FOR IMMEDIATE RELEASE
August 26, 2020
Mascoma Community Development, an entity of New England based Mascoma Bank, has received a $65 Million tax credit allocation to facilitate industrial and manufacturing expansion, along with retail and main street redevelopments in rural and minor-urban communities of New England. The award is from the New Markets Tax Credit (NMTC) authority from the U.S. Treasury’s CDFI Fund. Project developments will be focused on New Hampshire, Vermont, Maine, New York, Michigan, and Pennsylvania.
“We will use this award to provide much needed flexible financing for manufacturers needing to update deteriorating facilities and aging equipment,” said Dick Jennings, Managing Director, Mascoma Community Development. “It will also provide main street retailers and commercial businesses access to private investments to boost rural economies and help revitalize severely distressed communities. NMTCs have proven to be one of the most effective tools to make projects successful, to help achieve our mission, and to improve communities across our region. We are so pleased that the CDFI Fund has continued to be supportive of these efforts.”
Mascoma Bank also works with the Small Business Administration to facilitate the Paycheck Protection Program, part of the federally funded CARES Act.