U.S. Economic Development Administration Invests $500,000 to Re-capitalize Commercial Fishing-Focused Revolving Loan Fund for Southern Maine
Contact: Public Affairs Department, (202) 482-4883
Wednesday, May 7, 2014
WASHINGTON – The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $500,000 grant to Coastal Enterprises, Inc., of Wiscasset, Maine, to re-capitalize a commercial fisheries Revolving Loan Fund (RLF) that provides greater access to capital for Maine’s commercial fishermen and fishing-dependent businesses.
“EDA’s Revolving Loan Program has been an essential financing tool in many communities, ensuring many small and medium size businesses’ ability to successfully grow,” said Deputy Assistant Secretary of Commerce for Economic Development Matt Erskine. “Re-capitalizing Coastal Enterprise’s RLF will allow them to continue to provide needed support to small- and medium-sized businesses in Maine that are engaged in commercial fishing.”
EDA’s investment will be used to finance the purchase of equipment to improve efficiency and meet regulatory requirements, support fishing operations, and launch new fishing-related businesses. The grantee projects that the RLF will issue 92 small to medium sized loans (between $10K-100K each) as well as lines of credit and will create an estimated total of 20 jobs.
The promotion of working waterfronts is a U.S. Department of Commerce effort. Both the National Oceanic and Atmospheric Administration (NOAA) and EDA have provided support to the National Working Waterfront Network so that municipalities, federal and state agencies, businesses and community development organizations can pool resources and best practices.
In addition, an EDA Research and Evaluation Program grant to the Island Institute helped to develop The Sustainable Working Waterfronts Toolkit, a web-based information portal that contains a wealth of information about the historical and current use of waterfront space, the economic value of working waterfronts, and legal, policy, and financing tools that can be used to preserve, enhance, and protect these valuable areas.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.