New Bedford rubber products manufacturer Polyneer Inc. has received a $565,000 loan from MassDevelopment through the Manufacturing Innovation Initiative to purchase and install two new horizontal molding machines.

The machines and their accessories will support rising demand for the company’s products, according to a statement. The loan is supported by a MassDevelopment export loan guarantee.

"Working to stimulate economic growth for manufacturers like Polyneer and gateway cities like New Bedford are top MassDevelopment priorities," said MassDevelopment President and CEO Robert L. Culver. "New Bedford has successfully promoted advanced manufacturing, and we’re pleased to help a SouthCoast company meet the increasing demand for its products."

"The recent growth at Polyneer is exciting," said Polyneer President and CEO Mike Fernandes. "We are pleased that MassDevelopment sees the importance in supporting manufacturing and was able to provide this loan to us, and we look forward to working with MassDevelopment on future projects."