Mass. Announces Initiative to Bolster Advanced Manufacturing Sector

Governor of Massachusetts - Governor Deval Patrick and Lieutenant Governor Timothy Murray today met with leaders from industry, academia and government at American Superconductor's global headquarters to call for the formation of the Advanced Manufacturing Initiative, a public-private collaboration throughout the manufacturing sector that will support job creation, export growth, innovation and economic recovery throughout Massachusetts. The partnership between manufacturers, academics and policymakers will identify strategic opportunities for manufacturing growth and state strategies to enhance the sector's competitiveness. Learn more about the loan options

The Governor also announced a new loan program from MassDevelopment, the Manufacturing Innovation Initiative (MI2), a multi-tiered loan program to help Massachusetts manufacturers invest in innovation, adopt advanced production practices, upgrade facilities and buy equipment. MI2 will reduce interest rates on real estate and equipment lending to manufacturers, while the new planning and growth initiative loans will encourage companies to improve operations and pursue expansion opportunities. Planning loans will be up to $50,000 and growth initiative loans up to $500,000.