Springfield’s Court Square Group to Create 15 Jobs Thanks to MassDevelopment Loan
May 10, 2012
MassDevelopment has provided a $500,000 Emerging Technology Fund (ETF) Term Working Capital Loan to Court Square Group, Inc., a Springfield information technology service provider. The company will use loan proceeds to finance new employees’ salaries and benefits. Court Square is hiring these employees to support new contracts for its strategic consulting in information technology and business processes to life sciences, financial services, and healthcare companies. This new use of the ETF addresses staffing and other working capital needs for growing emerging technology companies to help them to increase both employment and production.
“MassDevelopment is pleased to provide this innovative financing to help Court Square hire new employees in Springfield,” said MassDevelopment President and CEO Marty Jones. “Court Square supports the kinds of companies that power the Commonwealth’s innovation economy, and this loan boosts job creation in the Pioneer Valley.”
Founded in 1995, Court Square Group is a leading provider of expertise in quality, auditing, and clinical technology service in the life sciences industry. The company first focused on providing IT operating systems support and has since expanded its offerings.
“We are pleased to be working with MassDevelopment and are looking forward to hiring new people and expanding our operations,” said Keith Parent, Court Square CEO. “MassDevelopment was instrumental in putting together a loan package for us to enable our growth in these demanding times. Traditional banks only have a certain view of service companies and having the vision to see where Court Square is going helped to solidify our loan commitment.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.