Coastal Enterprises Inc., a Brunswick company that works to improve environmental and economic sustainability in rural communities, has created a new loan program aimed at aquaculture businesses.
The Sea Farm Loan is designed to help finance shellfish or sea vegetable farmers who may not be able to get loans from other lenders like banks. To qualify, businesses must be in Maine, provide evidence that they have been denied loans from other sources, have obtained a lease site for their farm and have already produced and sold a first crop. Applicants can borrow up to $150,000.
“We believe there is a gap in available financing for aquaculture businesses looking to expand,” said Nick Branchina, associate director of fisheries & aquaculture at CEI. “Shellfish and sea vegetable farming often has too much risk and too little collateral for most commercial lenders.
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