Senior Project Manager
3 Pond Road
Ph: (978) 282-3027
Fx: (978) 282-3035
Monday - Wednesday
8:00 am - 4:00 pm
8:00 am - 6:30 pm
8:00 am -12:30 pm
The Maritime Development Fund
is offered by the City of Gloucester as part of the Mayor’s program for investment into the working port. The fund is administered by the Grants Division of the Community Development Department.
To help business owners better understand the program, below is a list of frequently asked questions and answers to those questions.
Purpose: Maritime Economic Development
The Maritime Development Fund is available to attract new businesses and new jobs in the maritime industry to Gloucester and to provide assistance to existing maritime businesses to expand their operations. Existing businesses must have a minimum of 25% physical expansion to be considered.
The three areas of the maritime industry, as identified in the 2009 Harbor Plan and the 2010 Economic Development Plan, are the following industries:
The Maritime Development Fund seeks to primarily promote investment in these industries and may, secondarily, consider investment in supporting commercial uses to these industries and the marine industrial district. Plans are available on the City’s website: www.gloucester-ma.gov.
Who Can Apply?
Any new business or existing business undergoing a minimum 25% physical expansion that is consistent with the identified and promoted areas for maritime investment as mentioned in the above-referenced plans can apply for the program. The maritime industrial zoning district waterfront is a target location. Projects in this area are encouraged to apply.
What Types of Projects are Eligible?
Funding is available for equipment or working capital which clearly enables the future growth and independent viability of the enterprise. The Grants Division will be able to assist you in determining if your project qualifies. The fund is intended to leverage or match private investment.
What Amount is Available to Borrow?
The Maritime Development Fund expects to make loans between $35,000 and $70,000 dependent upon project need and project return. Applicants should meet with the Grants Administrator prior to applying to come up with an amount appropriate for their needs and suitable for the program.
Maritime Development Fund Application