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Presentation to MassMEDIC 7/27/2010
 

Presentation to MassMEDIC 7/27/2010

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A presentation to MassMEDIC on MassDevelopment's customized financing solutions for medical device manufacturers and other life science companies.

A presentation to MassMEDIC on MassDevelopment's customized financing solutions for medical device manufacturers and other life science companies.

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    Presentation to MassMEDIC 7/27/2010 Presentation to MassMEDIC 7/27/2010 Presentation Transcript

    • 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
      • 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
    • 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
    • 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.
    • Traditional Loan Products
      • Real Estate Loans
      • Equipment Loans
      • Loan Guarantees
      • Brownfields Site Assessment and Remediation Loans
      • New Markets Tax Credits – Loans and Equity
    • 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
    • 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
    • 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
    • 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
    • Tax-Exempt Bond Financing
      • 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 Bonds Industrial 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
    • 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
    • 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