LifeStream Receives $250,000 Tech Loan from MassDevelopment

MassDevelopment has awarded a $250,000 TechDollars Loan to LifeStream, Inc. The proceeds from this loan will be used for the purchase and implementation of a Kronos time and attendance system, a Voice Over Internet Protocol (VOIP) phone system, and other computer hardware and software upgrades.
 
“LifeStream has benefited so many in Southeastern Massachusetts through its programs, and MassDevelopment is proud to provide LifeStream with the means to make its work more efficient,” said Marty Jones, President and CEO of MassDevelopment. Organizations like LifeStream are exactly why we started the TechDollars program: to help nonprofits access vital technologies that they otherwise could not afford.”
 
“MassDevelopment and LifeStream have formed a great partnership since June 2013 which continues to evolve with the recent completion of a $250,000 technology loan,” said John Latawiec, President and CEO of LifeStream. “This loan, coupled with a $3.5 million bond issuance from last year, has provided LifeStream with the financial flexibility critical to meeting our short- and long-term financial goals.” 

MassDevelopment offers TechDollars as a special loan program to help non-profit 501(c)(3) organizations purchase and install technology equipment. TechDollars offers:

• Loans from $25,000 to $250,000
• 100% of the cost to purchase new or used telecommunications and information technology equipment; software; and related installation costs

To be eligible for TechDollars financing:

• Borrower must be a Massachusetts 501(c)(3) organization
• Equipment purchased must be installed in facilities located in Massachusetts

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating an investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.

To learn more about LifeStream's programs and services, visit www.lifestreaminc.com.

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