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seen a precipitous drop in recent years. It has not been over many 

 years. I think that if it had been, perhaps the Federal Govern- 

 ment — and this is not SBA's particular bailiwick, but if it had been, 

 perhaps the Federal Government would have stepped in sooner and 

 had a better grasp of what was happening. But clearly, that is a 

 much more recent turn of events. 



I would like to just for the record let people know that this is 

 not a case of people on Cape Ann or New Bedford or any commu- 

 nity saying to its Federal Government that the burden is entirely 

 theirs. 



I would like to ask Mayor Tobey and Senator Tarr and Secretary 

 Coxe on behalf of the Governor to talk briefly about what the State 

 and city have been doing to help out. Clearly, this is not a case 

 where you have said the Federal Government is the entire saviour 

 of this situation, but you have done a lot on the State and local 

 level as well. 



Mayor Tobey, if you could start. For the record, let us know some 

 of the initiatives you have led. There have been several in Glouces- 

 ter to help out, I know. 



Mr. Tobey. On the one hand, the answer is none, because I don't 

 think the city has done anything alone. I think it has been really 

 reflective of the situation and the severity, that what we have seen 

 happening — and really, every initiative is a joint venture between 

 the State and/or the city and other agencies of the Federal Govern- 

 ment, a well as private entrepreneurs willing to put it on the line. 



Some examples: The redevelopment of the Gloucester State fish 

 pier, a property owned by the Commonwealth and managed by the 

 Massachusetts Development Finance Authority; we have helped as 

 a city loan them bridge monies for the reconstruction of that pier. 



We have worked collaboratively from the point of view of market- 

 ing and financing to help site the new facilities that are going to 

 be on that pier to lead Gloucester forward into a new century of 

 fisheries activity. 



We are working with MDFA, landing on one whole side of the 

 pier a very substantial lobster operation, recognizing the extreme 

 value of that catch to the port of Gloucester and the Common- 

 wealth of Massachusetts. 



We have worked very hard, again, in joint venture, moving for- 

 ward with the Gloucester Herring Corporation, which others will 

 speak to, which recognizes that we have a very substantial biomass 

 of herring off the coast of Massachusetts, with a very strong need 

 and market for that fish overseas. 



We have seen private sector folk come together in an unprece- 

 dented way to put together the money to get that company up and 

 running: Processors putting seven-figure investments of their 

 money on the line, mortgaging properties they have never before 

 used to secure debt, because they have faith we can move past this. 

 On and on it goes. 



Why don't I save a few for the secretary and for Senator Tarr. 

 But the key here is collaborative effort. It really gives tremendous 

 cause for hope. If only, if only, the monies that are sometimes need- 

 ed as debt to help finance these operations can be put on the table. 

 That is why SBA has a role here. 



Chairman Torkildsen. Thank you. 



