Groundfish Revolving Loan Fund
The Groundfish Revolving Loan Fund (RLF) is funded by the National Marine Fisheries Service through a federal grant administered by the Commonwealth of Massachusetts’ Division of Marine Fisheries (MA DMF).
Through the MA DMF, the CDP initially has $250,000 available to loan to qualified groundfishermen. An individual loan is a line of credit not to exceed $50,000. There are no application fees and the interest rate will be prime +3%
This loan fund is available to:
- Lease Groundfish quota or Days-at-Sea to target Monkfish or Skate (DAS), term not to exceed 12 months. OR
- Fund business improvements including but not limited to vessel maintenance, repairs, efficiency, gear, refinancing existing debt, or purchase permits, term not to exceed 5 years.
Eligibility requirements for this program are as follows:
- Cape & Islands Resident or vessel homeported on Cape Cod or the Islands.
- For the current fishing year and at the preceding three (3) fishing years, no record of a Federal or Commonwealth of Massachusetts permit sanction(s) or violation(s) of any Federal or Commonwealth of Massachusetts fishing regulations.
- For at least the previous fishing year, a fishing trip duration of no more than 3 days (72 hours), on average for all groundfish trips, as reported on the fishing vessel’s Vessel Trip Reports.
- Own, or have a majority ownership interest in, and materially participate in the operation of no more than 3 active fishing vessels, one of which is permitted to fish in the Federal limited access Northeast multispecies fishery as part of a sector and have documented landing of groundfish for at least the previous fishing year.
- Neither applicant, nor applicant’s family unit (spouse and dependent children), hold a majority ownership interest in more than three (3) active fishing vessels.
Application and Attachments
The CDP staff is available to help fishermen throughout the application process. If you have any questions, would like a paper copy of the application or just want some help with the paperwork, please contact Pam.