Maryland Oyster Shucking House Loan Fund (Oyster Shucking House Loan Fund)

The Maryland Oyster Shucking House Loan Fund helps finance eligible seafood processing projects, including historic oyster shucking facilities, and helps increase the amount of oyster shells retained in Maryland and returned to the Chesapeake Bay. Established under 2022 legislation (Senate Bill 830), which provided MARBIDCO $1 million, the fund offers loans of up to $250,000 for qualifying oyster processing business projects. The program can offer standalone financing or work in conjunction with another MARBIDCO loan program.

Eligible applicants must have been a licensed Maryland Seafood Dealer for at least three years, OR be a TFL holder for at least five years who agrees to obtain a Seafood Dealer License if approved. Applicants must have paid all applicable taxes and fees for the last five years and submit a business plan including financial projections. Loan proceeds can be used to renovate, construct, or expand an oyster processing facility and to purchase oyster processing equipment. A personal guarantee is normally required.

Loans range from a minimum of $25,000 up to a maximum of $250,000 at a 3.25% fixed rate; the origination fee is waived. The maximum depends on jobs created or retained - MARBIDCO can provide $25,000 in financing for each full-time (or seasonal full-time) job projected to be created or retained. Equity: at least 3% of project cost; MARBIDCO matches the equity contribution dollar-for-dollar up to 5% of project cost, capped at $12,500, in Cecil, Kent, and Queen Anne's counties. Working capital: new facilities need at least 15% of project cost in cash or bank line of credit; other applicants at least 10%. The term corresponds to the useful life of financed assets following up to six months interest-only; appropriate collateral is required.

Applications should include all required attachments listed in the application checklist and be sent to skubofcik@marbidco.org or MARBIDCO Loan Programs, 1410 Forest Drive, Suite 21, Annapolis, MD 21403. Applications are processed as received.