Granite State Economic Development Corp
TO CREATE ECONOMIC DEVELOPMENT BY ASSISTING BUSINESSES TO ACQUIRE SBA 504 FINANCING TO EXPAND THEIR BUSINESSES BY ACQUIRING, RENOVATING OR CONSTRUCTING REAL ESTATE AND/OR ACQUIRING MACHINERY & EQUIPMENT. THE EXPANDED BUSINESSES LEAD TO THE CREATION AND/OR RETENTION OF JOBS.
Key facts about Granite State Economic Development Corp
- EIN
- 02-0385121
- Latest 990 filing
- Form 990-PF, 2025
- Annual giving (2025)
- $288,000
- Grants made (2025)
- 13
- Average grant
- $22,154
- Median grant
- $12,500
- New grantees (estimate)
- 31% first-time grantees (4 of 13, 2025)
- Total assets
- $27,804,367
- Primary geography
- New Hampshire (48% of itemized 2025 grant dollars)
Data from IRS Form 990-PF, 2025; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
Who Granite State Economic Development Corp funds
By grant dollars, the top recipient states for Granite State Economic Development Corp's 13 itemized 2025 grants were New Hampshire (48%), Massachusetts (17%) and Vermont (17%). The most frequent recipient cities were Portland, ME (2 grants). None of its 9 grants with a stated purpose were described as general or operating support.
Is Granite State Economic Development Corp open to new grantees?
31%
first-time grantees, 2025
In 2025, 4 of 13 grantees (31%) were first-time recipients. First grants averaged $13K; repeat grants $26K. How we count
Medians: $13K first-time, $15K repeat.
Estimate from itemized IRS Form 990-PF grant lists (2019–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Next steps with Granite State Economic Development Corp
- How to evaluate Granite State Economic Development Corp as a funder
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Financial Overview
From 2025 IRS Form 990-PF · View filing
Total Assets
$27.8M
+9.9% YoY
Annual Giving
$288K
-23.0% YoY
Grant Count
13
+30.0% YoY
Avg Grant Size
$22K
-40.8% YoY
About Granite State Economic Development Corp
Based on IRS filings
Granite State Economic Development Corp is a nonprofit organization, based in Portsmouth, NH. IRS filing data is available from 2019 through 2025. As of 2025, the organization holds $27.8M in total assets. In 2025, it awarded 13 grants totaling $288K. Net investment income was $1.7M.
Ready to take the next step with Granite State Economic Development Corp?
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of all 13 itemized 2025 grant dollars.
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total Assets | $27,804,367 | $25,295,149 | $22,447,674 |
| Revenue | $11,225,736 | $10,340,764 | $9,828,396 |
| Expenses | $9,191,842 | $8,048,792 | $8,049,295 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $1,691,461 | $1,799,737 | $1,188,210 |
| Distributable Amount | — | — | — |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2019 (received by the IRS January 13, 2020)
- Updated Form 990 for fiscal year 2020 (received by the IRS February 4, 2021)
- Updated Form 990 for fiscal year 2021 (received by the IRS January 11, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS January 12, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS January 23, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS December 20, 2024)
- Updated Form 990 for fiscal year 2025 (received by the IRS February 2, 2026)
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
Grant Size Distribution
38 grants across all recorded years
Open Grants
2 open opportunities from Granite State Economic Development Corp
Giving History
Grant recipients and amounts by year
Among its reported 2025 grants, the largest recipients include University of New Hampshire ($100,500), Utec Inc ($25,000), Vermont Community Loan Center ($25,000).
| Recipient | Purpose | Amount |
|---|---|---|
| UNIVERSITY OF NEW HAMPSHIRE Hampton, NH | SCHOLARSHIPS FOR BUSINESS STUDENTS | $100,500 |
| UTEC INC Lowell, MA | EDUCATION AND JOB TRAINING | $25,000 |
| VERMONT COMMUNITY LOAN CENTER Montpelier, VT | FOR COMMUNITY LOANS | $25,000 |
| COMMUNITY CAPITAL OF VERMONT Barre, VT | — | $25,000 |
| NEW HAMPSHIRE SMALL BUSINESS DEV CT Durham, NH | DEVELOP SMALL BUSINESS | $15,000 |
| USM FOUNDATION Portland, ME | — | $15,000 |
| GIRLS INC Holyoke, MA | EDUCATION JOB TRAINING | $12,500 |
| NEW ENGLAND VILLAGE Pembroke, MA | DEVELOPMENTAL DISABILITIES TRAINING | $12,500 |
| KITTERY LAND TRUST Kittery, ME | CONSERVATION | $12,500 |
| BOXES OF LOVE FOR THE HOMELESS Candia, NH | — | $12,500 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2025 IRS filing
From 2025 IRS filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Steve Aldrich | President | 40 | $481,300 |
| Fred Palazzolo | Senior Vice President | 40 | $436,475 |
| Sean Fitzgerald | Vice President | 40 | $310,400 |
| Paul Collins | Vice President | 40 | $290,000 |
| Pam Bailey | Vice President | 40 | $250,200 |
| Robin Lapointe | Vice President | 40 | $237,500 |
| Matthew Collins | Vice President | 40 | $229,275 |
| Barbara Arena | Vice President | 40 | $208,850 |
| Carissa Murray | Vice President | 40 | $200,500 |
| Tracy Gaylord | Vice President | 40 | $215,550 |
| Ethan Swain | Vice President | 40 | $197,282 |
| Lisa Mousseau | Key Employee | 40 | $196,800 |
| Ashley McCarthy | Employee | 40 | $163,500 |
| Pierre Durand | Employee | 40 | $136,350 |
| Jaclyn St Onge | Employee | 40 | $127,400 |
| Cathy Picardo | Employee | 40 | $127,000 |
| Alan Abraham | Former Employee | — | $165,000 |
| Scott Gardiner | Former Employee | — | $165,000 |
| Brandt Abraham | Employee | 40 | $124,194 |
| Birgit Christiansen | Director | 1.5 | — |
| Nancy Carmer | Director | 1.5 | — |
| David Gompers | Director | 1.5 | — |
| Paul Bergeron | Director | 1.5 | — |
| Jeff Angers | Director | 1.5 | — |
| William Powers | Director | 1.5 | — |
| Mary Driscoll | Director | 1.5 | — |
| Carolyn Cloutier | Director | 1.5 | — |
Frequently Asked Questions
How large is Granite State Economic Development Corp?
As of 2025, Granite State Economic Development Corp holds $27.8M in total assets with $11.2M in annual revenue. It awarded 13 grants totaling $288K in 2025.
Where does Granite State Economic Development Corp operate?
Granite State Economic Development Corp has awarded grants in Massachusetts, Maine, New Hampshire, Vermont.
What size grants does Granite State Economic Development Corp award?
In 2025, Granite State Economic Development Corp awarded 13 grants totaling $288K — an average of about $22K per grant, based on its IRS Form 990 filings.
What is Granite State Economic Development Corp's EIN?
Granite State Economic Development Corp's EIN (Employer Identification Number) is 02-0385121. IRS Form 990 filing data is available on this page for 2019–2025.
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Data last updated September 2026. Sourced from IRS Form 990-PF filings.