Maryland Remote Setting Shellfish Aquaculture Loan Fund (Remote Setting Shellfish Aquaculture Loan Fund)

In partnership with the Maryland Department of Natural Resources (DNR) and using Maryland Port Administration (MPA) funds, the Maryland Remote Setting Shellfish Aquaculture Loan Fund provides affordable financing to commercial watermen who want to start or expand shellfish remote setting (nursery) aquaculture operations. The University of Maryland Extension (UME) provides training and business planning assistance to current and prospective shellfish growers.

Persons holding a nursery permit, or those who hold a permit or have applied for a TFL license, are eligible to apply. All applicants must have production and business plans demonstrating the financial feasibility of the proposed aquaculture operation. A credit score of at least 620 and no bankruptcy within seven years are required (a qualifying co-signer is required below 620; personal and other guarantees may be required). At least 10% of the loan amount is required as a cash equity contribution. Eligible expenses include seed or larvae, shell or substrate, tanks, pumps, blowers, valves, and tank heaters.

Loan amounts of $5,000-$15,000 carry a five-year term; $15,001-$30,000 carry a six-year term. Interest rate is 5.25% with no application fee. The first year is interest-only, followed by regular amortizing payments; the final year is forgiven for borrowers in good standing who implement their production plans (approximately 22% to 27% of principal). Borrowers not in good standing receive no partial forgiveness.

Submit the application and required attachments as soon as complete to MARBIDCO Loan Programs Office, Attn: Brittany Rawlings, 1410 Forest Drive, Suite 21, Annapolis, MD 21403, or brawlings@marbidco.org. Loans are processed in the order received.