State plan geared toward retaining former Pfizer assets

The state’s Strategic Fund Board has approved an $8 million loan program that should enable local life sciences businesses to purchase Pfizer assets – with the goal of creating more jobs in the state.  

Excerpt:

Applicants must create or expand businesses using Pfizer assets, including buildings, equipment, intellectual property and former employees of the pharmaceutical company.

Loans are available at a rate of $50,000 per job created, up to a maximum amount of $500,000. Loans must be repaid in 10 years and used to purchase Pfizer equipment or other assets. 

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