MassDevelopment Loan Helps Polyneer Buy Equipment to Meet Rising Product Demand
January 20, 2011
MassDevelopment has provided a $565,000 loan through the Manufacturing Innovation Initiative to Polyneer, Inc., a New Bedford manufacturer of rubber products for seals, drive clutches, and components for cooling systems. Polyneer will use loan proceeds to purchase and install two new horizontal molding machines. The machines and their accessories will support rising demand for the company's products. The loan is also supported by a MassDevelopment export loan guarantee.
“Working to stimulate economic growth for manufacturers like Polyneer and Gateway Cities like New Bedford are top MassDevelopment priorities,” said MassDevelopment President and CEO Robert L. Culver. “New Bedford has successfully promoted advanced manufacturing, and we’re pleased to help a SouthCoast company meet the increasing demand for its products.”
Polyneer’s more than 350 products include o-rings, custom seals, and bearing seals. The company’s processes include cast polyurethane processing, rubber injection molding, proprietary low waste molding, cryogenic de-flashing, and automated vision inspection. Polyneer officials expect this project to create three jobs. Co-founded in 2001 by two Northeastern University engineers, the company operates at a 20,000-square-foot manufacturing facility on Samuel Barnett Boulevard in New Bedford.
“The recent growth at Polyneer is exciting,” said Polyneer Inc. President and CEO Mike Fernandes. “Our customers are eager to work with us because of the innovative molding technologies we provide to lower costs and improve product reliability. We are pleased that MassDevelopment sees the importance in supporting manufacturing and was able to provide this loan to us, and we look forward to working with MassDevelopment on future projects.”
The Patrick Administration announced the Manufacturing Innovation Initiative last year, a multi-tiered loan program through MassDevelopment to help manufacturers invest in innovation, adopt advanced production practices, upgrade facilities, and buy equipment. This program offers reduced interest rates on real estate and equipment lending to manufacturers and provides planning and growth initiative loans to encourage companies to improve operations and pursue expansion opportunities. Planning loans will be up to $50,000 and growth initiative loans up to $500,000.
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.