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Merrimack County Savings Bank Purchased $10,000 in CDFA Tax Credits from MakeIt Labs

Merrimack County Savings Bank (the Merrimack) has pledged $10,000 to MakeIt Labs of Nashua, NH through the Community Development Finance Authority of New Hampshire’s (CDFA) tax credit program. The Bank’s investment supports MakeIt Labs’ efforts to renovate the second floor of the former Gregg & Son Nashua millworks building for a technology focused co-working and business incubator space to help start-up companies.


left to right: James Gallagher, SVP Commercial Lending, Philip Emma, President, Merrimack County Savings Bank, Kyle Schneck, VP Commercial Lending, Adam Shrey, President, MakeIt Labs.

Located in downtown Nashua’s Crown Hill area, MakeIt Labs business incubator will offer:

  • Small-scale office space for a fraction of market rent
  • Access to its already established maker space full of affordable high-technology resources from high-speed internet and electronic workstations, to 3D printers, laser cutters and other rapid prototyping equipment
  • Access to a highly collaborative environment of other entrepreneurs, inventors and makers
“We are honored to support the wonderful efforts of MakeIt Labs,” said Philip Emma, President of Merrimack County Savings Bank. “Innovation and creativity are the hallmarks of a strong economy that is adaptable to change. We are pleased to be able to contribute to this mission.”

“We are elated that Merrimack County Savings Bank believes in our plan to develop a business incubator space for technology-focused entrepreneurs and start-ups,” said Adam Shrey, President of MakeIt Labs. “This project will help position Nashua as one of the state’s most regarded destination spots for innovation. We are grateful for the bank’s support and thank them for helping us provide these critical resources for early-stage businesses.”

Founded in 2010, MakeIt Labs is a volunteer-run, community-operated workshop that provides the tools for innovative collaboration such as workspaces, equipment and knowledge to Nashua-area community members, allowing them the ability to create, innovate and develop whatever speaks to their imagination. For more information about MakeIt Labs, visit makeitlabs.com.

CDFA tax credits allow businesses to fund qualifying economic or community development projects in exchange for a tax credit that can be applied against state business tax payments. For more information about the CDFA, visit nhcdfa.org.

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