The Massachusetts Emerging Technology Fund (ETF) targets technology companies that are starting up or expanding manufacturing in Massachusetts by providing financing for manufacturing facilities and equipment. The ETF offers:
- Loans or loan participations up to $2,500,000
- Loan guarantees up to $1,000,000
To qualify for ETF financing:
- Borrower must be a technology company starting or expanding manufacturing operations in Massachusetts
- Financing must be for the purchase, expansion or improvement of real estate, and/or the purchase of equipment
- The ETF Loan or guarantee is limited to a maximum of 25% of the project cost
- There must be at least two other parties at risk
- Financial investment must benefit the Massachusetts economy
Companies that receive ETF financing must have strong management teams, demonstrated technical feasibility, market demand for their products, and a proven fundraising record.
EInk, located in Cambridge, is a developer of electronic ink and electronic paper display technologies. To meet product demand for a new joint venture, EInk needed to expand its manufacturing facility and purchase new equipment. MassDevelopment was ready to help – EInk received a $1,000,000 loan from the ETF enabling the company to ramp up production.
