Loan Helps Seafood Company Increase Production, Create Jobs

Cape Seafoods, Inc.'s Gloucester facility / Photo courtesy of Cape Seafoods, Inc.

Gloucester, MA – MassDevelopment has provided a $395,542 loan from the CARES Act Revolving Loan Fund and an $86,458 equipment loan on behalf of Cape Seafoods, Inc., a predominantly family-owned and operated seafood company located at the Jodrey State Fish Pier in Gloucester.

Founded in 2001, Cape Seafoods, Inc. is a year-round provider of seafood products by fishermen and seafood distributors. The company expects to create an additional eight full-time jobs and 10 part-time jobs in the next three years. Cape Seafoods will use proceeds to build and equip a new seafood processing room that will enable the company to process ground fish such as flounder, hake, halibut, and cod.

“Our working waterfronts are home to a broad array of maritime businesses and serve as a major contributor to the Massachusetts economy,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s board of directors. “MassDevelopment’s ongoing management of the Jodrey State Fish Pier and loan financing for local business Cape Seafoods, Inc. are helping drive job creation and economic development in Gloucester.”

“We are in an industry that has many significant hurdles to overcome on a daily basis from environmental conditions, market conditions and challenges created by quota limitations,” said Cape Seafoods, Inc. president, Gerry O’Neill. “We greatly appreciate the support of the Commonwealth with this grant. It will give us the opportunity to diversify our business in order to survive in this ever changing environment. It will also allow us to put equipment in place to modernize groundfish processing in Gloucester and hopefully strengthen the local fishing and processing industries.”