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
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.