Mansfield Manufacturer to Expand Thanks to MassDevelopment Loan
March 3, 2011
MassDevelopment has provided a $500,000 loan through the Manufacturing Innovation Initiative to help Lacerta Group, Inc., a Mansfield custom packaging manufacturer, grow its DVD business. The company acquires and packages previously viewed DVDs to sell through various retailers. As a result of this transaction, Lacerta expects to create 20 jobs.
“We’re pleased that Lacerta Group, a longtime client of MassDevelopment, can take advantage of low-cost financing to expand and increase employment,” said MassDevelopment President and CEO Robert L. Culver.
Lacerta, founded in 1993, manufactures custom packaging by the thermoforming method, which converts plastic sheeting into a wide variety of packaging for healthcare, electronics, food, and industrial products. A MassDevelopment guarantee also supports this loan. MassDevelopment previously issued a tax-exempt bond on the company’s behalf, to support the purchase and renovation of its current facility, and loans for manufacturing equipment.
“This loan will help increase a new, fast-growing component of our business,” said Lacerta Group partner Mory Lotfi. “We have worked with MassDevelopment in the past and thank the agency for its support.”
The Patrick Administration announced the Manufacturing Innovation Initiative last year, a multi-tiered loan program through which MassDevelopment helps manufacturers invest in innovation, adopt advanced production practices, upgrade facilities, and buy equipment. The program makes real estate and equipment loans at reduced rates to manufacturers, as well as loans to help companies improve operations and pursue expansion opportunities. Planning loans up to $50,000 and growth initiative loans up to $500,000 are available.
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.