Rockport National Bank and MassDevelopment have partnered up to provide a hefty loan to help repair Gloucester Marine Railways, the oldest continuously operating marine ship repair site in the country.
The loan comes to a total of $285,000, half of which was contributed by Rockport National bank. The remaining $142,500 participation loan was contributed by MassDevelopment, the state’s finance and development agency.
Gloucester Marine Railways will use loan proceeds to repair the pilings and decking of a pier used in the railway’s operations.
“Although a longtime landmark, Gloucester Marine Railways continues to play an integral role in its host city’s fishing industry,” said MassDevelopment President and CEO Marty Jones in a recent statement. “We’re pleased to partner with Rockport National Bank to fund the upgrade of the shipyard so that it can keep providing committed, quality service to the marine community it has served since before the Civil War.”
In 1859, Gloucester Marine Railways began as a wharf, grocery store, and warehouse serving the New England fishing fleet in Gloucester’s Rocky Neck section. Today, the railway is a full service shipyard, providing dry docking, repairs and maintenance, dockage, and fuel for vessels of every type: fishing boats, tugboats, ferries, excursion vessels, recreational craft, and the historic schooner fleet.
The yard recently completed the restorations of the Beaver and the Eleanor for the Boston Tea Party Museum.
“Rockport National Bank is pleased and proud to have a financial relationship with one of Cape Ann’s premier small businesses," said Rockport National Bank President & CEO Peter Anderson in a statement. "The Gloucester Marine Railways has demonstrated the ability to adapt to the changes in the marine repair service industry, today serving a wide variety of vessels.”