The Gloucester Main Street Preservation Trust, following a model successfully used in other areas to promote economic development, has formed the Gloucester Revolving Loan Fund.

The loan fund will operate as a separate entity with its own board of directors, but will receive a portion of its funding and support from the Main Street Preservation Trust. In addition to its relationship with MSPT, the loan fund plans to work closely with the Gloucester Main Street Association and the Gloucester Chamber of Commerce, as well as with local banks.

According to its charter, the mission of the Gloucester Revolving Loan Fund is to encourage viability and sustainability of businesses within the Main Street and Gloucester Court House areas by funding through loans the restoration and rehabilitation of commercial sites and to further preserve the historical and architectural sites that are of significance to the areas.

The fund “will empower businesses in the Main Street area to enhance the...