November 2, 2013 — Gloucester fishermen received some good news late Friday afternoon when the U.S. Small Business Administration announced that fishermen will be eligible for financial assistance through economic injury disaster loans from the agency.
The SBA decision, which came at the request of Gov. Deval Patrick and at the urging of the Massachusetts congressional delegation, sets up the first pipeline for federal financial assistance since the Secretary of Commerce declared the Northeast fishery a disaster in the fall of 2012.
Under the program, the assistance would come in the form of low-interest loans to fishermen and fishing related businesses.
U.S. Sen. Edward Markey said Friday that the assistance will help fishermen keep their businesses afloat as they adjust to changing conditions that threaten commercial fishing communities across the state.
According to the SBA fact sheet, the individual loans are limited to $2 million and eligibility for the loans will be based on credit history, ability to repay the loans and possession of collateral of at least $5,000.
The loans will have a maximum interest rate of 4 percent and repayment terms will stretch up to 30 years. The deadline for applying for the loans is Aug. 1, 2014.
Read the full story at the Gloucester Daily Times