The Massachusetts Industrial Finance Agency completed a $1 million tax-exempt financing last week that will allow a local company to lease pizza-making equipment.
Through the agency's new lease/purchase program, Uno Foods Inc. will borrow more than $441,00 of a $1 million master lease line of credit to finance the leasing of the equipment. The lease line will allow the company to add new packaging and processing equipment to its Brockton, Mass., plant. The company said the lease will allow it to expand sales into major supermarket chains, airlines, and other retail establishments.
MIFA will lease the equipment through Orix Credit Alliance Inc. and then release it to Uno Foods. Uno Foods will pay a six-year, fixed interest rate of 6%, while MIFA guarantees the debt.
"The leasing of new equipment will allow us to significantly increase our manufacturing capacity and add at least 20 new jobs to our Brockton facility," said Alan Fox, president of Uno Foods. "By making our packaging process more efficient, we are able to move our product much quicker and increase distribution."
MIFA is an independent agency that serves as the state's economic development bank. It promotes development by easing private and public sector borrowers' access to capital.