Hingham’s Old Colony Montessori School (OCMS) has received a $1.04 million tax-exempt bond from MassDevelopment to add approximately 1,800 square feet of space for its existing classes and to expand its enrichment programming.

The school, located at 20 Derby St., will expand classroom space for its fourth Children’s House Program over the next two years, according to a statement. Old Colony Montessori School also plans on expanding its multi-purpose space for enrichment programs such as art, music and foreign language instruction.

"Old Colony Montessori is a school committed to creative, optimal learning environments and giving back to the South Shore," said MassDevelopment President and CEO Robert L. Culver. "We’re pleased that teachers will reach more students with this nurturing form of instruction."

Rockland Trust Co. purchased the bonds, according to a statement. The school also received financing in the form of a $109,000 MassDevelopment mortgage insurance guarantee. Two jobs will be created as a result of this project.

"MassDevelopment’s involvement in this project has allowed OCMS to achieve an important milestone in its ongoing efforts to provide the highest quality Montessori experience for its students and their families." said Carlos Perez, president of OCMS’s board of trustees. "MassDevelopment provides a unique opportunity for small nonprofit organizations like ours to get them most out of limited resources, particularly in the current economic climate."