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Presentation to MassMedic

Presentation to MassMedic. July 27, 2010. MassDevelopment: Who we are. The state’s finance and development authority, works with businesses, non-profits, financial institutions and local officials to stimulate economic growth across the Commonwealth

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Presentation to MassMedic

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  1. Presentation to MassMedic July 27, 2010

  2. MassDevelopment: Who we are • The state’s finance and development authority, works with businesses, non-profits, financial institutions and local officials to stimulate economic growth across the Commonwealth • During FY 2009, financed or managed 229 projects statewide representing an investment of more than $1.2 billion in the Massachusetts economy • These projects are supporting the creation of 1,488 new housing units and more than 8,232 permanent or construction-related jobs

  3. MassDevelopment: What we do • Promote capital investment in Massachusetts by providing innovative financing and development solutions • Primary tools: • Tax-exempt bonds • Loans and guarantees • Real estate planning and development services • Business model - partnering with banks, businesses, and municipalities to deliver programs and services to make projects successful

  4. New Loan Programs for Manufacturers • Planning Loans • Up to $50,000 • Consultant services to evaluate and improve operations • Innovation Initiative Loans • Amounts up to $500,000 • Low interest rates • Maximum 7 year term • Flexible collateral and underwriting • Proceeds can be used for implementation of mfg. improvement plans, upgrades to plant and equipment, product development, clean energy/ green energy.

  5. Traditional Loan Products • Real Estate Loans • Equipment Loans • Loan Guarantees • Brownfields Site Assessment and Remediation Loans • New Markets Tax Credits – Loans and Equity

  6. Export Programs • Export Loans Up to 100% Financing for: • Leasehold Improvements • New Equipment • Term Working Capital • Export Credit Insurance • Insures 90-100% of Foreign Receivables • Provides Credit Terms to International Buyers to Increase Sales

  7. Optim, Inc – Sturbridge, MA • Manufacturer of Medical Endoscopes and Industrial Fiberscopes • $275,000 Mortgage Loan to Purchase RE using SBA 504 Program • $175,000 Equipment Loan using Export Guaranty Program • Retained 37 jobs and created 10 new jobs • Recipient of WorkForce Training Grant

  8. Hyaluron, Inc. – Burlington, MA • Contract manufacturer specializing in Aseptic Filling of Vials and Syringes • $500,000 Participation in $1.1 MM Loan from Middlesex Savings Bank for lab build out • $1,000,000 ETF loan for new Equipment (lyophilizer & vial filler) • Both loans used Export Guaranty Program • Retained 100 Jobs, Created 24 New Jobs

  9. Tax-Exempt Bond Financing • Interest is exempt from federal income tax • Interest rates 1 – 2% lower than conventional loans • Borrower and project must both “qualify” under IRS Code

  10. Eligible Projects New equipment Building acquisition and expansion Land acquisition New construction Debt refinancing 2009 Stimulus Bill eligible projects Eligible Borrowers 501(c)(3) organizations Assisted living/long-term care developments Manufacturers (small issues) Environmental enterprises Governmental entities Affordable rental housing developers Tax-Exempt Bond Financing

  11. Tax-Exempt BondsIndustrial Development Bonds • Issued for manufacturers subject to IRS eligibility for: • Construction of new manufacturing facilities • Purchase and renovation of existing facilities • Acquisition of new manufacturing equipment • Up to $10 million of tax-exempt bonds can be issued per borrower per municipality

  12. Image Diagnostics – Fitchburg, MA • Manufacturer of Specialized Equipment and Accessories for Medical Imaging • $1,500,000 Tax Exempt Bond • Retained 12 jobs, added 10 jobs

  13. For additional information • Contact: • Kelly Arvidson, VP, Business Development • 978-784-2901 • Bob Seega, VP, Investment Banking • 508-363-2799 x132 • Roy Angel VP, Lending • 508-363-2799 x 126 • Jim Kenney, VP Lending • 617-330-2000

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