10% 93% 50% $185,000 89% 4% $2.2 M $9.5 M

PPP 2021

On March 27, 2020, the Paycheck Protection Program (PPP) was signed into law as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). An original allotment of $349 billion was included to support small businesses through Small Business Administration (SBA) loans. 2021 included the opportunity to support a third round of PPP loans.

While other banks sat on the sideline, Mascoma continued to support businesses in need.

2,223 loans were originated by Mascoma Bank in the three rounds of PPP.

730 loans were part of the third round of PPP.

125+ Mascoma Bank staff worked directly on the PPP program.




Commercial Lending (not including PPP)

In 2021, overall commercial loan volume dropped by 10%, but remained well above historical levels.







Community Impact

The Community Sailing Center (CSC) is the doorway to the lake for thousands of Burlington residents of all walks of life, but just when the center was poised for a new beginning, it found itself facing down a financial storm. Mascoma Bank was ready to help, when others wouldn’t or couldn’t.

Find Out How

The Community Sailing Center (CSC) is the doorway to the lake for thousands of Burlington residents of all walks of life, but just when the center was poised for a new beginning, it found itself facing down a financial storm. Mascoma Bank was ready to help, when others wouldn’t or couldn’t.

Find Out How


2021 was a year of greater stability, and we were able to serve customers more consistently – despite facing many now familiar challenges. Through it all, our customer service metrics reached the highest benchmarks ever.

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Home Loans







First Mortgages










Addressing Our Housing Crisis

Apartment complex with slate blue clapboards and brown timber decks off the front

How do take concern and put it into practice? Advocacy is critical – showing up and speaking up. And showing the community why affordable housing is important

Make a Change

Drone image of Maine small downtown
“We identified workforce and affordable housing as the most important issue facing area businesses. As a result these corporate leaders have made commitments to personally reach out and use the strength of their positions to try to make an impact.”

Impact report

Every three years, Certified B Corporations go through the extensive B Lab Assessment and verification process. The assessment measures our impact on our workers, communities, customers, and the environment. Our B Corp status helps Mascoma Bank make a positive impact where we operate and to “use business as a force for good.” We now have four employee-run B Corp Impact Teams that focus on finding ways the Bank can improve every day. Here are some of our accomplishments in 2021 and plans for 2022.

If you have any questions about Mascoma Bank or this report, I encourage you to contact me at 603-443-8643 or Samantha.Pause@MascomaBank.com

—Samantha Pause, Mascoma Bank Benefit Officer

Certified Since June 2017
Company Score


We strove to better serve our communities through new initiatives, including:

A community needs assessment surveying area nonprofits and local business to better understand challenges our communities are faced with

Providing $2.2 million dollars in philanthropy from the bank and the Foundation to support nonprofit organizations throughout our market area.

Becoming a leadership sponsor of “Building Homes Together” which is a housing initiative to build 5000 homes in Chittenden county.

Working to understand and address community needs for financial literacy in Vermont and New Hampshire and connecting organizations that have a need with resources that are available


Special initiatives focused on making life better for our customers and team members, including:

Helping customers purchase their first home by implementing a First Time Home Buyers program where the Bank pays $4,000 towards closing costs, with down payments a low as 3%.

Participating in the third round of PPP loans supporting local businesses.

Offering an additional 10 weeks of family medical leave in 2021 for team members.

Employee engagement scores in 2021 improved from prior years and we saw a historically  low turnover rate of 15% in 2021.

A $500 match for dependent care FSAs to help ease the burden of childcare and eldercare costs for employees.



Our Environment B Impact team worked understanding and reducing our impacts, including:

A waste analysis project in an effort to understand what and how much waste the Bank contributes to local landfills.

Recycling 25 tons of paper, while looking for ways to reduce and reuse.

Building a roadmap to bring the bank to zero waste in the future.

Analyzing the climate risk within the bank’s existing investment portfolio, developing  strategies to address climate change, and taking into consideration Environmental, Social, and Governmental (ESG) factors when looking at purchases of municipal bonds.



Assess the Bank’s environmental impact and climate risk, and develop strategies to address climate change.

Research issues centered around childcare challenges to better understand how Mascoma Bank can make a positive impact on this issue.

Gain a better understanding of customer needs, expectations, and experience by transforming our customer experience based on outside-in observation.

Develop and maintain a rigorous training and leadership development program that provides all employees with the tools they need to succeed.

Launch our BankOn Checking account (certified by the Cities for Financial Empowerment Fund) to ensure that everyone has access to a safe and affordable bank account including people who otherwise might not be eligible to have a checking account.



Mascoma Community Development Wins Fourth New Markets Tax Credit Allocation of $60 Million

This award comes from the U.S. Treasury’s CDFI Fund. The New Markets Tax Credit (NMTC) program allows Mascoma Community Development to direct capital to underserved, primarily rural communities through financing high-impact, mission-focused projects nationwide, with a primary focus on New Hampshire, Vermont, Maine, New York, Michigan, and Pennsylvania.

With its NMTC allocation received to date, Mascoma Community Development has helped create and retain more than 2,238 jobs throughout New England and beyond.

This New Market Tax Credit award represents MCD’s fourth allocation, providing a total of $230 million since their first award in 2014. MCD is a Community Development Entity (CDE) established by Mascoma Bank to facilitate industrial and manufacturing expansion, retail and main street redevelopments in rural and minor-urban communities that are suffering from population decline and out-migration.

“We are so pleased that the CDFI Fund has continued to be supportive of our impactful community development efforts,” said Dick Jennings, Managing Director, Mascoma Community Development. “The rural areas that we primarily focus our funding on have significant need for access to flexible capital to generate economic recovery and resiliency of their main streets and industrial sectors, enhancing opportunities for quality accessible jobs and access to affordable retail goods and services. This award will greatly strengthen MCD’s efforts to bring beneficial change and economic growth to the communities that we serve.”

The NMTC was enacted in 2000 in an effort to stimulate private investment and economic growth in low-income urban neighborhoods and rural communities that lack access to the patient capital needed to support and grow businesses, create jobs, and sustain healthy local economies. The NMTC is a 39 percent federal tax credit, taken over seven years, on investments made in economically distressed communities.

To find out more about the NMTC program or Mascoma Community Development, please contact Dick Jennings, at (603) 443-8781 or Dick.Jennings@mascomabank.com