MGCC Announces Support for EMX Controls

PRESS RELEASE

CONTACT Karen Brann
617-523-6262 Ext. 221

Massachusetts Growth Capital Corporation Announces Support for EMX Controls

MGCC provides capital and advice for small businesses to create and retain jobs in Massachusetts

UXBRIDGE – The Massachusetts Growth Capital Corporation (MGCC) announced today a $750,000 line of credit for EMX Controls, Inc. in Uxbridge.

The mission of Massachusetts Growth Capital Corporation is to provide capital to Massachusetts small businesses, women and minority owned businesses and local development efforts, in flexible financing programs, by supplementing the capital available from private financial institutions, including non-bank lenders, in order to promote the creation and maintenance of good jobs for Massachusetts residents.

"EMX is a classic story of a company that not only survived hard times but now is succeeding in the export of telecommunications products - just the kind of business model that MGCC was designed to help," said Charles T. Grigsby, MGCC Interim President.

EMX Controls is a manufacturing company that manufactures "Clean Energy" products while maintaining their core business as a design, engineering and manufacturer of Industrial Automation Control Systems for original equipment manufacturers. In addition, the company offers technical training, industrial computer software development and turnkey installation services. Within the last year EMX has successfully developed two new products for the cell tower market in India and Africa.

"Massachusetts Growth Capital Corporation is a Gem within our Commonwealth. The team of professionals at MGCC exceeded all our expectations. They worked extra hours during the day, through weekends and vacations to ensure they met the financial needs of our company,” stated Richard Padavano, President of EMX Controls. "The efforts of the people at MGCC helped propel EMX through a transformation that is allowing our company to succeed in the global frenzy growing Solar, Telecom and LED markets."

"Having worked to assist EMX Controls when they first located in their current Uxbridge facility, and more recently to support their expansion plans, I am clearly excited about the prospect of new manufacturing jobs being created in Massachusetts. The fact that their products will be exported to other countries makes this expansion a real win-win development for our region! I am proud of what EMX is achieving and very pleased that our newly reorganized MGCC is helping to make this happen. It’s exactly the type of development that the Senate envisioned when we enacted our reform of economic development agencies last year," said Senator Richard T. Moore.

Capitalization for the Massachusetts Growth Capital Corporation came from a $20 million capital bond authorization and through a $15 million transfer from MassDevelopment’s Emerging Technology Fund. This funding allows MGCC to continue its revolving loan fund program, expand its annual loan volume and provide technical assistance to small businesses. The MGCC has broad authority to use its resources to leverage private capital for small businesses including loan guarantees.

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