MERRIMACK COUNTY SAVINGS BANK UTUILIZES TAX CREDITS TO SUPPORT FAMILIES IN TRANSITION’S GOAL TO EXPAND ITS THRIFT STORE BOUTIQUE
FOR IMMEDIATE RELEASE
May 9, 2011
For more information, contact: Michele Talwani – (603) 641-1143 ext. 322
PHOTO: Bank’s donation supports homeless services provider and revitalization of downtown Concord. Families in Transition President Maureen Beauregard (center) accepts a check from (left) Sean Skabo, AVP, Branch Manager and (right) Paul C. Rizzi, CEO of Merrimack County Savings Bank. Merrimack Savings’ donation of $25,000 will help local nonprofit retailer OutFITters Thrift Store Boutique move to Concord’s Main Street. Proceeds from the popular store benefit housing and services for the homeless.
$25,000 donated for sustaining and enhancing services for the homeless
CONCORD, NH – Families in Transition (FIT), a Manchester and Concord-based homelessness nonprofit, is the recipient of a $25,000 donation from Merrimack County Savings Bank in Concord through the New Hampshire Community Development Finance Authority (CDFA) tax credit program. The donation will fund the upcoming expansion and relocation of OutFITters Thrift Store Boutique in Concord and help combat homeless by enhancing Families in Transition housing and programming.
Since opening in November of 2009, the OutFITters Thrift Store Boutique has become a popular retail destination in Concord’s Bicentennial Square, providing shoppers with new and gently used upscale women’s clothing, shoes, and accessories. The thrift store is a sustainable revenue stream for FIT.
According to Paul C. Rizzi, CEO of Merrimack County Savings Bank, “The many benefits of this project are impressive, and we are glad to be able to participate by providing funding that will make a meaningful contribution to FIT’s mission and to downtown Concord. The project is also a perfect fit with our own commitment to the economic health and well being of the communities we serve.”
This summer, FIT will relocate its boutique to Concord’s historic Main Street and expand the store by nearly 3,000 square feet. The increased visibility and greater capacity that accompanies the move will help grow sales revenue and strengthen the store as a stable source of funding for FIT programming. Additionally, the move will aid in the downtown revitalization of Concord.
“We are thankful of the support from Merrimack County Savings Bank,” said Maureen Beauregard, President of Families in Transition. “By expanding and relocating the store into a more visible location, our goal is to increase revenues in order to continue Families in Transitions work to end homelessness. Right now, because of the limited space at our current Boutique location we only offer upscale items for women. When we expand, we’ll have the space needed to diversify the items we sell to a wider market.”
FIT still has $53,550 worth of tax credits available for businesses that have a tax liability in New Hampshire and would like to target their tax dollars that would be paid to the federal and state government anyway. For approximately 11% of the cost of their initial donation, investing businesses can support a great cause, increase positive public relations for their company, and receive an excellent return on investment through a host of investor incentives.
Families in Transition is a nonprofit organization that provides safe, affordable housing and comprehensive social services to individuals and families who are homeless or at risk of becoming homeless, enabling them to gain self-sufficiency and respect. FIT also owns and operates two thrift stores in Manchester and Concord, NH which serve as an economic engine to help pay for services they provide. For more information about FIT, Tax Credits, and the stores visit www.fitnh.org or call 603-641-9441.