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MassDevelopment

Gloucester Marine Railway

Gloucester Marine Railway

Gloucester Marine Railway is the oldest continuously operating shipyard in the country. An integral part of the city’s fishing industry, it needed funding to modernize a pier essential to its operations. Rockport National Bank and MassDevelopment teamed up to provide a $285,000 loan. We contributed half of the financing with a $142,500 participation loan, allowing the shipyard to proceed with much-needed upgrades. Our financing solution enabled the shipyard to meet the needs of the changing marine industry and continue delivering excellent service to the community it has served since before the Civil War.