10% 93% 5000 $32,215 17 53% $82,500 $8,307,793

PPP 2020

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. Even before it was officially launched, information was coming out at a furious pace.

And Mascoma Bank was ready or at least as ready as possible.

1,493 businesses received loans through Mascoma Bank in the first round of PPP.

14,890 jobs were directly supported by PPP funds.

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




Commercial Lending (not including PPP)

In 2020, overall commercial loan volume was up 53% with most of the lending activity taking place in just nine months.







Community Impact

“They can’t afford to pay us back” doesn’t sound like the typical beginning to a story about a bank loaning hundreds of thousands of dollars, does it? But sometimes, you know something is going to be so valuable to the community, you have to find a way to make it happen.

Find Out How

“They can’t afford to pay us back” doesn’t sound like the typical beginning to a story about a bank loaning hundreds of thousands of dollars, does it? But sometimes, you know something is going to be so valuable to the community, you have to find a way to make it happen.

Find Out How


2020 was a record-setting year for home loans, despite and because of the pandemic, helped by low interest rates, and only possible due to the unprecedented efforts and adaptability of the Mascoma Bank team.

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Home Loans







First Mortgages










Supporting BIPOC Microenterprise

Aerial image and video courtesy of William Daugherty - storefront with brightly colored painting

In the spring of 2020, amid the storm of the coronavirus pandemic, the subsequent economic fallout, and the social unrest in reaction to George Floyd’s death, Mascoma Bank dove deep into the question of how we can truly make an impact on the issues of inequity prevalent in the United States.

Make a Change

Aerial image and video courtesy of William Daugherty - Paint on brick wall on side of building of a bipoc woman smiling
“We recognized that just writing a check can often perpetuate a system that's currently in place, whereas to truly be an agent for change, we all need to approach this challenge in a different way.”

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 2020 and plans for 2021.

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


Continued to expand our commitment to diversity, equity, and inclusion (DEI) by:

Creating a Company DEI Framework that defines tactics the Bank will take to encourage and embrace diversity, equity, and inclusion.

Partnering with Vermont Community Loan Fund to develop the Business Navigator project to provide support for BIPOC communities to learn how to best access capital to start and fund new businesses.

Forming an employee-run committee called Co-Align, which provides bank-wide educational workshops that focus on building awareness on topics such as inclusivity, unconscious bias, micro-aggression, redlining, and the use of pronouns.



Supported our team members through the pandemic in a variety of ways, including:

Making it possible for more than half of our workforce to transition to working remotely and ensuring essential employees who work in the branches have appropriate tools and safety protocols to keep them safe.

Offering up to 80 hours of emergency paid sick leave and an additional 10 hours of expanded FMLA under the Families First Coronavirus Leave Act, both at 100% of pay.

Creating a transparent communication plan with weekly video updates from CEO Clay Adams about what to expect with our changing work environment, how the Bank was performing, and more. Employees can submit anonymous questions, which he answers in his videos. We also held multiple virtual town halls with employees where they could share their thoughts and concerns with senior management.



Supported customers that were impacted financially by COVID by:

Working one-on-one with customers based on their needs.

Offering loan payment deferments and loan modifications.

Waiving or suspending many deposit and loan fees.

Helped support our business community through our involvement with the Paycheck Protection Program by:

Supporting hundreds of local businesses through chaotic and uncertain times.



The Community Impact Team is looking at ways the Bank can help improve financial literacy throughout our market area.

The Employee Impact Team is focused on employee development by creating programs to help our employees learn and grow and increase the number of employees who are promoted from within the company.

The Customer Impact Team is focused on developing banking products and services that can better serve an underrepresented market.

The Environment Impact Team is researching ways that the Bank can ultimately reach zero waste.



Mascoma Community Development Wins Third New Markets Tax Credit Allocation of $65 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 1,440 jobs throughout New England and beyond.

This NMTC award represents Mascoma Community Development’s third allocation, providing a total of $170 million since its first award in 2014. Mascoma Community Development is a community development entity established by Mascoma Bank to facilitate industrial and manufacturing expansion, along with retail and main street redevelopments in rural and minor-urban communities that are suffering from population decline and out-migration.

“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.”

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