Masy Systems Of Pepperell, Massachusetts, Receives $1.4 Million Expansion Loan From Mass Development
02/06/2013
“This expansion was driven by customer demand,” said Laurie Masiello, Masy Systems, Inc. President. “Our growth has come from not only new customers, but our existing customers asking us to do more. It is gratifying that they place their trust in us to safeguard their products in the conditions they require.”
The company used this new financing to expand its biorepository facility space six-fold, the majority of which will be used for -75° Celsius storage so that area companies and research institutions can maintain key biologic compounds used in research and development. The loan was underwritten through the SBA 504 program with the services of BDC Capital of New England as the conduit lender for the subordinate debenture portion of the loan.
In 2009, MassDevelopment provided $700,000 in financing for the first phase of its biorepository. The latest expansion will make the Masy facility one of the largest commercial biorepositories in the Northeast. The company, which has grown an average of 30 percent per year for the last five years, plans to add at least seven new jobs with this facility expansion, bringing their total employment level in Pepperell to over 60 people.
“Watching one of our clients grow is always exciting, but investing in its new expansion is even more satisfying,” said MassDevelopment President and CEO Marty Jones. “Masy Systems provides valuable services to the Commonwealth’s vibrant life sciences and biopharmaceutical industry sectors. This project will seek to enhance and complement those services and provide valuable space to their customers and partners.”
Project Announcements
AeroVironment Plans Salt Lake City, Utah, Manufacturing Operations
02/15/2025
Amazon Plans Salina, Kansas, Distribution Operations
02/15/2025
Loukus Technologies Expands Calumet, Michigan, Operations
02/15/2025
Great Lakes Sound & Vibration Expands Franklin Township, Michigan, Operations
02/15/2025
Taiwan-Based Syntec Precision Technology Plans Henderson, North Carolina, Operations
02/15/2025
Key Tronic Plans Springdale, Arkansas, Manufacturing-R&D Operations
02/15/2025
Most Read
-
2024's Leading Metro Locations: U.S. Cities on the Rise Amid an Economic Reshuffling
Q4 2024
-
The Workforce Factor: How States Are Competing to Build Tomorrow's Talent
Q4 2024
-
Best Practices in Incentives Procurement
Q4 2024
-
NEW NIMBYism: A Threat to The U.S. Economy
Q4 2024
-
Five Strategies to Tackle the Data Center Talent Shortage
Q4 2024
-
Microsoft-Three Mile Island Deal Could Signal Path for Nuclear Power to Strengthen Partnerships with Big Tech
Q4 2024
-
Industries Look for Employees in Nontraditional Spaces Amid Labor Shortage
Q4 2024