ISI gets funding from MCDFC
By Brief
Updated Wed October 1, 2008
FOXBORO, Mass.--The Massachusetts Community Development Finance Corporation (CDFC) has teamed up with Natick-based Middlesex Savings Bank to help position ISI, a full-service security company, for future growth.
The CDFC has extended a $150,000 term loan to supplement a $250,000 line of credit from Middlesex Savings to help Integrated Security, based here, meet future orders for its various services and product lines. In working with ISI, CDFC suggested the company approach Middlesex Savings for the additional line of credit.
“We are pleased to see that the state can work with our private lenders to actively help a small business remain competitive and grow,†said ISI’s Michael Ehrlich, president and CEO, in a statement. “This financing assures that ISI will be a major player in the New England security market for a long, long time.â€Â
ISI will use the financing to make necessary capital improvements to streamline systematic processes, and to create cash flow required to fund future growth. With this funding in place, ISI projects to add three to five jobs to the local economy over the next 12 months.
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