1994A federal grant was secured for the fishing industry and waterfront businesses.Economy and Industry, Maritime & Fishing Industry

The $1.5 million grant was divided into three areas: $750,000 loans to marine-related businesses; $500,000 for technical studies on subjects such as wastewater management and aquaculture; and $250,000 to establish the Commercial Fishermen’s Loan Fund to give boat owners low-interest loans to help refit, repair and refurbish their vessels. In 1997 it was discovered that despite spending nearly all the federal money, the city had not contributed the required $500,000 in matching funds to the loan program.

Taormina, Barbara. "City veers away from loans for fishermen." Gloucester Daily Times. October 13, 1997.
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