NH Delegation Announces $60 Million Heading to Mascoma Bank to Support Small Businesses & Community Development
(Manchester, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH), a senior member of the Senate Small Business and Appropriations Committees, Senator Maggie Hassan (D-NH) and Representatives Annie Kuster (NH-02) and Chris Pappas (NH-01) announced that Mascoma Bank in Lebanon will receive $60 million through the New Markets Tax Credit (NMTC) program to promote immediate recovery efforts and sustained economic development. Mascoma Community Development works to help raise capital, facilitate loans and support community development across New Hampshire; this NMTC award will greatly strengthen their ability to invest in our communities.
The NMTC award was announced by the Treasury Department’s Community Development Financial Institutions (CDFI) Fund, which promotes development in underserved urban and rural areas by investing in community financial institutions. Senators Shaheen and Hassan are strong supporters of the CDFI Fund and NMTC program, and Senator Shaheen has advocated for increased funding as a member of the Senate Appropriations Committee.
“The financial fallout caused by the pandemic exacerbated economic devastation facing underserved areas across New Hampshire and the nation. That’s why targeted funding to institutions like Mascoma Bank is so critical to reverse these trends and lift local economies. By directing money to institutions that invest in small businesses and hard-hit communities, this funding helps create jobs and boost economic growth,” said Senator Shaheen. “I applaud Mascoma for this important work, and I’ll continue working in the Senate to secure much-needed investments for Granite State businesses and communities – especially as we recover from the COVID-19 crisis.”
“These federal dollars will help expand economic opportunity in lower-income and rural communities, including by investing in small businesses,” said Senator Hassan. “I look forward to seeing how this funding will help contribute to New Hampshire’s high quality of life in the years to come.”
“Even before the COVID-19 pandemic, limited access to financial services and resources in our rural communities inhibited growth – as we work to build back better from the pandemic, we have a unique opportunity to invest in our rural economies and bolster economic development,” said Representative Kuster. “This targeted federal funding heading to Mascoma Bank will support that effort and help to foster resilient and vibrant communities as we recover and rebuild.”
“It’s essential we continue to support development in our rural communities,” said Representative Pappas. “Thanks to this tax credit Mascoma Bank will be able to support additional small businesses and boost development across New Hampshire, help that is critically important as we rebuild our local economies following the pandemic. I remain committed to supporting programs like this one to ensure our rural communities have the tools and resources they need to thrive.”
“Mascoma Community Development and its parent company, Mascoma Bank, are humbled and excited to have received a New Market Tax Credit allocation from this latest award round. We look forward to deploying these funds to help create jobs in underserved communities throughout New Hampshire,” said Clayton Adams, President & CEO of Mascoma Bank.
Tax credit allocations awarded to Community Development Entities (CDE), such as Mascoma Community Development, enable CDEs to offer tax credits to investors in qualifying community development projects. The total tax credit equals 39 percent of the original investment and is spread over a seven-year period, and can be combined and leveraged with other public and private investments to enhance overall impact.
