Shellfish Loan Fund
The Shellfish Loan Fund is a collaboration between the CDP and Wellfleet Shellfish Promotion and Tasting, Inc. (SPAT). The loan fund was created to specifically meet the needs of shellfishermen and aquaculturists in Wellfleet and on the Lower Cape. The two organizations manage the fund as a partnership with SPAT providing the shellfishing expertise and the CDP providing the lending expertise.
The Shellfish Loan Fund will finance working capital and operational expenses. The maximum loan amount is $20,000 and is targeted to shellfishing and aquaculture businesses in Wellfleet. The CDP has additional loan funds available for shellfishing and aquaculture businesses based in other Lower Cape towns.
Technical business assistance is available to potential borrowers when completing an application. Business assistance includes increasing financial literacy, developing marketing strategies, managing cash flow, grasping the importance of collateral, and understanding credit scoring.
For shellfishermen interested in the Shellfish Loan Fund, please contact Pam Andersen.