Maryland Shellfish Aquaculture Financing Fund (Shellfish Aquaculture Financing Fund)

MARBIDCO, in partnership with the Maryland Department of Natural Resources (DNR), provides affordable, subsidized aquaculture loan financing to commercial watermen and other entrepreneurs wishing to start or expand shellfish operations. The University of Maryland offers training and business planning assistance to current and prospective commercial shellfish growers.

Applicants must hold, or have applied for, a State submerged land or water column aquaculture lease and have production and business plans demonstrating financial feasibility. A credit score of at least 620 and no bankruptcy within seven years are required (a qualifying co-signer is required below 620). Equity of at least 10% of the loan amount is required; ownership of a commercial workboat may help satisfy it. Funds may purchase substrate, seed or larvae, or capital equipment with a 15-year life expectancy (on-bottom and water-column projects may be eligible). Motor vehicles, including boats and trucks, are not eligible.

Loans range from $5,000 to $100,000. Maximum interest rate is 5.25% and may be as low as 3.00% during the first one to three years depending on the interest-only period. No origination fee. Terms: substrate and seed - maximum 5 years (1-3 years interest-only, 2 years principal and interest); capital equipment - maximum 7 years (1-3 years interest-only, 4 years principal and interest); blended purchases - maximum 6 years (1-3 years interest-only, 3 years principal and interest). Loan repayment assistance: first-time borrowers receive 40% principal forgiveness up to $100,000; existing borrowers receive 25% principal forgiveness for cumulative borrowing from $100,001 to $300,000, subject to good standing and production-plan implementation.

Complete the application with all required attachments and send 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.