The seafood industry has a long and important history in Massachusetts. MassDevelopment works to keep the industry competitive by providing direct loans for fixed- asset financing for the purchase of land, buildings, and equipment, as well as the construction or renovation of seafood-related facilities. We also offer programs to help with predevelopment work.
The Brownfields Redevelopment Fund provides financing up to $100,000 for qualified parties to undertake environmental site assessment of brownfields properties located in Economically Distressed Areas (EDAs) of Massachusetts and loans with flexible terms up to $500,000 to clean-up contaminated sites.
Predevelopment loans are low interest rate loans up to $50,000 with deferred repayment terms to finance predevelopment costs associated with real estate projects.
Seafood Processing Facilities and Equipment Financing
MassDevelopment issues tax-exempt bonds to finance the purchase, rehabilitation, or construction of seafood facilities as well as new equipment purchases. Interest on the bonds is exempt from federal taxes – and for certain bondholders also from state taxes – resulting in lower borrowing costs. Bonds may be sold in the capital markets or directly to your bank or another financial institution.
Real estate loans and bank loan participations, up to $5,000,000, can be used for facility acquisition, renovation, construction, expansion, and permanent financing.
Equipment loans, up to $2,000,000, can be used to purchase equipment.
MassDevelopment offers several programs, including 100% export loans for real estate and equipment, export guarantees, and credit insurance to assist companies that currently export or anticipate exporting their products or services internationally.
The Gloucester Revolving Loan Fund makes real estate and equipment loans to businesses located in Gloucester, Rockport, Essex, and Manchester-by-the Sea with particular emphasis on fishing and seafood businesses.
The Southeast Regional Loan Fund makes real estate and equipment loans to businesses located in southeastern Massachusetts with a particular emphasis on fishing and seafood businesses.