MassDevelopment Rolls out New Loan Products for Emerging Technologies, Apartments, Commercial Real Estate
January 23, 2012
FOR IMMEDIATE RELEASE
Contact:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077
MassDevelopment has introduced new loan products and enhancements to existing loan products to meet demand for emerging technology businesses, rental housing, commercial real estate, and energy efficiency.
“MassDevelopment helps job creators in the Commonwealth grow more efficiently, and these new loan products will increase our backing of the Massachusetts business and nonprofit community,” said MassDevelopment President and CEO Marty Jones.
At its January Board of Directors meeting, MassDevelopment announced three new products:
• Emerging Technology Fund Term Working Capital Loan will finance staffing and other working capital needs for growing emerging technology companies, helping them increase employment and production.
• Multifamily Real Estate Loan will finance development of apartment units with a focus on downtown and transit-oriented projects, furthering the Commonwealth’s efforts to increase workforce housing.
• Commercial Real Estate Improvement Loan will support employment and downtown revitalizations by financing building improvements that will increase occupancy.
To strengthen the impact of two popular MassDevelopment products, increases to the maximum dollar amounts are being offered:
• Equipment Loan: MassDevelopment will increase its maximum equipment loan to $2 million, increasing support for manufacturers investing in equipment.
• Loan Guarantee: To increase bank loan availability for real estate and equipment financing, MassDevelopment will increase its maximum loan guarantee to $2 million.
For more information on these new products and other MassDevelopment offerings, visit http://www.massdevelopment.com or call 800-445-8030.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.
