Southeast Regional Loan Fund
The Southeast Regional Loan Fund (SRLF) makes real estate and equipment loans to businesses located in southeastern Massachusetts with a particular emphasis on fishing and seafood businesses. The SRLF offers:
- Loan or bank loan participation up to $100,000 or $250,000 with matching funds from a participant
- Loan advance rates up to 90% of the value of the collateral
- Fixed or floating interest rates
To be eligible for financing through the Southeast Revolving Loan Fund, businesses must be located in Barnstable, Bristol, Dukes, Nantucket, Norfolk, Plymouth, or Suffolk counties.
Through the Southeast Regional Loan Fund, MassDevelopment provided a $95,000 loan participation in a $190,000 loan from Coastal Community Capital, Inc. to finance the purchase of a commercial lobster business in Brewster. The business acquisition included a 36 foot offshore fiberglass fishing vessel and a Northeast Federal Fishing Permit for lobster and finfish.