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In 2012, DMF partnered with NOAA Fisheries to develop a Revolving Loan Fund (RLF) Program to preserve fishing opportunities for small-scale fishermen struggling through the transition to catch share management in the groundfish fishery. The RLF provides short-term loans to qualified active sector groundfishermen.
In 2016, DMF expanded the RLF to include a Revolving ACE Leasing Fund (RALF) Program. The RALF allows Gloucester-based sectors to administer funds for groundfish quota leasing.
To ensure funds are used as intended, applicants must meet all of the following criteria:
DMF has partnered with two local lending institutions to administer RLF loans. Contact an approved lender based on your homeport and/or county of residence for further information and loan application:
Community Development Partnership
3 Main St. Mercantile, Unit 7
Eastham, MA 02642
Contact: Ann Robinson, Director of Economic Development
Tremont Credit Union
150 Grossman Dr.
Braintree, MA 02184
Contact: Michael Lemelin, Senior Vice President of Lending
*TCU membership open to members of Massachusetts Fishermen's Partnership
North shore groundfishermen active in Northeast Fishery Sector II should contact their sector manager for more details on quota leasing through the Revolving ACE Leasing Fund Program (RALF), a sub-program of the RLF. DMF is working with additional Gloucester-based sectors to administer additional RALF funds.