Rockland Trust Provides Financing to Greentown Labs
Boston, MA (April 23, 2014) - Rockland Trust announced it has provided a commercial financing package to Greentown Labs, a Somerville-based cleantech incubator. After analyzing Greentown Lab's business needs, Rockland Trust created a personalized strategy for the business that includes working expansion credit to support the company's future growth.
"Greentown Labs is an innovative enterprise that is nurturing the next generation of clean technology companies," said Brian Slater, Vice President of Commercial Lending at Rockland Trust. "We understand the importance of providing an environment where startups can develop and grow. It's exciting to help Greentown Labs expand and encourage more innovation."
Voted the top commercial lender in Banker and Tradesman's 2013 Best of Readers Poll, Rockland Trust's Commercial Lending team provides companies with an array of financing options that include term loans, working capital lines of credit, asset-based loans, construction and land development loans, and commercial mortgages.
"We are pleased to have the financing available to provide a flexible and affordable place for clean tech companies to move from prototype to first customers," said Emily Reichert, Executive Director, Greentown Labs.
"The City of Somerville is investing in the 21st century industries that are fueling our economic growth and creating new jobs, like those that call Greentown Labs home," said Somerville Mayor Joseph A. Curtatone. "I am thankful that Rockland Trust, like Somerville, is forward-thinking, embraces innovation, creativity and originality, and realizes the great economic opportunities in providing startups the room and capital they need to flourish."
About Greentown Labs
Greentown Labs enables entrepreneurs to solve big energy problems by providing a vibrant community of entrepreneurs with an environment to work on their visions. With access to office and lab space and resources for more than 40 companies and their 130+ employees, Greentown Labs also offers access to funding that allows early-stage companies to thrive. In their new location in Somerville, MA, they provide 33,000 square feet of prototyping lab and co-located office space, a shared machine and electronics shop, immersion in a growing community of energy and clean technology entrepreneurs, and on-site events and programs designed to enable start-ups to rapidly grow their networks and companies. For more information visit http://greentownlabs.org/.
Rockland Trust is the sole bank subsidiary of Independent Bank Corp. (NASDAQ: INDB) and has $6.2 billion in assets. A full-service bank headquartered in Massachusetts, Rockland Trust offers a wide range of banking, investment, and insurance services to businesses and individuals through retail branches, commercial lending offices, investment management offices, and residential lending centers located in Eastern Massachusetts and Rhode Island and through telephone banking, mobile banking, and the internet. To find out why Rockland Trust is the bank "Where Each Relationship Matters ®", please visit www.rocklandtrust.com. Rockland Trust is an FDIC Member and an Equal Housing Lender.