Lower Cost Financing Available for Expanding Manufacturing Businesses
MassDevelopment, the Commonwealth’s finance and development authority, is open for business and ready to help you expand your manufacturing company in Massachusetts. The agency continues to offer a wide range of low-cost financing solutions for your business, including bonds, loans, and loan guarantees.
Our Tax-Exempt Industrial Development Bond (IDB) program can save manufacturers seeking to move to Massachusetts, expand in state, or purchase equipment, up to two percent per year – and sometimes more – in borrowing costs. Depending on your borrowing need, your company could save hundreds of thousands of dollars per year during the term of the loan.
Manufacturers are also eligible for attractive rates and a higher loan-to-value through our direct loans and guarantees, and additional targeted programs for technology firms, exporters and seafood industry businesses.
MassDevelopment makes it easy by working with your bank, or helping you find a new banking partner. Currently, more than 60 Bay State banks offer or participate in agency finance programs and many are seeking to develop new relationships with borrowers that utilize MassDevelopment financing incentives. Our IDB and lending programs are available to all types of manufacturers, from food producers, like Mar-Lees Seafood of New Bedford and Progressive Gourmet of Wilmington, to high-tech and traditional manufacturers like Millstone Medical Outsourcing, Inc. of Fall River and Valley Steel Stamp, Inc. of Greenfield.
Please call (800) 445-8030 or visit www.massdevelopment.com for more information. Staff finance and business development experts are available to meet with you at our offices in Boston, Devens, Fall River, Lawrence, Pittsfield, Springfield, and Worcester, or at your facility. We look forward to working with you!