The bank's vice president of commercial lending, Doug MacLean,acknowledges that it is unusual for a bank to provide financing fora high-tech startup, but maintains that the work of IPG founderValentin Gapontsev is promising enough to warrant the commitment."He is a remarkable and forward-thinking individual, and WorcesterCounty is the beneficiary of his decision to locate his worldheadquarters here," says MacLean.

Although sharply rising rental rates within Route 128 may havealso played a role in IPG's choice of sites, Gapontsev points tothe availability of skilled workers with optics expertise asanother reason. There is also easy access from Route 395 intoWorcester and Providence, Rhode Island, while Gapontsev notes thatthe cost of living and housing also are more palatable in theemerging Oxford region.

Pending local and state approvals, IPG will begin work by year'send on the first of its four buildings, which will include a mix ofoffice, research and manufacturing space. The 44-acre campus willhave more than 200 employees within 18 months, according to IPGprojections.