NH Delegation Announces $55 Million for Mascoma Bank to Support Small Businesses & Community Development
(Manchester, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH), a senior member of the Senate Committees on Small Business and Entrepreneurship and Appropriations, announced with U.S. Senator Maggie Hassan (D-NH) and Representatives Annie Kuster (NH-02) and Chris Pappas (NH-01) that Mascoma Community Development, a wholly-owned subsidiary of Mascoma Bank of Lebanon was awarded $55 million in New Markets Tax Credits (NMTC) to incentivize development in underserved communities. Mascoma Community Development works to help raise capital, facilitate loans and support development in low income and distressed communities.
The tax credits for Mascoma Community Development and other organizations were first announced by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund), which promotes development in economically distressed urban and rural areas by investing in mission-driven financial institutions. Senator Shaheen has been a strong supporter of the CDFI Fund, and as a member of the Senate Appropriations Committee, has advocated for funding for CDFI programs.
“Boosting investment in our rural and underserved communities is key to growing our state’s economy and creating good-paying jobs,” said Senator Shaheen. “Community Development Entities like Mascoma Community Development, provide crucial access to capital and services to support Granite State small businesses and other investments in affordable housing and community enrichment. I'll continue to advocate for the CDFI Fund and will keep working to ensure these programs receive robust funding to make more investments like this in our communities.”
“New Hampshire is the best place to start a business, and we need to continue finding ways to support and uplift our local businesses,” said Senator Hassan. “These federal dollars are a direct investment in helping Granite Staters and our economy thrive. It will help Mascoma Community Development invest in additional small businesses, create good-paying jobs, and expand economic opportunity – and I look forward to seeing these funds make our Main Streets and communities across our state even more vibrant.”
“Supporting and incentivizing development in rural communities is critical,” said Congressman Chris Pappas. “These funds will invest in New Hampshire’s rural small businesses and boost our local economies. Moving forward, I’ll continue to support programs like this one that will help rural and underserved communities thrive across our state.”
“This federal funding is a meaningful investment in the economic vitality of our local communities,” said Congresswoman Kuster. “I have been proud to support Mascoma Bank’s efforts to maximize the New Markets Tax Credit Program’s impact in the Granite State and I’ve seen first-hand the positive effects funding through this program can create in our underserved communities. These tax credits will provide incentives and opportunities to bolster economic development throughout our state. I will continue working to ensure every Granite State community can thrive.”