Vermont Business Magazine Mascoma Community Development (MCD) is pleased to announce the closing of $13 million in New Markets Tax Credit (NMTC) allocation to finance the expansion of Weidmann Electrical Technology, Inc. (Weidmann) in St. Johnsbury, Vermont. The project is needed to support higher levels of demand for large power transformer insulation and to create pathways for career advancement and income growth in Northern Vermont.
With the support of MCD’s New Markets Tax Credit financing, Weidmann will expand its transformer board manufacturing capacity and construct a finished goods storage facility that will create and retain quality, accessible jobs. The company is a significant employer in St. Johnsbury, a town experiencing substantial declines in household median income and population due in large part to lack of good jobs and skills-based training programs.
With a commitment to ongoing education and skill development, Weidmann will continue to make substantial investments in new programs designed to benefit the organization and its employees. The project has support from the local community and its elected officials, who have already undertaken substantial public infrastructure investment including a $12 million upgrade to the town water treatment plant, enabling St. Johnsbury and Weidmann to grow in tandem with each other.
“MCD is pleased to provide NMTC funding to support the Weidmann expansion, which will have a significant positive impact on the people and economy of St. Johnsbury and the surrounding region. The expansion will not only allow Weidmann to meet increased demand for its products but also to continue their commitment to current and future employees through training and job opportunity,” said Michelle LeClair, Chief Investment Officer of MCD.
MCD is a Community Development Entity (CDE) established by Mascoma Bank which creates impactful jobs in highly distressed, low-income rural and minor-urban communities. MCD also targets downtown redevelopment projects that help revitalize communities and provide services to residents.
Weidmann, established in 1969 at its current location in St. Johnsbury, is a leading manufacturer of transformer insulation. As part of the family-owned Weidmann Group, the company operates as a global supplier of engineered products and services across the electrical, medical, and fiber technology sectors. The Weidmann facility in St. Johnsbury is one of three transformer insulation facilities in North America and provides board production for the entire region.
The Weidmann project is estimated to retain 300 jobs and create 67 new jobs upon completion. The company has a history of collaborating with local colleges and technical schools to provide training opportunities for employees. It provides in-house and external training for employees, encourages growth from within, and established an in-house leadership program in 2022.
In addition to support for its employees, Weidmann has volunteered in community service projects or partners with local fundraising events like Relay for Life and the Alzheimer’s Walk. In the last five years, it has donated over $250,000 to local nonprofits, contributed to Northeastern Vermont Regional Hospital’s West Wing Project, and supported youth development programs, particularly focusing on STEM education.
“Weidmann’s commitment goes beyond job creation—it’s about investing in people, supporting our community, and ensuring we’re prepared to meet growing customer demand in the region. By fostering local talent and giving back to the Northeast Kingdom, we’re creating a legacy that benefits both our employees and the wider community,” said Carol Martin at Weidmann.
U.S. Bancorp Impact Finance is investing in New Markets Tax Credits to help finance this project.
“We’re dedicated to financing projects that support business growth, job creation and economic development in underserved communities," said Tom Oldenburg, U.S. Bancorp Impact Finance Senior Vice President of Business Development. “We’re excited for the St. Johnsbury community and the increased jobs this investment is expected to bring.”
MCD is pleased to report that this project has also made possible MCD’s grant of $65,000 to its third-party CDFI (Community Development Financial Institution) partner, Vermont Community Loan Fund, headquartered in Montpelier, Vermont. This grant will fund a .0% loan to Rural Edge to fund remaining predevelopment costs of a 17-unit workforce housing development in Barnet, Vermont. MCD takes great pride in supporting CDFI organizations that strengthen the communities they serve.
About Mascoma Community Development
MCD was awarded the NMTC Allocation by the Community Development Financial Institutions Fund (CDFI Fund), a branch of the U.S. Department of Treasury. Using its tax credit allocation, MCD seeks to provide low-cost, flexible financing to businesses throughout the United States and emphasizes creating impactful jobs in highly distressed low-income communities nationally.
About Mascoma Bank
Mascoma Bank is a $2.9 billion mutual community bank and Certified B Corporation® with 28 branches and two loan production offices located throughout Northern New England and is the controlling entity to Mascoma Community Development. The bank has a 125-year history of serving communities and businesses primarily in rural and minor-urban areas. Member FDIC and Equal Housing Lender.
Source: ST. JOHNSBURY, VERMONT (November 22, 2024) – Mascoma Community Development
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