Seafood Firms are Offered Loans

November 8, 2009

The Boston Globe, by Brian Benson

MassDevelopment will offer $100,000 in loans to Gloucester seafood businesses hurt by this summer’s contaminated water supply.

Each company can receive up to $25,000, which can be used to offset expenses or lost business incurred as a result of the water issues, said Kelsey Abbruzzese, a spokeswoman for MassDevelopment, the state’s finance and development authority that works to create economic growth.

For 18 days in August and September, high coliform bacteria counts in city water forced businesses to boil water, close, or pay to bring in clean water.

The funding will be from the Gloucester Revolving Loan Fund, which is overseen by MassDevelopment and provides loans to companies in Gloucester and surrounding communities with an emphasis on fishing and seafood related businesses. The loans will be for five years at 4 percent interest. Businesses can contact MassDevelopment at 800-445-8030 to apply, Abbruzzese said.