Posted on December 8, 2020
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|
|Cashman Dredging &
|Custom Dredge Works||$393k||KS||35|
|C & M Dredging||$311k||FL||36|
|DSC Dredge (Dredging Supply)||$2.628mm||LA||150|
|Florida Dredge & Dock||$737k||FL||50|
|Gahagan & Bryant||$1.624mm||FL||107|
|Lagoon Pumping & Dredging||$211k||NE||20|
|Magnolia Dredge & Dock||$464k||LA||35|
|Matthews Bros Dredging||$606k||MS||38|
|Southwind Construction||$840k IN||21|
|Pearce Pump Supply||$448k||LA||84|
DredgeWire will report more details if and when they become available.