If your company is expanding operations and needs to purchase equipment, MassDevelopment can help. Our equipment loan program offers:
- Loans or bank loan participations up to $2,000,000
- Fixed rate financing
- Loan terms up to seven years
- Loan advance rates up to 85% of the cost of new equipment
- Exporters may receive 100% financing for new equipment
MassDevelopment provided two equipment loans, totaling $410,000, to GTR Manufacturing Inc., a custom precision sheet metal manufacturer in Brockton, to purchase a new punch press and related accessories. The press enables the company to handle larger jobs, increase production efficiency, and reduce material waste. Because GTR is an exporter, MassDevelopment was also able to provide a 70% export loan guarantee on the equipment loans, allowing GTR to finance 100% of the new machine.