Salem News Article: Manufacturer Says State-Backed Loan Will Fuel Growth
MIDDLETON — When MK Services Inc. President Bob Faia needed money to expand his precision machining and assembly company three years ago, he couldn't get a conventional loan to do so.
The precision machine shop, whose clients are in the defense, aerospace and medical industries, wanted to put a 12,000-square-foot addition on its headquarters along Route 114.
The addition was ultimately financed with a $350,000 loan from the Massachusetts Growth Capital Corp., a quasi-state agency that lends to small businesses, including those that are expanding as well as those in Gateway Cities like Peabody and Salem.
Faia, who employs 45 people and is looking to double his workforce, said the financial agency has provided him with further help, a $500,000 loan, which he plans to use to expand his business again.
Larry Andrews, president of Mass Growth Capital, noted during an event Tuesday morning at MK Services that Faia was “a repeat customer.” It was actually the third time Faia had turned to Mass Growth Capital.
"We work with companies when they are in need of extra help, when banks can no longer lend to them or really support them,” Andrews said. “Literally, we go in and see what their needs are and look at ways in which we can help that company get back and grow."