Granite State Economic Development Corp
Granite State Economic Development Corp is a public charity based in Portsmouth, New Hampshire. Its core work is providing SBA 504 financing to small businesses in New Hampshire, Massachusetts, Maine, and Vermont to support business expansion and economic development.
Granite State Economic Development Corp at a glance
In short: Granite State Economic Development Corp gave $288K across 13 grants in 2025 (avg $22K), top state New Hampshire. 31% of 2025 grantees were new. Source: 2025 IRS Form 990.
- Annual giving (2025)
- $288,000
- -23.0% vs 2024
- Grants made (2025)
- 13
- +30.0% vs 2024
- Average grant
- $22,154
- -40.8% vs 2024
- Median grant
- $12,500
- Total assets
- $27,804,367
- +9.9% vs 2024
- New grantees (estimate)
- 31% first-time grantees (4 of 13, 2025; small sample)
- Primary geography
- New Hampshire (48% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to Granite State Economic Development Corp
- Contact
Mailing address: 1 Cate St 3Rd Floor, Portsmouth, NH 03801-7108
Website: https://granitestatedev.com
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Open Grants
2 open opportunities from Granite State Economic Development Corp
Who Granite State Economic Development Corp funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was University of New Hampshire ($101K). Together the top 10 received $256K.
Grant Size Distribution
38 grants across all recorded years
The most common grant size was under $50K: 33 grants of 38 (87%).
Geographic Focus
Where this funder awards grants
The organization’s stated operating area is Maine, New Hampshire, Vermont, and Massachusetts. Its 2025 grants went to recipients in New Hampshire, Massachusetts, Vermont, and Maine, with reported shares of grant dollars of 48%, 17%, 17%, and 17%, respectively. The Economic Development Grant Fund is described as serving the New England region, specifically Maine, Massachusetts, New Hampshire, and Vermont.
Grant Distribution by State
Share of 2025 grant dollars across all 13 itemized grants.
Cities
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. With only 13 grantees, that is a small sample: one grantee more or less moves the share by about 8 points. First grants averaged $13K; repeat grants $26K. How we count
Medians: $13K first-time, $15K repeat.
Estimate from itemized grant lists in IRS Form 990 filings (2019–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2019 to 2025, annual grant giving ranged from $40K (2021) to $374K (2024). In 2025 it made 13 grants totaling $288K.
Grants by year
Grant recipients and amounts by year
| 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 |
Ready to take the next step with Granite State Economic Development Corp?
Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $27,804,367 | $11,225,736 | $9,191,842 | $288,000 | 13 | $1,691,461 |
| 2024 | $25,295,149 | $10,340,764 | $8,048,792 | $374,000 | 10 | $1,799,737 |
| 2023 | $22,447,674 | $9,828,396 | $8,049,295 | $337,500 | 6 | $1,188,210 |
| 2022 | $20,832,618 | $9,324,758 | $8,300,783 | $40,000 | 4 | $618,375 |
| 2021 | $20,882,943 | $8,490,833 | $8,057,754 | $40,000 | 5 | $521,979 |
| 2020 | $20,404,241 | $8,178,955 | $7,924,864 | $60,000 | 7 | $694,547 |
| 2019 | $19,198,592 | $7,871,634 | $7,542,959 | $67,000 | 7 | $915,864 |
Research compiled by Grantable AI from public sources. Last updated October 2026.
Mission & Focus Areas
The organization’s mission, as stated in its 2023 filing, is to create economic development by helping businesses obtain SBA 504 financing to expand through real estate acquisition, renovation or construction, and machinery or equipment acquisition. It says expanded businesses lead to job creation or retention in its states of operation: Maine, New Hampshire, Vermont, and Massachusetts.
Its Economic Development Grant Fund supports job creation and retention, community improvement and enhancement, and economic development projects. The organization also describes its scholarship program as supporting students in meaningful educational pursuits.
The 2025 grantees included organizations whose own stated missions span several areas. For example, UTEC describes its work as helping young adults trade violence and poverty for social and economic success; Boxes of Love for the Homeless says it serves people facing poverty, hunger, and homelessness in New Hampshire; and New England Village says it empowers adults with intellectual and developmental disabilities through programs including residential housing, employment supports, and community-based services.
Grantmaking
In filing year 2025, the organization reported 13 grants totaling $288,000. Awards ranged from $10,000 to $100,500, with a median grant of $12,500.
The largest reported grant was $100,500 to the University of New Hampshire in Hampton, New Hampshire, for business-student scholarships. Other notable awards included $25,000 to UTEC Inc in Lowell, Massachusetts, for education and job training; $25,000 to Vermont Community Loan Center for community loans; and $25,000 to Community Capital of Vermont. The organization also reported $15,000 to New Hampshire Small Business Development Corporation for small-business development and $15,000 to the USM Foundation.
The Economic Development Grant Fund is listed as currently open. The organization’s website says the fund supports grants to organizations, projects, and programs that create or retain jobs or improve or enhance the community. The website does not provide application instructions or materials in the supplied information. The full-ride scholarship program is also listed as currently open; it supports students’ educational pursuits.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Steve Aldrich as president; Fred Palazzolo as senior vice president; and Sean Fitzgerald, Paul Collins, Pam Bailey, Robin LaPointe, Matthew Collins, Barbara Arena, Carissa Murray, and Tracy Gaylord as vice presidents.
Granite State Economic Development Corp is led by Steve Aldrich, President since 2023 (on filings since 2019); 19 of 27 officers listed in 2025 are compensated.
Officers on the 2025 filing
Steve Aldrich
President
Senior Vice President → Executive Vice President, 2020
Executive Vice President → President, 2023
On filings since 2019
40 hrs/week
$320K (2019) → $481K (2025)
Birgit Christiansen
Director
On filings since 2019
1.5 hrs/week
$5K (2019) → $0 (2025)
Carolyn Cloutier
Director
On filings since 2019
1.5 hrs/week
$5K (2019) → $0 (2025)
David Gompers
Director
On filings since 2019
1.5 hrs/week
$5K (2019) → $0 (2025)
Mary Driscoll
Director
On filings since 2019
1.5 hrs/week
$5K (2019) → $0 (2025)
Nancy Carmer
Director
On filings since 2019
1.5 hrs/week
$5K (2019) → $0 (2025)
Paul Bergeron
Director
On filings since 2019
1.5 hrs/week
$5K (2019) → $0 (2025)
William Powers
Director
On filings since 2019
1.5 hrs/week
$5K (2019) → $0 (2025)
Jeff Angers
Director
On filings since 2019
1.5 hrs/week
No compensation reported
Alan Abraham
Former Employee
Presidentdirector → Senior Vice President, 2020
Senior Vice President → Former Employee, 2022
On filings since 2019
$360K (2019) → $165K (2025)
Barbara Arena
Vice President
On filings since 2019
40 hrs/week
$169K (2019) → $209K (2025)
Carissa Murray
Vice President
Employee → Key Employee, 2021
Key Employee → Vice President, 2023
On filings since 2019
40 hrs/week
$128K (2019) → $201K (2025)
Ethan Swain
Vice President
On filings since 2019
40 hrs/week
$161K (2019) → $197K (2025)
Fred Palazzolo
Senior Vice President
Vice President → Senior Vice President, 2020
On filings since 2019
40 hrs/week
$248K (2019) → $436K (2025)
Matthew Collins
Vice President
On filings since 2019
40 hrs/week
$250K (2019) → $229K (2025)
Pam Bailey
Vice President
On filings since 2019
40 hrs/week
$174K (2019) → $250K (2025)
Paul Collins
Vice President
Employee → Vice President, 2021
On filings since 2019
40 hrs/week
$195K (2019) → $290K (2025)
Robin Lapointe
Vice President
Key Employee → Vice President, 2023
On filings since 2019
40 hrs/week
$140K (2019) → $238K (2025)
Scott Gardiner
Former Employee
Executive Vice President → President, 2020
President → Former Employee, 2023
On filings since 2019
$360K (2019) → $165K (2025)
Sean Fitzgerald
Vice President
On filings since 2019
40 hrs/week
$252K (2019) → $310K (2025)
Tracy Gaylord
Vice President
Employee → Vice President, 2021
On filings since 2019
40 hrs/week
$162K (2019) → $216K (2025)
Cathy Picardo
Employee
On filings since 2020
40 hrs/week
$111K (2020) → $127K (2025)
Lisa Mousseau
Key Employee
Employee → Key Employee, 2023
On filings since 2020
40 hrs/week
$111K (2020) → $197K (2025)
Ashley McCarthy
Employee
On filings since 2022
40 hrs/week
$110K (2022) → $164K (2025)
Brandt Abraham
Employee
On filings since 2023
40 hrs/week
$116K (2023) → $124K (2025)
Pierre Durand
Employee
On filings since 2023
40 hrs/week
$121K (2023) → $136K (2025)
Jaclyn St Onge
Employee
On filings since 2024
40 hrs/week
$108K (2024) → $127K (2025)
Former officers (3)
- Former: Amanda Lee (2019–2022) — Vice President
- Former: Paul Durand (2022) — Employee
- Former: Margaret Maloney (2020–2021) — Employee
Data from IRS Form 990 filings, 2019–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $481K, to Steve Aldrich (President). 19 officers or directors reported compensation on that filing.
Frequently asked questions about Granite State Economic Development Corp
How much does Granite State Economic Development Corp give each year?
Granite State Economic Development Corp gave $288K across 13 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $374K across 10 grants.
What is Granite State Economic Development Corp's typical grant size?
Granite State Economic Development Corp's median grant in 2025 was $12,500, and its average grant was $22,154, across 13 grants on its 2025 IRS Form 990. Organizations receiving their first grant from Granite State Economic Development Corp that year got $13K on average.
Where does Granite State Economic Development Corp give grants?
Granite State Economic Development Corp's top state is New Hampshire, with 48% of the grant dollars itemized on its 2025 IRS Form 990. The next largest states were Massachusetts (17%) and Vermont (17%). The most frequent recipient cities were Portland, ME (2 grants).
Does Granite State Economic Development Corp give general operating support?
Not in 2025: none of the 9 grants with a stated purpose on Granite State Economic Development Corp's 2025 IRS Form 990 were described as general or operating support.
Who are Granite State Economic Development Corp's largest grantees?
Granite State Economic Development Corp's largest 2025 grantees include University of New Hampshire ($100,500), Utec Inc ($25,000) and Vermont Community Loan Center ($25,000), according to its 2025 IRS Form 990. Together they received 52% of its itemized 2025 grant dollars.
How large is Granite State Economic Development Corp?
Granite State Economic Development Corp reported $27.8M in total assets on its 2025 IRS Form 990. Its revenue that year was $11.2M.
What does Granite State Economic Development Corp fund?
The organization’s mission, as stated in its 2023 filing, is to create economic development by helping businesses obtain SBA 504 financing to expand through real estate acquisition, renovation or construction, and machinery or equipment acquisition. See mission & focus areas ↑
How do I apply for a grant from Granite State Economic Development Corp?
Granite State Economic Development Corp has no public application process in the sources Grantable reviewed. Check granitestatedev.com for current guidelines, or contact the foundation directly before submitting a request.
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.
Data last updated October 2026. Sourced from IRS Form 990 filings. Research dossier generated October 2026.
Data update history
(7)
When this profile's IRS filing data changed on Grantable
- 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)
- 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)
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Cite this profile
Grantable. (2026). Granite State Economic Development Corp funder profile. GrantGraph. Retrieved October 16, 2026, from https://grantable.co/funders/granite-state-economic-development-corp-morg_bf4f3da73611413ab3c14cc2760c14a6
BibTeX
@misc{grantable_020385121_2026,
author = {{Grantable}},
title = {{Granite State Economic Development Corp funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/granite-state-economic-development-corp-morg_bf4f3da73611413ab3c14cc2760c14a6},
note = {Accessed 2026-10-16. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Granite State Economic Development Corp's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
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