State Awards Tax Credits to Mill Cities Community Investments, Part of MV Strong

Glynn Lloyd, CEO of Mill Cities Community Investments and executive director of the Foundation for Business Equity. (Courtesy photograph.)

Mill Cities Community Investments, part of the MV Strong partnership with the Merrimack Valley Planning Commission and Small Business Strong, is among 53 community organizations sharing in $9.7 million in state investment tax credits in support of efforts to increase economic opportunity for low- and moderate-income residents.

Mill Cities Community Investments was formally awarded $250,000 during a recent ceremony with Lt. Gov. Karyn Polito and Housing and Economic Development Secretary Mike Kennealy in Revere.

“The Commonwealth’s Community Development Corporations are leaders on the ground, creating tailored programing to fill gaps in their own neighborhoods, with financial literacy programs, small business support, first-time homebuyer education and youth services,” said Polito.

The Community Investment Tax Credit program allocates tax credits to organizations that have adopted community investment plans outlining their development strategies and goals. The credits are then offered in exchange for qualified donations, incentivizing the investments required to sustain the work of these organizations. Since the inception of the program in 2014, the state Department of Housing and Community Development has allocated more than $42 million of these tax credits, yielding nearly $75 million in new investment.

Back in August, officials said MV Strong is open to any small business in the 15 communities of the Merrimack Valley, including the cities of Amesbury, Haverhill, Lawrence, Methuen and Newburyport and towns of Andover, Boxford, Georgetown, Groveland, Merrimac, Newbury, North Andover, Rowley, Salisbury and West Newbury.

“The small businesses in our region are the backbone of our communities and faced significant adversity throughout the pandemic, especially women and minority-owned business” said Commission Community and Economic Development Planner Nate Robertson. “Through this program, we will ensure our businesses have the tools they need to thrive as we continue to recover from the economic effects of COVID-19.”

Interested businesses may learn more about the program and sign up at wearemv.com/strong.

Besides Mill Cities Community Investments, others awarded were Act Lawrence, $50,000; Groundwork Lawrence, $250,000; and Lawrence Community Works, $250,000.

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