Rockport National Bank and MassDevelopment have provided a $285,000 loan to Gloucester Marine Railways, the oldest continuously operating marine ship repair site in the country. 

MassDevelopment forked over $142,500 to help the company repair pilings and decking on a pier used in the railway’s operations, according to the state agency. The shipyard recently completed the restorations of the Beaver and the Eleanor ship for the Boston Tea Party Museum.

"Although a longtime landmark, Gloucester Marine Railways continues to play an integral role in its host city’s fishing industry," MassDevelopment President Marty Jones said in a statement. "We’re pleased to partner with Rockport National Bank to fund the upgrade of the shipyard so that it can keep providing committed, quality service to the marine community it has served since before the Civil War."

Gloucester Marine Railways opened in 1859 as a wharf, grocery store and warehouse serving the region’s then-extensive fishing fleet in Gloucester’s Rocky Neck area. Today, Gloucester Marine Railways is a full-service shipyard, providing dry docking, repairs and maintenance and fuel for vessels.