On January 31, 2012, Governor Deval Patrick announced the start of the Commonwealth’s Commercial Fisheries Revolving Loan Fund (RLF). Through a federal grant opportunity, the Commonwealth partnered with the National Marine Fisheries Service to develop the RLF program to preserve fishing opportunities for small-scale fishermen struggling through the recent transition to catch share management in the Northeast multispecies (groundfish) fishery.
The new sector management system was adopted by the New England Fishery Management Council under Amendment 16 to the Northeast Multispecies Groundfish Fisheries Management Plan (effective on May 1, 2010). Initially, NMFS developed a state permit bank concept to work with state partners on minimizing any potential adverse socio-economic impacts to fishing communities and small-scale fishing businesses that are sometimes attributed to catch-share programs. Maine has established the first state-sponsored permit bank.
MarineFisheries, having met with fishing and banking industry representatives, preferred to develop an alternative assistance approach. The RLF approach, in general, entails short-term loans that will allow marginalized sector members to maintain their participation in the lease market and move towards more sustainable participation and financial viability in the fishery.
To ensure loans are utilized by smaller groundfish operations in Massachusetts applicants must own and operate a groundfish vessel enrolled in a sector. All applicants must be residents of the Commonwealth of Massachusetts and/or homeport their vessel in the Commonwealth. Owners of multiple vessels and trip boats are not eligible. Additionally applicants may not have any outstanding fishing sanctions or violations from the preceding three years.
The RLF will provide annual loans to eligible sector fishermen for:
- the lease of additional groundfish quota and/or groundfish DAS for use in the monkfish and skate fisheries;
- vessel maintenance and repair;
- purchases of new and/or improved groundfish fishing gear;
- observer and/or at-sea monitor coverage; and
- refinancing of existing fishery debt.
DMF is partnering with local lending institutions to administer loans. Contact an approved vendor based on your homeport and/or county of residency for further information and a loan application:
Cape Cod & Islands
Community Development Partnership
3 Main Street Mercantile, Unit 7
Eastham, MA 02642
Attention: Pam Andersen
Business & Credit Programs Manager
Tel: 508-240-7873 x18
North Shore (Essex County)
Cape Ann Commercial Fishermen's Loan Fund
11 School St., #1
Rockport, MA 01966
Attention: Rochelle Genovese-McManus
Metro Boston & South Shore*
Tremont Credit Union
150 Grossman Drive
Braintree, MA 02184
Attention: Janelle Hardiman
Marketing & Business Development Manager
Tel: 781-843-5626 x1147
See website for other branch locations
*TCU membership open to members of Massachusetts Fishermen's Partnership
December 2, 2013 - Groundfish Loan Program Expanded - Refinancing, Vessel and Gear Repair
January 31, 2012 - Patrick-Murray Administration Launching Loan Fund for Commercial Fishermen