58 



Second, a review of the testimony presented at your hearing in Massachusetts on April 10, 1995 

 indicates that EEDL funds are not permitted for most of the uses that are needed by the affected 

 part of the fishing industry, such as refinancing of existing debt, upgrading a business or 

 expanding, altering or modernizing its facilities, purchasing assets, etc. While it is inappropriate 

 to make EIDL funds available for these purposes, funds for those purposes are available as part of 

 SBA's regular business loans program (7(a)), which, as you know, is a bank guarantee program. 

 In addition to the 7(a) program the 504 program, the Service Corps of Retired Executives 

 (SCORE) and the Massachusetts Small Business Development Center are all available to help the 

 fishing industry in Massachusetts. 



Thank you, Mr. Chairman. That concludes my prepared remarks. I will be happy to answer any 

 questions you might have. 



