A state development financing agency has agreed to extend $100,000 in subsidized loans to Gloucester seafood businesses hurt financially by this summer’s drinking water crisis.
The loans, administered through the Gloucester Revolving Loan Fund with capital from MassDevelopment, had been a goal of state Rep. Ann-Margaret Ferrante since the city suffered through 20 days of a boil water order, starting in August.
Money for the loans comes from a fund with a $145,000 balance that typically finances real estate and business equipment investments throughout Cape Ann.
Ferrante’s effort, which included a bill still pending in the Legislature, convinced MassDevelopment to get behind seafood-related enterprises in Gloucester that had to either limit operations or ship in clean water during the boil order.