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New Loan Program to Help Aquaculture and Fishing Businesses Recover from Winter Storm Damage
Coastal Community Capital has announced that low-interest loans are now available to shellfish, fishing and fishing-related businesses along the southeastern Massachusetts coast that were negatively impacted by the severe winter weather. Coastal is partnering with MassDevelopment on this project.
“At the request of small business owners, Coastal Community Capital and MassDevelopment evaluated the impact that the 2015 winter had on these businesses state-wide and determined that support is warranted,” said Jeannine Marshall, President of Coastal Community Capital, a non-profit community development lender.
”Seafood-related companies are critical to the Massachusetts economy,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to partner with Coastal Community Capital on this initiative to help these valuable small businesses recover from our record-breaking winter.”
The loans are available to businesses that need to replace gear, seed, or other business assets as part of the storm damage recovery process. Eligible small businesses may qualify for loans up to $25,000, with an interest rate fixed at 4 percent and terms extending up to five years. This program covers southeastern Massachusetts coastal areas.
Interested small business owners are urged to contact Coastal Community Capital at 508-362-3755.
Coastal Community Capital is a non-profit community development lender providing capital statewide. Coastal has access to an array of funding sources, including SBA 504 and 7A loans, loan guarantees, and direct lending. Coastal is certified by the U.S. Department of the Treasury as a Community Development Financial Institution and by the U.S. Small Business Administration as a Certified Development Corporation. This institution is an equal opportunity provider and employer.
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.
Prices, terms and conditions subject to change without notice on all loan products.
Last updated: September 1, 2015