State Loan Helps Worcester Incubator Lab
Massachusetts Biomedical Initiatives will furnish its newest incubator laboratory on Union Street in Worcester with the help of a $680,000 loan from MassDevelopment, the state agency announced today.
MBI currently hosts 23 startup life science and biomedical companies that employ more than 100 at its facilities in Worcester. The new lab is located in the former Charles River Laboratory building on Union Street, which has been vacant for more than three years.
MassDevelopment has provided loans for MBI in the past, and will provide a $14.5 million bond and $8.4 million in tax credits for MBI's fourth incubator lab, which is set to open next year at Worcester Polytechnic Institute's Gateway Park.
"This is a good news story for downtown Worcester and the region because it expands our cadre of small companies needing affordable space for their new or growing businesses and provides further evidence of the vibrancy of this industry sector even in a challenging economy," MBI's president and CEO Kevin O'Sullivan said in a statement.
MassDevelopment financed or managed 277 projects generating nearly $3.7 billion in investment dollars during the past year. The agency estimates those projects will create 10,291 jobs, of which more than 2,500 would be permanent.
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