CONCORD, N.H. (AP) — A New Hampshire bank is getting $60 million to help a community development program invest in small businesses.

Mascoma Bank in Lebanon will receive the funds through the New Markets Tax Credit program to help Mascoma Community Development, the state’s congressional delegation said in a news release Wednesday.

Tax credits would be offered to investors in qualifying community development projects.

“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,” U.S. Sen. Jeanne Shaheen said. “By directing money to institutions that invest in small businesses and hard-hit communities, this funding helps create jobs and boost economic growth.”

(Copyright (c) 2021 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Join our Newsletter for the latest news right to your inbox