Cape Seafoods Nets Nearly $500K to Grow and Diversify

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.

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