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ANTHONY J VERGA 

 5T- ESSEX DISTRICT 

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Comments for Small Business Hearing 

 Congressman Peter Torldldsen 



From 

 State Representative Anthony J. Verga 

 Massachusetts House of Representatives 

 Commonwealth Of Massachusetts 



I am pleased and honored for the opportunity to submit comments to 

 Congressman Peter Torkildsen and all of the distinguished members of this 

 Congressional Committee of the Small Business Administration. Unfortunately, other 

 commitments do not allow me to make my presentation to you in person. My duties 

 require me in toy district at this time. 



There is no way I could overemphasize the importance of small business as it 

 relates to the economy of Gloucester and the rest of Cape Ann. There is no doubt in my 

 mind of the importance of each vessel in the Port of Gloucester is looked upon as any 

 other individual business in the area. Prior to my election to the House of 

 Representatives, I served for thirteen years as the Executive Director of the Gloucester 

 Fisheries Commission. I most certainly understand and appreciate the financial hardships 

 and challenges of operating a fishing vessel. 



Understandably, these small businesses need access to the capital and technical 

 assistance that is provided so effectively by the Small Business Administration. 

 Unfortunately, not all of these services arc available to commercial fishing vessels. By 

 regulation, the SBA does not guarantee loans to fishing vessels under 7(A) Guarantee 

 Program. Loan guarantees have traditionally been the responsibility of the National 

 Marine Fisheries Service (NMFS). However, this service of capital for vessels is very 

 limited and cannot address the needs of the entire fleet. Moreover, NMFS does not 

 possess the same depth of experience in serving and understanding the needs of small 

 businesses as does SBA. Finally, NMFS also has the responsibility of managing the 



