News: $2.5MM MassDevelopment Financing Package Supports Jaro Corp Expansion in Ipswich
Relocation, Construction Project will result in 30 new jobs
MassDevelopment today announced the closing of a $2,574,000 financing package for Jaro Corp of Peabody. The manufacturer/applicator of functional coatings for the commercial and military electronics industries is using $2.34 million in tax-exempt bonds and a $234,000 mortgage insurance guarantee to relocate to Ipswich, purchase land, and construct a new 29,000-square-foot facility. Jaro’s project will result in the creation of 20 high-tech manufacturing jobs. Company officials estimate an October 2006 groundbreaking and hope to open their new facility in May 2007.
“Companies like Jaro Corp play a vital role in keeping Massachusetts’ economy competitive by providing high-quality products and services for technology-based manufacturing,” said Robert L. Culver, MassDevelopment president/CEO. “We are pleased to partner with Danvers Bank to provide this low-cost financing to support Jaro Corp as it relocates and adds jobs in Massachusetts.”
Founded in 1984, Jaro Corp specializes in the application of state-of-the-art functional coatings for the electronic industries. The firm’s spray application process for conformal, conductive, and dielectric coatings reduces client costs while addressing a series of manufacturing requirements overseen by various state and federal agencies. Current Jaro clients include Mercury Computer Systems, Tyco Backplanes, Raytheon, and Mack Technologies, Inc.
“We knew we wanted to grow the company in the Bay State,” said President James Odoardi. “It’s where I founded Jaro Corp and this is where we experienced our first success. Thanks to MassDevelopment and Danvers Bank, we were able to borrow at a very competitive rate. The savings we’ll realize during the life of this loan will help us meet our bottom-line and give us the ability to deliver a high-quality product to our customers faster.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. In fiscal year 2005, MassDevelopment financed or managed 158 projects statewide representing an investment of nearly $1.9 billion in the Massachusetts economy. These projects are supporting the creation of 2.769 housing units and more than 9,800 jobs: 4.702 permanent and 5,100 in construction.