September 16, 2022 — The predominately family-owned and -operated Cape Seafoods Inc., a major presence on Gloucester’s working waterfront, has received nearly $500,000 in loans from MassDevelopment as its business hires and diversifies.
The company has received a $395,542 loan from the CARES Act Revolving Loan Fund and an $86,458 equipment loan from MassDevelopment, the agency said in a prepared statement.
Cape Seafoods’ sprawling Atlantic mackerel and herring processing plant, cold storage facility and wholesale bait shop dominate much of the Everett R. Jodrey State Fish Pier where Western Sea Fishing’s midwater trawlers FV Endeavour and FV Challenger are tied up. Western Sea Fishing is Cape Seafoods’ fishing partner.
With the funding, MassDevelopment said Cape Seafoods plans to create an additional eight full-time jobs and 10 part-time jobs over the next three years. The company will use the funding to build and equip a new seafood processing room enabling it to process groundfish such as flounder, hake, halibut, and cod.