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Gloucester Revolving Loan Fund

The Gloucester Revolving Loan Fund (GRLF) makes real estate and equipment loans to businesses located in Gloucester, Rockport, Essex, and Manchester-by-the Sea with a particular emphasis on fishing vessels and seafood-related businesses. The GRLF offers:

  • Loan advance rates up to 90% of collateral value
  • Fixed or floating interest rates
Case Study – Intershell International Corp.

MassDevelopment provided a $200,000 loan participation in a $1,200,000 mortgage loan from Rockport National Bank to Intershell, a seafood processing and distribution company specializing in native clams.  The funds were used to purchase a building on Commercial Street in Gloucester to be used as a processing, packing, and distribution facility for company products that are shipped to both domestic and international markets.

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