LegalFix

Section 13 - Grant and Approval of Loans

MA Gen L ch 23g § 13 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Section 13. The board of directors of the Agency may, upon application by a marine seafood processor, grant a loan based upon its finding that it will contribute to the economic stimulation of the company, support the growth of the seafood industry as a whole, and is consistent with its public purpose.

Any seafood processor may make an application to the Agency in a form approved by the Agency which shall contain at least the following:

(1) a general description of the company, including but not limited to, a business plan, corporate history, last audited financial statement and an inventory of equipment owned or to be purchased;

(2) a general description of the number, type and class of employees employed or to be employed in the operation and the total of salary expenditures;

(3) a description of all real estate held or used in conjunction with the applicant's business, including leased facilities and a list of encumbrances thereon;

(4) evidence that the loan will enhance seafood production, and the efficient operation of the facility, and also increase or retain employment;

(5) such other financial information as the Agency shall deem necessary including personal financial information of the applicant and principals of the applicant.

The powers, rights and funds granted to the Agency in this section and in sections 11 and 12 shall in no way derogate or diminish any other power or right of the Agency granted elsewhere, including without limitation, the Agency's power to make loans consistent with this chapter to seafood processors with funds other than those contained in the Marine Seafood Processing Loan Fund.

LegalFix

Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.

LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.

The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.

You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.

The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.

Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.

We have updated our Terms of Service, Privacy Policy, and Disclosures. By continuing to browse this site, you agree to our Terms of Service, Privacy Policy, and Disclosures.
Section 13 - Grant and Approval of Loans