November 3, 2013 — The SBA loan approval is a positive step, but, like the limited grant program that may allocated up to $10 million in Saltonstall-Kennedy Act funds for innovated fishery improvement projects, is just another tiny step toward confronting a giant economic problem.
The approval by the federal Small Business Administration of a low-interest loan program for fishermen and fishing-related business is, as noted in Saturday’s Times story, good news for fishing families and waterfront businesses in communities such as Gloucester and others along the Massachusetts coast into New Hampshire.
After all, if this program helps one fishing boat owner or one other struggling waterfront business to stay afloat — it will be a good investment.
But Massachusetts congressional leaders and Gov. Deval Patrick had better be aware that the SBA program may indeed not help more than a handful of fishermen when easily hundreds are in dire need of federal and state assistance. That’s because the conditions mapped out by the SBA may block the vast majority of fishermen from even qualifying for the financing.
Read the full editorial at the Gloucester Daily Times