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US data on Paycheck Protection Program (PPP) Details Loans to the US dredging industry—$65 million

Posted on December 8, 2020

DredgeWire exclusive

Dec 8, 2020 – The US Small Business Administration (SBA) has just released detailed data on loans to small companies, including to the US dredging industry, as part of its PPP program, a stimulus program to counter the economic impact of Covid-19. The companies included both dredging contractors and dredging equipment suppliers as well as service firms and other vendors.

To qualify the borrowers needed to have fewer than 500 employees.

In July DredgeWire compiled an exclusive list of about 40 companies involved in the dredging industry that received such loans.

With this article DredgeWire now updates the previous list with the exact loan amounts.

The aggregate total is about $65 million.

The companies are from 20 separate states, from the West Coast to the East, and from every region of the country.

Companies which retain their employee base over the life of the loan in 2020 are eligible for forgiveness of the majority of these loans; that surely is the objective of the recipients listed below. The dredging companies on our list reported over 3000 jobs supported by the PPP loans, with Anchor QEA the largest at 400.

List includes dredging contractors, dredge manufacturers, and service providers

Dutra largest single borrower at $9.6mm

DSC Dredge leads dredge builder loans at $2.6mm

Many well-known names in the industry, such as Great Lakes Dredge and Dock, Weeks Marine, and Manson on the contracting side, and Ellicott Dredges, Hypack, and GIW on the supplier side, are not represented presumably because either they have more than 500 employees, or are part of a group which does, making them ineligible.

Anchor QEA was the largest service provider borrower at $7.7mm.

Laura Memhard Fleming, the principal of SRS Crisafulli, a builder of small dredges in Glendive MT, previously noted:

“Our bankers (Stockman Bank of Montana) were proactive in advocating for their customers. Our workforce has been able to remain at full strength with the benefit of the federal program. “

List of dredging companies receiving loans:

Company Name Loan Value State Jobs Supported
AGM Marine $317k MA 16
American Construction $1.142mm WA 39
Anchor QEA $7.7mm WA 400
Callan Marine $1.517mm TX 92
Cashman Dredging &
Marine Contracting
$3.066mm MA 283
Coastal Dredging $575k LA 35
Cottrell Contracting $1.497mm VA NA
Crisafulli $343k MT 2
Crosby Dredging $2.618mm LA 154
Custom Dredge Works $393k KS 35
C & M Dredging $311k FL 36
Donjon Marine $4.608mm NJ 237
Dredge America $357k MO 23
DSC Dredge (Dredging Supply) $2.628mm LA 150
Dutra Group $9.568mm CA 253
Florida Dredge & Dock $737k FL 50
Gahagan & Bryant $1.624mm FL 107
Hagler Systems $811k GA 70
Inland Dredging $1.479mm TN NA
JD Dredging $156k WI 11
Keene Engineering $218k CA 26
King Company $690k MI NA
Lagoon Pumping & Dredging $211k NE 20
Luedtke Engineering $1.1155mm MI 35
Magnolia Dredge & Dock $464k LA 35
Maintenance Dredging
MCM Marine
Mike Hooks $3.226mm LA NA
Matthews Bros Dredging $606k MS 38
McLean Contracting $3.941mm MD 294
Myer Marine $1.882mm AL 123
Norfolk Dredging $4.939mm VA 225
RLB Contracting $1.792mm TX 117
Southwind Construction $840k      IN 21
SPI/Mobile Pulley $1.589mm AL 130
Pearce Pump Supply $448k LA 84
Supreme Manufacturing $341k PA 0
Wickberg Marine $183k NJ 15

DredgeWire will report more details if and when they become available.

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