At MassDevelopment, we’re committed to continually improving our products and services so that you can continue to improve your business. Check out some of our newest programs and see how they can help your business thrive.
NEW PROGRAM OFFERINGS
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Recovery Zone Facility Bonds
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Recovery Zone Facility Bonds are designed to benefit for-profit borrowers in Massachusetts. They may be issued to finance recovery zone property, including depreciable property in a recovery zone used in the active conduct of a qualified business. RZF Bonds’ eligible uses include construction, reconstruction, renovation, and acquisition of property in a recovery zone. Bonds can finance building projects such as hotels, office buildings, warehouses, retail shopping centers, manufacturing facilities, and renewable energy projects.
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Recovery Zone Economic Development Bonds
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Recovery Zone Economic Development Bonds are used to finance governmental expenditures that promote development and economic activity in recovery zones. This includes the construction of public infrastructure and facilities, as well as job training and educational programs.
Thanks to the American Recovery and Reinvestment Act of 2009, more manufacturers can rely on MassDevelopment for access to low-cost, tax-exempt financing. Under ARRA, industrial development bonds (IDBs) can be used to finance facilities that produce intangible property like patents, copyrights, formulas, designs, patterns, and more. ARRA also allows manufacturers to fund more non-manufacturing space.
The U.S. Treasury Department has chosen MassDevelopment to allocate New Markets Tax Credits on $55 million of private investment in Massachusetts. The credits provide an innovative funding source for a variety of local businesses, and are designed to attract private-sector investment in urban and rural low-income communities. So far, credits have been used to support everything from manufacturing to museums, and construction to renovation.
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Community Service 501(c)(3) Loan Fund
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In addition to real estate and equipment loans to nonprofits, MassDevelopment is now offering a flexible loan product to community-based nonprofit organizations with annual revenues of $5 million or less that might not otherwise qualify for a loan. The fund will provide loans ranging from $100,000 to $500,000 to facilities such as elder care, day care, and community centers, as well as boys’ and girls’ clubs throughout Massachusetts.
