Feds lend $10M to Front Street Shipyard
PHOTO / BILLY BLACK
Front Street Shipyard's waterfront has deep water access and considerable dockage, allowing superyachts up to 200 feet to visit and stay in the mid-coast region.
Front Street Shipyard in Belfast is receiving a $10 million loan from the federal government as it continues redevelopment efforts on the city’s waterfront.
The U.S. Department of Agriculture’s Rural Development office announced the loan on Tuesday as part of its Business & Industry Guaranteed Loan Program.
Front Street Shipyard, which opened in 2011 through a $13 million partnership that includes four well-known boat builders, has been credited with transforming what was once a derelict area into what is now being called a “hidden gem for boaters,” as reported by Mainebiz.
“This important investment will benefit Maine’s thriving marine industry, helping Front Street Shipyard meet local and global demand for its craftsmanship and quality of composite and wooden boats while supporting 114 jobs in the industry,” USDA Rural Development State Director Virginia Manuel said in a prepared statement.
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