Lower Cost Financing for Expanding Manufacturing Businesses
MassDevelopment, the state’s finance and development authority, wants to help your manufacturing business thrive in the Bay State. We offer financing solutions at a lower cost to your company, meeting your needs with bonds, loans, and other finance programs. Through our Tax-Exempt Industrial Development Bond (IDB) Program, manufacturers seeking to relocate to Massachusetts, expand, or purchase equipment can save one to two percent per year, sometimes more, in lower interest costs.
Here’s how the program works. Because investors do not pay taxes to the Federal Government on interest income earned from the purchase of MassDevelopment bonds issued on behalf of manufacturers, those investors are willing to offer borrowers significantly lower interest rates. Depending on the size of the bond issue, your company could save hundreds of thousands of dollars per year during the term of your loan.
MassDevelopment makes it easy by offering the option to work with your existing bank. The bank sets the terms, but working with MassDevelopment guarantees that you still lock in the lower rate. MassDevelopment’s IDB program is available to all types of manufacturers, from food producers like Cindy’s Kitchen of Brockton and Bagel Boy, Inc. of Lawrence, to high-tech manufacturers like Cold Chain Technologies of Holliston and Five Star Surgical of New Bedford.
As bond funding for these projects is a limited resource, companies with projects that are currently seeking funding or anticipate needing funding in the coming year should contact the Agency now to ensure availability. Please call (800) 445-8030 or visit www.massdevelopment.com for more information. The agency staffs regional offices in Boston, Devens, Fall River, Lawrence, Pittsfield, Springfield, Worcester, and Westborough, so a member of our MassDevelopment team would be happy to meet with you locally, or even at your own facility. We look forward to working with you!
