US gives $500K for new fishery jobs, businesses
CEI, formerly known as Coastal Enterprises Inc., has received a $500,000 federal grant to re-capitalize a revolving loan fund for commercial fisheries.
The revolving loan fund is estimated to give 92 small- to medium-sized loans between $10,000 and $100,000 each, in addition to lines of credit, to create 20 new jobs, the U.S. Economic Development Administration said. The funds will be used to start new fishing-related businesses, support fishing operations and finance new equipment purchases to help businesses improve efficiency and meet regulatory requirements.
“EDA’s Revolving Loan Program has been an essential financing tool in many communities, ensuring many small and medium size businesses’ ability to successfully grow,” Matt Erskine, deputy assistant secretary of commerce for economic development, said. “Re-capitalizing [CEI’s] RLF will allow them to continue to provide needed support to small- and medium-sized businesses in Maine that are engaged in commercial fishing.”
Earlier in May, a $7 million bond measure became law that will, if approved by voters this fall, grow the marine economy, create new jobs and keep seafood production within the state. More specifically, it will seek to increase Maine’s lobster processing capacity.
This week, Michael Tourkistas, the CEO and president of East Coast Seafood, said he expects his Gouldsboro lobster processing plant to grow its workforce by nearly 50% from last year to around 200 workers. He projects that number could go up to 300 in the next three years.
Correction: A previous version of this story incorrectly stated that Gov. Paul LePage signed off on the $7 million bond measure to improve the marine economy. He let the bond became law without his signature.
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