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MassDevelopment, the finance and development agency of Massachusetts, has added a bunch of new loan products to its arsenal including one targeting emerging technology companies.
According to a release from MassDevelopment, the new Emerging Technology Fund Term Working Capital Loan “will finance staffing and other working capital needs for growing emerging technology companies, helping them increase employment and production.”
MassDevelopment’s new president and CEO Marty Jones said in a statement that the new loan products “will increase our backing of the Massachusetts business and nonprofit community.” Jones was named as the new president and CEO of MassDevelopment in April 2011. She has a real estate background, with experience as president of Corcoran Jennison Companies, a Boston company with properties in 15 states. She graduated from Brown University with a degree in urban studies.
The new Emerging Technology loan offering was approved at the January board of directors meeting for MassDevelopment, which also announced two other loan products – a Multifamily Real Estate Loan that will finance development of apartment units with a focus on downtown and transit-oriented projects, and a Commercial Real Estate Improvement Loan that will support employment and downtown revitalizations, according to the release.
Two recent MassDevelopment financings include establishing a $3 million credit line for optical networking company Acacia Communications Inc. to expand its facilities in Maynard, and a $680,000 loan to the Massachusetts Biomedical Initiatives to help refurbish and equip lab space in one of its new incubators in Worcester.
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