 million.
Donations to the Community Loan Fund, which are tax deductible, pay for the specialized education and training it provides to its borrowers and deepens its supply of “permanent capital”–money the nonprofit loans many times over to help people and businesses realize opportunity.
“This investment from Merrimack County Savings Bank will help us meet the growing demand from people in every corner of New Hampshire who need loans and education to take a chance to be more self-reliant or build stronger communities,” said Community Loan Fund President Juliana Eades.
The New Hampshire Community Loan Fund, based in Concord, N.H, is celebrating its 30th anniversary. It has received numerous honors for its innovative programs, including the NEXT Award for Opportunity Finance, the highest honor in its field.