Seafood/Aquaculture Loans

Maryland Remote Setting Shellfish Aquaculture Loan Fund

In partnership with the Maryland Department of Natural Resources (DNR), the Maryland Remote Setting Shellfish Aquaculture Financing Fund provides affordable financing to commercial watermen who want to start or expand shellfish remote-setting aquaculture operations. The University of Maryland Extension (UME) also contributes by providing training and business planning assistance to current and prospective shellfish growers.

Program Oveview

If you are looking for oyster funds or loans for aquaculture, we can help. Working in collaboration with the Maryland Department of Natural Resources (DNR) and using Maryland Port Administration (MPA) funds, this program provides affordable financing to commercial watermen who want to start or expand shellfish remote setting (nursery) aquaculture operations.

Persons holding a nursery permit or those who hold a permit or have applied for a TFL license are eligible to apply. In addition, all applicants must have production and business plans demonstrating the financial feasibility of the proposed aquaculture operation.

Basic Eligibility Requirements

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Hold or have applied for a DNR aquaculture nursery permit

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Demonstrate proposed remote-setting production will occur within the year

$5,000–$15,000

Five-year loan

$15,001–$30,000

Six-year loan

5.25%

Interest rate

None

Application fee

Loan Terms and Amounts

The first year is interest-only. Regular amortizing payments follow, and the final year is forgiven for borrowers in good standing who implement their production plans. This equals approximately 22% to 27% of principal. Borrowers not in good standing receive no partial forgiveness.

Loan Terms and Conditions

Borrower Equity

At least 10% of the loan amount as a cash contribution to implement the project.

Borrower Credit History

Credit score of at least 620 and no bankruptcy within seven years. A qualifying co-signer is required below 620. Personal and other guarantees may be required.

Eligible Expenses

  • Seed or larvae
  • Shell or substrate
  • Tanks
  • Pumps
  • Blowers
  • Valves
  • Tank heaters
Application Process

Application Submission Process

1

Complete application

Submit the application and required attachments as soon as complete.

2

Processing

Loans are processed in the order received.

3

Submit application

Send to:

MARBIDCO Loan Programs Office, Attn: Brittany Rawlings, 1410 Forest Drive, Suite 21, Annapolis, MD 21403, or brawlings@marbidco.org.

Equity Incentive Program

The Upper Shore Regional Council (USRC) and MARBIDCO have partnered to offer an incentive program targeted to farmers in these three Upper Shore counties: Cecil, Kent, and Queen Anne's. The program offers a lending incentive grant with a 5% equity contribution towards eligible MARBIDCO loans, up to the maximum loan amount, depending on the program. Read more about the Upper Shore Regional Council Farm Loan Equity Incentive Matching Fund below.