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Success Story

Cumar is one of New England’s leading manufacturers of fine architectural stone. The company wanted to expand its Everett manufacturing facility but lacked adequate resources. Where could Cumar find a low-cost financing solution? MassDevelopment worked with East Boston Savings Bank to issue a $5.3 million tax-exempt industrial development bond. To enhance the deal, we included a $796,500 mortgage insurance guarantee. Cumar is now able to purchase and renovate 72,000 square feet of space, and get its manufacturing facility up and running. The expansion is expected to create more than a dozen jobs.