Maryland Watermen's Microloan Program (Watermen's Microloan)

MARBIDCO's Maryland Watermen's Microloan Program helps commercial watermen buy necessary equipment or a commercial fishing boat, and helps seafood processing businesses purchase processing equipment, through low-interest, unsecured loans.

Eligible applicants include: a Generational Waterman (a licensed commercial waterman who is a State resident, holds a Tidal Fish License (TFL) from the Department of Natural Resources or a Potomac River Fisheries Commission commercial license, and derived 50% or more of annual income from commercial seafood harvesting per the two most recent federal tax returns); a Beginner Waterman (a licensed commercial waterman, State resident, at least 18, with 2-10 years of harvesting experience and 50% or more of income from harvesting); and a Seafood Processing Business (holds a TFL or PRFC license, has held a Seafood Dealer license for at least two years, and can demonstrate seafood processing income). Applicants must have a minimum credit score of 620 and may not have more than one active Microloan at a time. Purchased equipment must have a useful lifespan of at least 7 years; processors may purchase only seafood processing equipment.

Loans range from $7,000 to $20,000, with a $40,000 lifetime aggregate limit per borrower, at a 3.00% fixed rate. No collateral security is required. Repayment (quarterly, amortizing): 4 years (16 quarters) for loans of $20,000 or less; 4 or 5 years for $20,001-$35,000; 5 or 6 years for $35,001-$40,000. Loan forgiveness: if all payments are made on time, MARBIDCO forgives the last 4 quarterly payments on 4-year loans, the last 5 on 5-year loans, and the last 6 on 6-year loans. Failure to pay on time forfeits forgiveness, makes the full balance due, and bars future MARBIDCO financing.

All applications must be originated by the applicant and sent electronically to brawlings@marbidco.org or mailed to MARBIDCO c/o Brittany Rawlings, 1410 Forest Drive, Suite 21, Annapolis, MD 21403. Applications are processed in the order received.