Cape Cod Commercial Fishermen's Alliance

cape cod commercial fishermen's alliance

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Revolving Loan Funds

revolvingloanfundsBuying quota is a major business expense for Cape Cod fishermen today—most need to borrow money to get the fishing rights they need. In our business planning work with family fishermen, we found that many were putting their homes on the line in order to get access to capital. That's because business loans are nearly impossible for small-boat fishermen to come by: Traditional lenders do not see fishing quota as collateral.

Knowing that small-boat fishing businesses can be profitable, even in today’s challenging environment, we designed two loan programs that work for fishermen. Both are administered by the Community Development Partnership (CDP).

The Scallop Program: Scallop fishermen face especially high purchase prices for quota, but can also be rewarded with strong profits for the scallops they land. Scallop quota is a good investment for young fishermen on Cape Cod. In this program, fishermen can purchase up to $100,000 worth of quota with CDP financing that treats the quota as collateral—alleviating the need for fishermen to mortgage their homes to buy fishing rights. A 20% down payment is required and the fishermen have quick payoffs—three years maximum.

The Groundfish Program: Started with funds from the National Marine Fisheries Service and direction from the Massachusetts Division of Marine Fisheries, this program provides loans of up to $50,000 to qualified local fishermen. The funds can be used to lease groundfish quota, target monkfish/skate or provide needed business capital.

More on the CDP website >

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"If you think finding a bank to give you a mortgage for your house got tough in 2008, you shold have tried to convince them to help you buy fish quota. But things are changing with these new programs, which help us get the financing we need to build our businesses."

Andy Keese, F/V Miss Rockville
Scallop fisherman, Monument Beach, Mass.

  • Who We Are
    • About
    • Staff
    • Board of Directors
    • Fisheries
    • Careers
  • Our Work
    • Policy
    • Programs
    • Cape Cod Fisheries Trust
    • Scientific Research
  • Support Us
    • Donate Now
    • Ways to Give
    • Join the Alliance
    • Fisherman Membership
    • Become a Sponsor
    • Shop to Support
  • Events
    • Hookers Ball
    • Meet the Fleet
    • Special Events
  • News

Contact Us

1566 Main Street
Chatham, MA 02633
508-945-2432
Email Us

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