Three Fishing Loans Approved, Committee Reappointed ‘Til 2019

CREST HAVEN – Freeholders approved three commercial fishing revolving loans Dec. 27 and reappointed all members of the committee that oversees those loans. 
The Revolving Fishing Loan Program began in 1984 with a grant provided through the Small Cities Community Block Grant Program with oversight by the New Jersey Department of Community Affairs, according to the county website.
Those members, whose terms expire Dec. 31, 2019, include Gerald Reeves, Henry Obergfell, Carl Axelsson, Charles Barto, Eleanor Borchenek, Lisa Calvo, Michael Monichetti and Diane Weiland.
The program is the only one of its kind in the state. Its intent is to
provide low-interest loans to the commercial and party boat fishing industry.
The loan’s purpose is to support the county’s fishing industry and generate and/or retain jobs and stimulate economic growth. Freeholder, E Marie Hayes serves as the liaison and works with the Fishing Loan Committee to determine the eligibility of applicants.
Approved were loans to:
Stormy Bay Oyster Co., LLC, with a Cape May address. The vessel Stormy Bay will be retro-fitted for oystering. Loan: $204,000 at 2.5 percent interest for seven years. Guarantors are Charles D. Martin, Samuel A. Martin, Sandra Martin and Amanda Martin.
Cecil Creek Properties LLC, d/b/a South Dock Marina, with a North Wildwood address. Proceeds will be used to refurbish a bulkhead and buy a recreational watercraft for use at the marina. Loan: $300,000 at 2 percent for seven years.
Youngs Family Fisheries, with a Dias Creek address, for the vessel Gold Digger’s completion. Loan: $150,000 at 2 percent for seven years. Guarantor: Melinda Young.
Guidelines
The program’s success rests with the guidelines set by freeholders and the experience and knowledge of the industry of the fishing loan committee.
Over the years more than $3 million in loans have been approved to support the commercial and recreational fishing industry. The Cape Ports of Cape May/Wildwood are the largest is the state and represent nearly $50 million dollars in sales, creating jobs and supplying fresh seafood for the world.
Who’s eligible?
Commercial fishing vessel owners, party and head boat owners, dock owners and processors, aqua-culturists and related support businesses with a knowledge of the fishing industry are eligible to apply.
Financial stability and strength of the project are key elements in the approval of funds. The program is open to Cape May County residents or vessels that originate from Cape May County ports.
What projects are eligible?
Eligible projects include the purchase of vessels, equipment, and repairs. The purchase of land and building relative to the commercial and recreational fishing business. Also included is construction costs for expansion, rehabilitation/renovations and the purchase of fishing permits, licenses, and/or certificates.
The safety loan program allows for the purchase of U.S. Coast Guard required safety equipment.
How much is available?
There are two loan programs available to those who have met the eligibility requirements. The Revolving Fishing Loan Program will lend from $10,000 to $300,000 to owners who have met the credit requirements and have a project that will create or retain jobs in the fishing industry.
The Safety Loan Program will lend up to $10,000 per vessel with a limit of three vessels for the purchase of safety equipment.
What is the interest rate?
The interest rate had been set at 2% for both the Commercial and Party Boat Loans and the Safety Loans.
What are the terms?
The maximum term for the Commercial and Party Boat Loans is seven years. The term for a Safety Loan is five years. Late fees are assessed at 5 percent of the balance. There are no penalties for early repayment.
Where to apply?
Cape May County Department of Tourism
Revolving Fishing Loan Program
Moore Road
Cape May Court House, N.J. 08210
Participating Lending Institutions:
To insure the stability of the program, emphasis will be on loan packages involving shared participation with financial institutions and the revolving loan program.