Granite State Economic Development Corp

PORTSMOUTH, NH EIN: 02-0385121 Website

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.

Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$25.3M

+12.7% YoY

Annual Giving

$374K

+10.8% YoY

Grant Count

+66.7% YoY

Avg Grant Size

$37K

-33.5% 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 2020 through 2024. As of 2024, the organization holds $25.3M in total assets. In 2024, it awarded 10 grants totaling $374K. Net investment income was $1.8M.

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

Massachusetts $465K (55%)

New Hampshire $292K (35%)

Vermont $45K (5%)

Maine $40K (5%)

States

Massachusetts Maine New Hampshire Vermont

Cities

BostonDoverDurhamHamptonHolyokeLowellMarshfieldMontpelierNaplesNewportPembrokePortsmouthStrathamWestbrook

Financial History

Multi-year comparison from IRS filings

Revenue

Expenses

Qualifying Distributions

Net Investment Income

Metric	2024	2023	2022
Total Assets	$25,295,149	$22,447,674	$20,832,618
Revenue	$10,340,764	$9,828,396	$9,324,758
Expenses	$8,048,792	$8,049,295	$8,300,783
Qualifying Distributions	—	—	—
Net Investment Income	$1,799,737	$1,188,210	$618,375
Distributable Amount	—	—	—

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 2024

Grant Size Distribution

32 grants across all recorded years

Open Grants

2 open opportunities from Granite State Economic Development Corp

Foundation

Economic Development Grant Fund (EDGF)

GRANITE STATE ECONOMIC DEVELOPMENT CORP

Amount

Varies

Deadline

Rolling / Open

Foundation

GSDC Scholarship (Full-Ride)

GRANITE STATE ECONOMIC DEVELOPMENT CORP

Amount

Full-ride

Deadline

Rolling / Open

Annual

Giving History

Grant recipients and amounts by year

Among its reported 2024 grants, the largest include Mass General Hospital ($200,000), University of New Hampshire ($99,000), Utec Inc ($10,000).

Recipient	Purpose	Amount
UTEC INC LOWELL, MA	EDUCATION AND JOB TRAINING	$10,000
UNIVERSITY OF NEW HAMPSHIRE HAMPTON, NH	SCHOLARSHIPS FOR BUSINESS STUDENTS	$99,000
VERMONT COMMUNITY LOAN CENTER MONTPELIER, VT	FOR COMMUNITY LOANS	$10,000
GIRLS INC HOLYOKE, MA	EDUCATION & JOB TRAINING	$7,500
NEW HAMPSHIRE SMALL BUSINESS DEV CT DURHAM, NH	DEVELOP SMALL BUSINESS	$10,000
MASS GENERAL HOSPITAL BOSTON, MA	RESEARCH GRANT	$200,000
CHILDRENS MUSEUM DOVER, NH	ONGOING CHILDRENS PROGRAM SUPPORT	$10,000
SEEDS OF HOPE NAPLES, ME	KITCHEN RENOVATION	$10,000
NEW ENGLAND VILLAGE PEMBROKE, MA	DEVELOPMENTAL DISABILITIES TRAINING	$7,500
FRIENDS FOREVER DURHAM, NH	LEADERSHIP TRAINING	$10,000

Leadership & Key People

Officers and directors from IRS filings

Compensation Overview

From 2024 IRS filing

From 2024 filing

Name	Title	Hours	Compensation
STEVE ALDRICH	PRESIDENT	40	$422,250
FRED PALAZZOLO	SENIOR VICE PRESIDENT	40	$387,025
SEAN FITZGERALD	VICE PRESIDENT	40	$300,400
SCOTT GARDINER	FORMER EMPLOYEE	—	$359,132
PAUL COLLINS	VICE PRESIDENT	40	$280,225
MATTHEW COLLINS	VICE PRESIDENT	40	$235,400
PAM BAILEY	VICE PRESIDENT	40	$225,200
BARBARA ARENA	VICE PRESIDENT	40	$208,100
ROBIN LAPOINTE	VICE PRESIDENT	40	$209,300
ETHAN SWAIN	VICE PRESIDENT	40	$190,200
CARISSA MURRAY	VICE PRESIDENT	40	$175,083
TRACY GAYLORD	VICE PRESIDENT	40	$190,200
LISA MOUSSEAU	KEY EMPLOYEE	40	$158,600
ASHLEY MCCARTHY	EMPLOYEE	40	$147,508
PIERRE DURAND	EMPLOYEE	40	$126,850
ALAN ABRAHAM	FORMER EMPLOYEE	—	$165,000
CATHY PICARDO	EMPLOYEE	40	$122,800
JACLYN ST ONGE	EMPLOYEE	40	$107,517
BRANDT ABRAHAM	EMPLOYEE	40	$100,900
DAVID GOMPERS	DIRECTOR	1.5	—
PAUL BERGERON	DIRECTOR	1.5	—
BIRGIT CHRISTIANSEN	DIRECTOR	1.5	—
NANCY CARMER	DIRECTOR	1.5	—
MARY DRISCOLL	DIRECTOR	1.5	—
CAROLYN CLOUTIER	DIRECTOR	1.5	—
JEFF ANGERS	DIRECTOR	1.5	—
WILLIAM POWERS	DIRECTOR	1.5	—

Frequently Asked Questions

How large is Granite State Economic Development Corp?

As of 2024, Granite State Economic Development Corp holds $25.3M in total assets with $10.3M in annual revenue. It awarded 10 grants totaling $374K in 2024.

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 2024, Granite State Economic Development Corp awarded 10 grants totaling $374K — an average of about $37K 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 2020–2024.