GROSSMAN TOURS PEPPERELL COMPANY AIDED THROUGH LOAN PROGRAM
Masy Systems, Inc. Received Loan Extension Through Small Business Banking Partnership
Treasurer Steven Grossman tours Masy Systems, Inc. in Pepperell.
State Treasurer Steven Grossman took part in a tour of Masy Systems, Inc. in Pepperell today. Masy Systems is the recipient of a recent loan extension totaling $812,000 made by the North Middlesex Savings Bank leveraged through the Treasury’s Small Business Banking Partnership program.
“Masy Systems is the kind of business we are hoping to target and help grow through our Small Business Banking Partnership,” said Treasurer Grossman. “All across the Commonwealth we are seeing innovative companies like Masy Systems put their entrepreneurial spirit to work and expand their business through this program.”
The Small Business Banking Partnership moves Treasury cash reserve funds typically held by large national and international financial institutions and deposits them in amounts of up to $10 million in Massachusetts community banks. In exchange for the infusion of new deposits, the banks sign a Memorandum of Understanding (MOU) signaling their intent to enhance their loan portfolios to small credit-worthy Massachusetts businesses. Deposits over a quarter of a billion totaling $252,750,000 have been made in forty-seven community banks since the program’s inception in May of 2011.
Masy Systems, a member of the Massachusetts Biotechnology Council, was founded in 1984. Masy Systems provides validation and calibration services, equipment rentals, and GMP storage for the pharmaceutical and biotech industries. Masy Systems was awarded with a Tax Incentive Financing (TIF) agreement in 2008. They work in partnership with the Town of Pepperell and the State of Massachusetts to invest in their growing business and increase employment opportunities in the region.
“We are excited to partner with the State Treasurer and North Middlesex Savings Bank to finance our growth,” said Laurie Masiello, Masy Systems' President. “In addition to real estate expansion and job growth, their support has enabled our company to add equipment for our biorepository and invest in wireless sensors for our validation and rental business.”
The lender, North Middlesex Savings Bank, is an independent community bank with locations in 7 Massachusetts communities. They played a major role in the recent expansion of Masy Systems and because of new real estate and equipment purchased as a result of the loan extension, Masy Systems has encountered a dramatic increase in business.
“We hear a lot about the down economy and its impact on local business, which makes what the Masiellos and their team have been able to build here in Pepperell particularly impressive. Additionally, North Middlesex Savings Bank has been able to grow our loan portfolio through these challenging times, by lending to strong companies like Masy Systems,” said Walter Dwyer, Chief Operating Officer. “We couldn’t be more proud of our association with these people, and we thank Treasurer Grossman and Mass Development for their assistance in helping us build this valuable relationship.”
“I think it is no secret that Treasurer Grossman’s Small Business Banking Partnership program has been a major success,” said Senator Eileen Donoghue (D-Lowell). “I’m grateful that the Treasurer has taken such an active role in this initiative and I’m glad that North Middlesex Savings Bank opted to participate. The success of our small businesses, such as Masy Systems, is something that benefits all of us and I’m happy to be here as we celebrate their expansion and success today.”
“I congratulate John and Laurie Masiello for their successful business endeavors in our local communities. They have created a thriving business at Lomar Park in cooperation with the Commonwealth of Massachusetts and the Treasurers office, which is testimony to the fact that business and government can work successfully together,” said Representative Sheila C. Harrington.
All deposits that the Treasury makes in these local community banks are protected through either insurance or collateral, and the interest rate on the money is comparable to what the Commonwealth receives at out-of-state financial institutions.