Other Marine Fishing

114119

Northeast Bank (ME)

Northeast Bank is a Maine-based Community Bank and national Commercial Real Estate lender providing unmatched customer service and financial solutions to achieve your financial goals.

Average SBA Loan Rate over Prime (Prime is 7%): 3.22

Change of Ownership

Existing or more than 2 years old

Loan Funds will Open Business

KeyBank National Association (OH)

Average SBA Loan Rate over Prime (Prime is 7%): 2.92

7a General

Asset Base Working Capital Line (CAPLine)

Builders Line of Credit (CAPLine)

SBA Loans for Other Marine Fishing: Financing Growth in a Traditional Industry

Introduction

Other marine fishing businesses play a vital role in the U.S. economy by harvesting a wide variety of marine life beyond standard commercial species. These companies support local communities, supply fresh seafood to restaurants and markets, and contribute to the broader food chain. Yet running a marine fishing operation comes with significant financial challenges, including the costs of vessels, fuel, equipment, licensing, and unpredictable weather conditions. Traditional banks often hesitate to finance fishing businesses due to seasonal cash flow and industry-specific risks.

This is where SBA Loans for Other Marine Fishing become a valuable resource. Backed by the U.S. Small Business Administration, SBA loans provide affordable financing options that help fishing businesses cover operational expenses, upgrade vessels, and ensure regulatory compliance.

Industry Overview: NAICS 114119

Other Marine Fishing (NAICS 114119) includes establishments engaged in catching or taking marine animals and plants not classified under finfish or shellfish fishing. This can involve harvesting sea urchins, octopus, squid, kelp, or other specialty marine resources. These operations supply niche markets, both domestic and international, and are vital for supporting culinary diversity and food sustainability.

Although demand for specialty seafood is strong, the industry faces challenges such as sustainability pressures, environmental regulations, and international competition.

Common Financing Pain Points in Marine Fishing

Insights from Reddit fishing communities, Quora discussions, and industry forums reveal frequent struggles that small fishing operators encounter:

High Vessel and Equipment Costs – Boats, nets, refrigeration systems, and safety gear require heavy upfront investments.
Fuel and Maintenance Expenses – Rising fuel prices and constant vessel repairs strain budgets.
Seasonal Cash Flow – Revenue often fluctuates due to fishing seasons, weather, and regulatory limits.
Licensing and Regulatory Costs – Permits, quotas, and sustainability certifications create additional financial burdens.
Market Competition – Global seafood imports challenge small U.S. marine fishing businesses to stay competitive.

How SBA Loans Help Marine Fishing Businesses

SBA loans provide long-term, flexible capital to help fishing operators remain financially stable, grow, and modernize operations.

SBA 7(a) Loan

Best for: Working capital, fuel, gear, or small equipment upgrades.
Loan size: Up to $5 million.
Why it helps: Provides reliable capital for day-to-day operations and unexpected expenses.

SBA 504 Loan

Best for: Vessel purchases, major refits, or large-scale equipment investments.
Loan size: Up to $5.5 million.
Why it helps: Ideal for acquiring or upgrading commercial fishing boats and processing facilities.

SBA Microloans

Best for: Startups or small-scale improvements.
Loan size: Up to $50,000.
Why it helps: Great for safety equipment, minor repairs, or marketing initiatives.

SBA Disaster Loans

Best for: Recovery from storms, hurricanes, or natural disasters.
Loan size: Up to $2 million.
Why it helps: Ensures fishing businesses can repair vessels, replace damaged equipment, and resume operations quickly.

Step-by-Step Guide to Getting an SBA Loan

Check Eligibility – Business must be U.S.-based, legally registered, and typically have a credit score in the 650–680 range.
Prepare Financial Documents – Include tax returns, catch records, fuel expenses, and cash flow projections.
Find an SBA-Approved Lender – Work with lenders experienced in financing seasonal and maritime businesses.
Submit Application – Explain how financing will support vessel upgrades, operations, or sustainability measures.
Approval Process – SBA guarantees up to 85% of loans, with approvals generally taking 30–90 days.

FAQ: SBA Loans for Other Marine Fishing

Why do banks hesitate to lend to marine fishing businesses?

Banks view the industry as high-risk due to seasonality, unpredictable weather, and fluctuating seafood markets. SBA guarantees reduce these risks for lenders.

Can SBA loans fund vessel purchases or upgrades?

Yes. SBA 504 and 7(a) loans can finance new or refurbished boats, refrigeration systems, and navigation technology.

Are small, family-owned fishing businesses eligible?

Yes. SBA loans are designed to support small businesses, including family-owned or independent fishing operations.

Can SBA loans help cover fuel and daily operating expenses?

Absolutely. SBA 7(a) loans are commonly used to bridge cash flow gaps and cover recurring expenses like fuel and payroll.

What are typical SBA repayment terms?

Working capital: Up to 7 years
Equipment/vessels: Up to 10 years
Real estate/facilities: Up to 25 years

Can SBA loans help with sustainability certifications?

Yes. SBA financing can cover costs for certifications like MSC (Marine Stewardship Council) or eco-labeling programs to improve marketability.

Final Thoughts

The marine fishing industry is vital for food supply and coastal economies but faces unique financial and operational challenges. SBA Loans for Other Marine Fishing give small businesses the affordable financing they need to buy equipment, upgrade vessels, and manage seasonal fluctuations.

Whether you’re harvesting squid, sea urchins, or kelp, SBA financing can provide the capital you need to operate sustainably, expand your business, and secure long-term success.

Filters

Featured