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Seafood Companies Offered Loans After Water Crisis

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Nov 4, 2009 3:45 pm US/Eastern

Seafood Companies Offered Loans After Water Crisis

GLOUCESTER (AP) ―

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The state's finance and development authority says it will offer $100,000 in loans to Gloucester seafood companies hurt by the summer's "boil water" order.

Gloucester was under the order for 18 days in August and September after elevated levels of bacteria were found in the water supply.

Seafood processors say they were forced to spend thousands of dollars a day to truck in the clean water needed for their work.

Loans of up to $25,000 per business will be offered by MassDevelopment through the Gloucester Revolving Loan Fund, which normally makes real estate and equipment loans to local businesses.

MassDevelopment's loans will be for five years at 4 percent interest.