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Merrimack County Savings Bank has pledged $20,000 to the Individual Development Account (IDA) Collaborative through the Community Development Finance Authority (CDFA) of New Hampshire’s tax credit program. The investment will support the IDA program, which is coordinated by the New Hampshire Community Loan Fund.
IDAs are matched-savings accounts with which participants can purchase a home, or pay for college or technical school. Upon completion of eight hours of financial literacy training, participants receive an $8 match for every dollar saved up to $500, for a potential total of $4,500. The Community Loan Fund provides IDAs through a statewide network of community partner organizations.
“Merrimack County Savings Bank and its employees are proud to support local nonprofits like the NH Community Loan Fund, which has made a tremendous difference in the quality of life for people in our community. It’s very rewarding to be in a position to contribute to outstanding organizations like this one,” said Philip Emma, President of Merrimack County Savings Bank.
“The Merrimack continues to do all it can to champion our efforts to help underserved people and families become self-sufficient and gain confidence through financial education,” added Sarah Littlefield Connor, Director of Finance at the Community Loan Fund. “The bank continues to be a great corporate neighbor and we are grateful for its support.”
The Community Loan Fund empowers low- and moderate-income people to increase their participation in New Hampshire’s economy by providing the financial and educational tools needed to attain affordable homes, quality jobs and child care and to become financially independent. This is done through:
For more information about the New Hampshire Community Loan Fund, visit communityloanfund.org.
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.