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OLEAN, NEW YORK (October 28, 2025) – Mascoma Community Development (MCD) announced today the successful closing of a New Markets Tax Credit (NMTC) financing transaction in support of Cimolai-HY, LLC. The transaction will support a comprehensive workforce training program as well as additional equipment acquisition and installation at its existing steel fabrication facility in Olean, NY. The project will enable continued growth of Cimolai-HY’s operations and staff through workforce training programs to meet the rapidly growing demand for structural steel.
“MCD is pleased to provide NMTC funding to support the Cimolai-HY project and workforce training in Cattaraugus County. Cimolai-HY has been investing in U.S. steel manufacturing since 2022, and this allows them to expand those efforts,” says Michelle LeClair, Chief Investment Officer of MCD. “This project offers an opportunity to ensure that the local workforce in a key and growing industry is well-trained for jobs with higher earning potential. When the local economy is strong and sustainable, residents can support their families and enjoy a high quality of life.”
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.
Cimolai-HY was formed in 2022 to create a fabricated structural steel facility in Olean, NY. In its first year of operation, the facility’s production capacity reached approximately 35,000 tons of fabricated steel annually. With this project, Cimolai-HY plans to expand its equipment line and workforce to 190 FTE positions, with a goal to increase production to 50,000 tons annually. A large portion of its steel is used to create essential components for bridges, sports stadiums, commercial buildings, and other industrial facilities.
Cimolai-HY’s Olean facility is one of the largest manufacturing plants in Cattaraugus County and provides well-paying employment opportunities for individuals with a wide variety of education backgrounds, including both high school and college graduates in the community and surrounding area. The company is committed to hiring its new positions locally when possible to ensure that the Olean community retains the project’s economic benefits.
The planned workforce training program will include job-specific training, crucial steel industry training, and heavy crane and forklift certifications for specialized employees. The company will partner with local trade schools to provide on-the-job training for production employees and promote training of younger workers for good-paying jobs with growth potential.
“We thank Mascoma Community Development for their investment which will enable us to add dozens of new employees and additional equipment to expand our steel manufacturing capabilities,” said John Kelly, Managing Member of the Cimolai-HY Board of Directors. “The U.S. demand for structural steel continues to grow and we are proud to supply clients with best-in-class, American-made steel which creates more well-paying jobs in the process.”
MCD is pleased to report that this project makes possible an additional grant from MCD of $80,000 to a third-party CDFI (Community Development Financial Institution) partner, Pursuit Community Finance, which serves the state of New York. This grant will support small businesses with funding, business counseling, and skills training. 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 with 26 branches and two loan production offices located throughout Northern New England and is the controlling entity to Mascoma Community Development. The bank has a 126-year history of serving communities and businesses primarily in rural and minor-urban areas. Certified B Corporation® and member of the Global Alliance for Banking on Values. Member FDIC and Equal Housing Lender. For more information, please visit https://mascoma.bank.
About Cimolai-HY
Cimolai-HY, is a collaboration between HY Steel LLC (a division of prominent global real estate developer Related Companies) and Cimolai S.p.A., recognized as one of the world’s leading designers and fabricators of structural steel. Cimolai-HY combines the unique capabilities of both companies to provide best-in-class structural steel design, fabrication and value engineering services for large scale structural steel projects in the United States including stadiums, bridges, supertall buildings and specialty structures. The company’s 1 million square foot, state-of-the-art fabrication plant is located in Olean, NY. For more information on Cimolai-HY, please visit https://www.cimolai-hy.com.