From left, David McMahon, MVSB Branch & Business Development Manager, Will Arvelo, Chair for Business Alliance for People of Color Board of Directors, Jim Carrigan, MVSB Regional Vice President, and Julie Clement, Vice President, Business Development & Small Business Lender, stand together for a photo op at the MVSB Portsmouth branch office.
We are proud to support the Business Alliance for People of Color (BAPOC-NH) with the purchase of $5,000 in tax credits. The organization was awarded these tax credits from the Community Development Finance Authority (CDFA) to continue to develop capacity, momentum and sustainability for New Hampshire’s minority-owned businesses.
“We are thankful to MVSB for its support,” said Will Arvelo, Chair for BAPOC-NH Board of Directors. “We are proud to be the only state-wide organization whose main mission is to advocate for and create community for BAPOC businesses in New Hampshire. These funds will help us promote these efforts on social media, our website and through regional events.”
“When our local businesses thrive, our communities thrive,” said Jim Carrigan, Regional Vice President. “We are proud to contribute to the Business Alliance for People of Color in their continued and growing efforts to support and advocate for minority owned businesses in New Hampshire.”
BAPOC-NH operates through member meetings and in-person events where their members come together to learn about mainstream resources and to build relationships and partnerships. Most recently, BAPOC-NH has formed partnerships with the Small Business Development Center, Center for Women and Enterprise and the Portsmouth Chamber Collaborative. Go to bapocnh.org to learn more.
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. The tax credits are administered by the New Hampshire CDFA. Any business with operations in New Hampshire that contributes to a CDFA tax credit project receives a New Hampshire state tax credit worth 75 percent of their contribution. The credit can be used over a period of five years to reduce the business’ state tax liability (business profits, business enterprise, or insurance premium taxes). The tax credit program allows New Hampshire businesses to use their state tax dollars to support local projects that they care about. CDFA reviews many project applications each year, and awards tax credits to those they determine are feasible and will make the biggest impact on economic development in the state. Visit nhcdfa.org for more information.