Springfield’s Thorn Industries Purchases Building With Help From $450,000 MassDevelopment Loan
December 1, 2010
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077
MassDevelopment has provided a $450,000 loan through its New Markets Loan Fund to JKMS, LLC of Springfield, a single-purpose entity created by the owners of Thorn Industries. Thorn Industries, which manufactures precision machines for medical implants and high-tech surgical instruments, used bond proceeds to purchase the building the company currently leases at 732 Cottage Street in Springfield. The company, which currently employs 10 people, expects to create three jobs with its expansion.
“Manufacturing plays a major part in the Massachusetts economy, which features the second-largest concentration of medical device manufacturing and development in the country,” said MassDevelopment President and CEO Robert L. Culver. “Western Massachusetts has a proud history of precision machine tooling, and we’re pleased this loan will help Thorn Industries continue that tradition and contribute to the Commonwealth's innovation economy.”
Founded in 2002, Thorn Industries will also use the loan to fund improvements to the 6,905-square-foot building. Thorn Industries is a small, family-owned, ISO13485-certified company specializing in manufacturing surgical instrumentation and implantable devices. Given fierce competition in this type of manufacturing, Thorn officials say the company has top-notch equipment, technology, and in-house services. The purchase and improvements to the building will upgrade the facility for visits from doctors and other customers.
“It’s not easy to invest in real estate you don't own, and ownership by conventional lending was cost-prohibitive,” said Thorn Industries President John Hicks. “Our business was good but unable to grow without a real estate investment. Thanks to MassDevelopment, small family businesses like Thorn have a good chance to succeed.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy.