Massachusetts Fisherman Repairs Lobster Vessel with $40K MassDevelopment Loan
May 21, 2015
FOR IMMEDIATE RELEASE
MassDevelopment has provided a $40,000 loan to Timothy G. O’Keefe, who will use proceeds to upgrade and repair the “Lorio,” O’Keefe’s 45-foot commercial lobster vessel. Repairs to the vessel will include structural fixes; the purchase and installation of larger fuel and lobster tanks; and the addition of a new deck.
“Massachusetts’ seafood industry is integral to our local culture and economy,” said Marty Jones, MassDevelopment President and CEO. “MassDevelopment is pleased to support Timothy G. O’Keefe as he repairs his lobster vessel so he can get back working – and feeding the Commonwealth.”
The loan came from MassDevelopment’s Gloucester Revolving Loan Fund (GRLF), which provides real estate and equipment loans to businesses, particularly fishing vessels and seafood-related ones, in Gloucester, Rockport, Essex, and Manchester-by-the-Sea. O’Keefe, who has fished for lobster for 18 years, has received three prior GRLF loans.
“MassDevelopment has been great to work with and has supported me through the various stages of my business development for a number of years,” said Timothy G. O’Keefe. “They have excellent programs specifically geared towards small business needs. They were more competitive with better financing options, compared to programs offered at other banks.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.