WEST SPRINGFIELD, MA - Biotechnology has exploded throughout the Northeast region. New biotech startups are finding this frequently well-funded, emergent market, very promising. Some established manufacturers who, in years past, may have cut metal for molds or gears for automotive, are now using their same high caliber skills today in the growing medical device and biofuel industries. Local biofuel company, Qteros (formerly SunEthanol) continues to receive national attention and exceptional funding. EASTEC, the largest annual manufacturing event on the East Coast, has partnered with the Regional Technology Corporation (RTC) to help more manufacturers to learn how to succeed in these new markets.
On Tuesday, May 19th, the RTC will present the Biotechnologies and Opportunities Resource Center at EASTEC, offering attendees the chance to meet with and learn from the experts. “This Resource Center will connect experts in Nanotechnologies and Biotechnologies to entrepreneurial manufacturers who want to enter these markets of the future,” notes Ellen Bemben, president of the RTC. “And, although these are tough economic times, we hope to show companies new cost-effective ways to finance use of these new technologies through new government initiatives.”
“Through the Stimulus Package, the SBA is now able to offer significant financing assistance for equipment purchases,” suggests Bernard M. Sweeney, SBA district director for Connecticut. “Manufacturers can borrow up to $2 million dollars to buy the technologies they need to remain competitive and all non-bank fees will be waived. At that borrowing level, the savings to the manufacturer would be approximately $36,000.”
EASTEC is co-sponsored by the SME, the American Machine Tool Distributors’ Association, and the Association for Manufacturing Technology. The event celebrates its 30th anniversary on May 19th-21st at the Eastern States Exposition Grounds in West Springfield, MA, and is expected to draw 14,000 attendees and 600 exhibitors.