PSG Framing Purchases Equipment with Help from MassDevelopment Loan
August 11, 2011
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077
MassDevelopment has provided a $92,000 equipment loan to PSG Framing, Inc., a manufacturer of high-end art frames for galleries and private collectors throughout the Northeast and eastern Canada. The company will use loan proceeds to purchase an EPA-certified spray paint booth for frame coating, workstations for frame assembly, and other equipment used to build and finish the frames. A MassDevelopment export guarantee will also support the loan.
â€œMassDevelopment is pleased to continue the agency's support of PSG Framing with this low-interest loan, which will finance equipment the company needs to produce its museum-quality frames and expand its family business,â€ said MassDevelopment President and CEO Marty Jones.
MassDevelopment previously loaned $3.5 million from the New Markets Loan Fund to 130 Broadway LLC, an affiliate of PSG Framing, for the company to buy and renovate 130 Broadway in East Somerville. 130 Broadway is at the epicenter of a major $7 million streetscape improvement along Broadway. Scheduled to finish in early fall, 130 Broadway's extensive renovation will evoke the building's historic faÃ§ade. PSG Framing will occupy the back portion of the 20,000-square-foot building. Upon completion, the highly visible and attractive storefronts will present a unique opportunity for retailers to mark their presence.
â€œThe MassDevelopment loan has allowed us to invest in state-of-the art equipment, which in turn benefits of our customers and our employees,â€ said PSG Framing Director Jenny Watkins. â€œWe are really excited about our new home and their support has been instrumental in making this possible.â€
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.