A privately-owned company in western Massachusetts — Apex Resource Technologies — got an infusion of $5 million, giving the company the working capital needed to expand its business and workforce. In 2009, MHIC teamed up with Pittsfield Cooperative Bank to craft an innovative loan structure combining a bank loan with gap financing available through the use of the New Markets Tax Credit program. The bank provided a $1 million working capital loan to Apex Resource Technologies (Apex), and a $3 million loan to MHIC that was used to access an additional $1 million in tax credit capital, which was, in turn, loaned directly to Apex.
Apex provides engineering, design and manufacture of injection molding products, including plastic components used in the medical, industrial and communications fields. It recently added a promising new product line of implantable medical devices for use in surgical procedures. Apex sought financing so that it could exploit opportunities for growth in the medical device and implantable industry. A company with world-wide sales, Apex currently employs approximately 60 people; it expects to grow 20-30 percent over the next few years.