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Commercial Fishing Loans: Financing For Fish Markets & Seafood Companies

The commercial fishing industry has a long and sordid (and incredibly interesting) past that revolved around creating an essential food source for many in the United States in the 1800’s, while also greatly changing environmental ecosystems for vital fish species such as Salmon and Steelhead. This has led to much debate about this vital industry and how to prevent any further damage to the oceanic environment without depleting an invaluable United States industry. The United States commercial fishing business sector has become one of the most important businesses in the United States today, with economic contribution estimates totaling over $90 billion annually. The commercial fishing business sector has also supported over one and a half million jobs, both directly in the commercial fishing business sector and in other sectors directly tied to commercial fishing.

In 2011 to 2013 alone (the most recent data), the United States commercial fishing business generated more than $1999 billion in sales while supporting over 1.7 million jobs. These figures breakdown throughout the seafood industry as followed:

  • Harvesters, seafood processors, seafood dealers, and seafood wholesalers and retailers generated $129 billion in sales impacts while supporting 1.2 million jobs.
  • Recreational fishing generated $70 billion in sales; generated $20 billion in income; and supported 455,000 jobs in 2011 alone.

The commercial fishing business sectors are some of the most vital and integral parts of the United States social and economic impacts. While the commercial fishing industry has led to many positive economic factors, the commercial fishing business sector is struggling with negative economic side effects and negative reactions from consumers for those reasons.

Commercial Fishing Trends

Most of the commercial fishing industry has successfully rebounded since the 2008 recession, however the commercial fishing business world has been left struggling with difficult, yet vital, changes in the technology sector. Focusing on innovative technologies for the commercial fishing business sector is essential to competitive growth and sustainable business practices for the commercial fishing industry. Some of the major trends for the commercial fishing business in 2017 include:

  • Innovative Technologies: While the commercial fishing business sector has seen slow growth and adoption in innovative technologies, each year billions of dollars are being allocated to researching and updating commercial fishing gear. This is mainly in part to the fact that commercial fishing leads to the catching, and often killing, of certain species of animals that are unwanted or endangered. This has led to an epidemic and rapid depletion of vital sea creatures; however, the commercial fishing industry is working to change this, particularly through creating new technologies that will help avoid these terrible side effects. New, innovative technologies are also being created to help replace outdated nets, traps, trawls, gillnets, poles and lines, and so forth.
  • Occupational Risks: From 2000 to 2006, the commercial fishing industry was the most dangerous occupation to work in. During those years, the commercial fishing business sector had an average annual fatality rate of 115 deaths per 100,000 fishermen, which is three times higher than any other job sector in the United States. This has led to many commercial fishing business owners working hard to implement new technologies and new systems to avoid fatal tragedies while at sea. The number one way most fisherman in the commercial fishing business world die is by falling overboard, which is why so much money has been spent in developing new technologies that prevent fisherman from having to do some of the more dangerous aspects of commercial fishing.
  • Fisheries, Sustainability, and Protecting Our Oceans: Sustainability and eco-friendly measures have become commonplace in many businesses today, especially as consumers demand access to products, and food, that is not harming our environment. Unfortunately, many commercial fishing businesses have struggled with these pressures from consumers everywhere. The commercial fishing business sector has historically been very dangerous for the oceanic environment, coral reefs, and endangered aquatic species. This had led to many commercial fishing business owners exploring alternative options, particularly through new technologies, in order to limit the environmental impact of the commercial fishing business process. By making this a priority, many commercial fishing businesses will start to mold to consumer demands.

Commercial Fishing Financing Uses

  • Commercial Fishing Business Loans for Technologies: As mentioned above, the need for new and innovative technologies is incredibly important in the commercial fishing business. Not only can new technologies and systems help improve day to day work functions, but they can also play a vital role in protecting an employee’s life. The evolution of technology is disrupting every other industry in the United States today, and it is only a matter of time before these new technologies revolutionize the commercial fishing business sector. Unfortunately, many of these technologies will be expensive, and for smaller commercial fishing businesses, these technologies can be almost impossible to afford outright. This is why remembering the variety of commercial fishing business loan options for vital technologies is important.
  • Commercial Fishing Business Equipment Financing: Any commercial fisher knows how expensive commercial fishing boats and other equipment can be. Unfortunately, if an essential piece of equipment breaks or is outdated, replacing that equipment can be almost impossible to afford up front. When exploring the option of replacing old or broken equipment, remembering that there are plenty of commercial fishing business equipment financing options to help can make a difference. Through commercial fishing business equipment financing, many commercial fishing business owners have the ability to purchase vital equipment without paying the full cost right away.
  • Commercial Fishing Business Loan for Payroll and Hiring New Employees: As mentioned above, the commercial fishing business is one of the most dangerous businesses to work in, making it difficult to find plenty of employees willing to do the work. With any business, work can be slow leading to decreased working capital; this is when many commercial fishing business owners figure out where to cut costs – but avoiding payroll should never be an option. In the commercial fishing business industry, making sure that vital employees are getting paid on time every time is essential. This is when commercial fishing business loans for payroll and/or hiring new employees can help!

Traditional Lending For Commercial Fisheries

Bank financing for fisheries and seafood companies are a great way to get capital for your small business with very affordable rates and excellent terms. Fisheries will use bank loans to purchase their boats and real estate for their operations, refinancing other fishery business debt, capital to help with operations, payroll financing to make sure employees are paid on time, along with other forms of lending to purchase and maintain top-grade equipment.

Commercial fishing bank loan documents:

  • Tax returns 
  • Financial statements 
  • Debt schedules 
  • Personal financial statement

Commercial Fishing SBA Loans

Another form of conventional financing available to fisheries and commercial wholesale seafood companies is SBA lending. SBA loans offer seafood companies and commercial fishing companies with affordable term loans and lines of credit that can be used for a variety of uses including purchasing boats, purchasing real estate, refinancing the fisheries mortgage, consolidating business debt into affordable payments, fishery company working capital and upgrades and expansion of their facility. SBA loans aren’t loans that are provided by the Small Business Administration, but are conventional loans offered by bank lenders in which the SBA agrees to cover most of the lender’s losses should the fishery default on their business loan.

Commercial fishery SBA financing documents:

  • Tax returns 
  • Financial statements 
  • Debt schedules 
  • Personal financial statement
  • Personal tax returns

Alternative Fishery and Seafood Company Loans

Alternative business lending has become fairly popular over the past few years due to the fact that conventional lenders have refused to provide financing to quality borrowers. Fintech loans for fishing companies and seafood distributors are a great way for a small business to obtain affordable financing (although not bank-rate) that can help any small operation with financing should the need arise. Alternative financing and seafood distributor alternative loans have rates that begin in the high single digits, and terms that can last as long as five years. Alternative funding occurs relatively quickly, with most applicants getting funded with a week or so.

Alternative seafood company loan documents:

  • Tax returns
  • P&L
  • Debt Schedule
  • Application
  • Bank statements

Seafood Company Cash Advance

With the volatility that comes with the fishing industry comes ups and downs with the seafood company’s cash flow. A great way to get financing in an instant is to sell a portion of your seafood distribution or fishing company’s future receivables in exchange for immediate financing. A fishing company cash advance company will purchase the future revenue and then gets repaid each business day by taking a small portion of each day’s earnings (either through merchant credit card processing account, or by use of automated clearing house transaction using business bank accounts).

Fishing company cash advance documents:

  • Application
  • Bank statements
  • Merchant statements

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