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Commercial Fisheries News
Volume 34 Number 9
May 2007
Other Maine groundfish assistance resources
Loan assistance and other help is available from several sources for Maine groundfish fishermen dealing with hard times.
The Finance Authority of Maine (FAME) offers these two programs.
The Economic Recovery Loan Program provides gap financing to assist businesses in their efforts to remain viable and/or improve productivity. The maximum loan amount is $200,000 with a fixed rate of prime plus 2%. With a fixed term of five years, it also offers flexible interim payment arrangements with a balloon payment at the end of year five. And
The Commercial Loan Insurance Program provides insurance to a lender for up to 90% of the lender’s new loan on a pro rata basis. FAME can work with existing lenders who are willing to assist fishermen in obtaining more money or want to change the terms of their loan.
“We work with banks, credit unions, and with Farm Credit, which holds about one-third of all the fishing related loans in Maine,” said Charlie Emmons, senior commercial loan officer at FAME.
For more information, call Emmons or loan officers Rob Small or Deb Cole at 1-800-228-3734 or visit the FAME web site at <www.famemaine.com>.
CEI, state of Maine
Coastal Enterprises Inc. (CEI) offers several programs for fishermen.
Waterfront and fisheries loans are available at competitive rates to Maine fishermen, shellfish growers, and waterfront businesses for items such as infrastructure improvements. As part of the loan program, fishermen need to participate in a research project.
For more information, call CEI’s Hugh Cowperthwaite at (207) 772-5356, ext. 120 or visit the CEI web site at <www.ceimaine.org>.
CEI, the Island Institute, the Maine Department of Maine Resources, Maine’s Coastal Program, and Land for Maine’s Future are now administering the Working Waterfront Access Pilot Program.
The program has limited financial assistance available to secure coastal waterfront land that supports commercial fisheries businesses and activities and is accepting applications until May 31. More information is available online at <www.wwapp.org> or call Cowperthwaite at the number above.
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