MassDevelopment

Manufacturers

When manufacturing companies thrive, our whole state benefits. At MassDevelopment, we offer everything from innovative loans for growth initiatives to long-term financing for real estate projects. We also create and support programs designed to boost Massachusetts companies.

See all the ways we help Massachusetts manufacturers thrive.

Manufacturing Innovation Grants

Massachusetts manufacturers with 100 or fewer employees can get subsidized services at designated Innovation Centers. Chosen for their technical expertise and experience working with manufacturing companies, the Centers provide guidance and equipment for product development, prototyping, scale-up and cost reduction.

  • MassDevelopment will pay the lesser of $75,000 or 75% of the cost of a contract between a manufacturing company and the Innovation Center of its choice
  • Companies will pay the remaining amount
  • Companies will contract directly with their chosen Innovation Center
Innovation Centers

Algonquin Industries, Inc.
Manufactures precision machined and sheet metal fabricated products in a wide variety of materials. Our engineering services at the prototype level can provide cost efficient solutions for manufacturability in production. Value added capabilities in both mechanical and electro-mechanical assemblies are available to complete your product for market.
Contact: Edward J. Freitas
efreitas@algonquinind.com
508-966-4600
www.algonquinind.com

Boston Engineering Corporation
Provides the product development, engineering, and manufacturability expertise – along with product development software and infrastructure – to commercialize successful products in today’s competitive market.
Contact: Mark Smithers
innovationcenter@boston-engineering.com
781-466-8010
www.boston-engineering.com

Connecticut Center for Advanced Technology, Inc. (CCAT)
Machining processes, additive manufacturing (metals, 3D plastics), and reverse engineering solutions to help companies run better, faster, and more efficiently by integrating technologies that increase productivity without disrupting your current operations.
Contact: Don Balducci
dbalducci@ccat.us
860-282-4942
www.ccat.us

Worcester Polytechnic Institute (WPI)
Consulting services in financial modeling, equipment justification, technical analysis, commercialization, and process development, utilizing faculty, alumni, undergraduate and graduate students in engineering and management.
Contacts: Walter Towner and Toby Bergstrom
innovate@wpi.edu
508-831-6785
www.wpi.edu

Massachusetts Manufacturing Energy Collaborative

MassMEC
A new initiative that helps decrease the energy bills of commercial, industrial, and municipal entities. MassMEC combines the energy usage of many companies into buying groups, then negotiates volume rates with the power supply companies for your organization. A great way to save on energy by buying in bulk thus reducing your electricity and natural gas costs.

Predevelopment Financing

Brownfields Redevelopment Fund
This fund provides up to $100,000 for assessment of brownfields properties in Economically Distressed Areas (EDAs). You can also get loans with flexible terms up to $500,000 to clean up contaminated sites.

Predevelopment Loans
These are low interest rate loans up to $100,000 with deferred repayment terms to finance predevelopment real estate projects.

Planning Loans
These are low interest rate loans up to $50,000 with terms of up to five years, used to pay for consultant services. Eligible consultant contracts include services to evaluate and improve demand (sales and marketing), fulfillment (operations improvement), and finance and administration (strategic leadership).

Manufacturing Facilities and Equipment Financing

Tax-Exempt Bonds
MassDevelopment issues tax-exempt bonds up to $10,000,000 to finance the purchase, rehabilitation, or construction of traditional manufacturing facilities and new equipment purchases. Interest on the bonds is exempt from federal taxes – and for certain bondholders also from state taxes – resulting in lower borrowing costs. Bonds may be sold in the capital markets or directly to your bank or another financial institution.

Real Estate Loans
We offer loans and bank loan participations up to $7,500,000 for facility acquisition, renovation, construction, and permanent financing of rental housing and mixed-use projects.

Mortgage Insurance Guarantees 
MassDevelopment can issue a guarantee to your bank, allowing you to receive a higher advance rate on a real estate loan.

Equipment Loans
We issue specialized loans for the purchase of up to $2,000,000 in equipment.

Working Capital

Term Working Capital Loans
Loans may be guaranteed in a fixed amount equal to no more than 25% of the bank’s loan amount. This guarantee amortizes dollar for dollar with the underlying term loan for up to five years.

Emerging Technology Fund (ETF)
Emerging technology companies need resources to start up or expand. We provide real estate, equipment, and working capital loans and guarantees to keep the momentum going. 

Exporter Financing
To help Massachusetts companies bring their products and services to markets around the globe, we offer 100% export loans and export guarantees. 

Working Capital Loan Guaranty for Manufacturers
Our newest guaranty product allows banks to make larger working capital loans to manufacturing companies by providing a guaranty of up to 25% of the amount outstanding on a revolving line of credit.

Rapid Access Manufacturer's Portal (RAMP)
This online portal makes it easier to find financial resources, business support, and invaluable expertise.