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State Earmarks $250,000 For Emergency Red Tide Recovery Loan Fund for Aquaculturists Through Coastal Community Capital
July 18, 2005
Contacts:
Jeannine Marshall, Coastal Community Capital, 508-790-2921
Adam Bickelman, MassDevelopment, 617-330-2086
Coastal Community Capital Executive Director Jeannine Marshall today announced the creation of a $250,000 emergency loan fund to help the state's aquaculture industry recover from losses sustained due to recent red tide bed closures. Backing for the fund comes from MassDevelopment, the state's finance and development agency.
"Because they are considered farmers, aquaculturists are not eligible for Small Business Administration loans available to fishermen who lost income due to the red tide algae bloom that closed most shellfish beds in New England," said Marshall. "With beds recently reopened, big losses and the summer half over, the shellfish growers need support now."
"We've had some experience in seafood industry financing and know that it's important to get money out when it's needed," said MassDevelopment President and CEO Robert L. Culver. "We've worked with the group at Coastal Community Capital before, so we knew we could count on their help to reach the state's aquaculture community."
The Red Tide Aquaculture Loan Fund will be administered by Coastal Community Capital, a division of Cape and Island's Community Development, based in Centerville on Cape Cod.
Fixed-rate, four percent loans are available for individuals and businesses engaged in shellfish growing who have suffered losses due to red tide contamination. The maximum loan is $25,000, with a maximum term of five years and interest only through May 2006. Aquaculturists should contact Jeannine Marshall at 508.790.2921.
Coastal Community Capital is a decade-old, community development financial institution promoting economic development through small business growth. Its mission is to provide loan capital and technical assistance to those who create jobs and businesses. Its core activities include management of the region's small business loan fund through Coastal Community Capital and entrepreneurial support through the EntreCenter. Coastal Community Capital has successfully closed millions of dollars in socially responsible loans since our founding. The EntreCenter is the central point of contact linking entrepreneurs interested in growing their businesses with free resources.
MassDevelopment, the state's finance and development authority, partners with businesses and local officials to stimulate growth across the Commonwealth. In Fiscal year 2004, the agency arranged financing for or managed 201 projects statewide totaling more than $1.25 billion. These projects supported the creation of more than 5,500 jobs and 2,445 housing starts.
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