Gloucester, MA – MassDevelopment has provided a $284,000 equipment loan, enhanced with an export guarantee, from the CARES Act Revolving Loan Fund to Fleet Machine Company Inc., an advanced manufacturing company in Gloucester that specializes in precision machining.
Located at 1 Kondelin Road in Gloucester, Fleet Machine will use proceeds to buy four new computer numerical control (CNC) machines and associated tooling that will help the company increase production of advanced components for the aerospace, defense, medical, and robotics industries. The company expects to create an additional four new jobs in the next three years.
The 2020 CARES Act authorized the U.S. Economic Development Administration to make grants to entities like MassDevelopment to capitalize revolving loan funds that make loans to small businesses and nonprofits impacted by the pandemic.
“As our company has continued to excel at producing high-precision components for advanced industry, MassDevelopment has supported our growth every step of the way,” said Fleet Machine Company Inc. President, Jack McGourty. “MassDev understands the value a business can provide to a community and our success is a result of their commitment.”
