CDFA, BFA set up new fund to aid NH nonprofits amid coronavirus

CDFA Executive Director Katherine Eastery Martey

The New Hampshire Community Development Finance Authority and New Hampshire Business Finance Authority are launching the New Hampshire Nonprofit Response Fund, an effort to support the state’s charitable organizations during the Covid-19 outbreak.

Officials said applications will be accepted beginning Monday, April 13. Funds will be released on a rolling basis as they are raised, continuing throughout the outbreak and recovery phases of the crisis, they said.

The CDFA and BFA will be administering the resources of the newly created fund, which will be funded in part by contributions from the business community and provide nonprofit organizations with resources up to $100,000 for working capital, equipment purchases and programming expenses.

The NH Nonprofit Response Fund will prioritize the most immediate public health needs and economic impacts from Covid-19, focusing on service providers that support vulnerable populations.

The CDFA and BFA will administer the loans, including deferred loans and grants to qualified nonprofits.

“We know our nonprofits are struggling right now. Our goal is to provide them with the necessary resources, so they can continue their important work,” said Katy Easterly Martey, executive director of the New Hampshire CDFA.

BFA Executive Director James Key-Wallace said the fund “will allow us to rapidly deploy resources to the community-based organizations at the front lines of the outbreak and nonprofits supporting the most vulnerable individuals and families directly impacted.”

Businesses that want to participate in the Response Fund will receive a 75% state tax credit that can be used for up to five years.

New Hampshire Mutual Bancorp banks Meredith Village Savings Bank, Merrimack County Savings Bank and Savings Bank of Walpole were among the first three banks to contribute to the fund with a combined tax credit donation of $150,000. The fund also has received several other early and significant contributions, for a current list of contributors or to contribute please visit CDFA’s website.

“We know that New Hampshire’s nonprofit organizations are on the front lines of this epidemic and during these difficult times they are playing critical roles in our communities,” said Gov. Chris Sununu about the fund’s establishment. “Ensuring their ability to continue delivering critical services now and into the future is at the core of this proposal and paramount to the wellbeing of Granite Staters.”

Nonprofits that want to apply for the funds and those interested in making donations, can find information here.