Fisheries Assistance Revolving Loan Fund

Fisheries Assistance Revolving Loan Fund

Program Name: Fisheries Assistance Revolving Loan Fund

Resource Type: State

State: Massachusetts, Northeast

Agency: Program Source: Loan

Description: The New Bedford Economic Development Council, Inc. (NBEDC) established this assistance program with a grant from the U.S. Economic Development Administration and a matching fund arrangement with Fleet Bank. This program is intended to create revolving loan fund in support of the fishing industry and fishing related businesses to create or retain long term jobs for those who are currently in the industry or create opportunities for those who are displaced from the fishing industry as well as creating jobs through the start-up, expansion and retention of small businesses. These funds will be used to stabilize the seafood industry while strengthening the local economy.