California FarmLink - working to support the next generation of fishermen
In the Monterey Bay region, we are blessed with incredibly productive farmlands combined with an abundance and diversity of seafood. Farmers and fishermen have been feeding our community and the world for decades, and there are many similarities between the two livelihoods. For example, they’re often small, family-run businesses, operating at the mercy of natural elements and complex regulations, with high costs to entry. Despite these and other similarities, the agricultural industry, the seafood industry, and the organizations working to support them usually operate in silos.
To help bridge this gap, in early 2016, our team met with staff from California FarmLink to discuss the similarities between farmers and fishermen and the challenges they face and to explore potential opportunities for collaboration. California FarmLink is a nonprofit lender based out of Aptos, California, investing in the prosperity of farmers and ranchers through lending, education, and access to land.
During that first meeting, FarmLink staff expressed an interest in one day expanding their programs to serve commercial fishing businesses—this was music to our ears, as it aligned directly with our goal to strengthen the business support network for our local commercial fleet. That first meeting sparked a long-term partnership between our two organizations and several collaborative projects
For example, their Chief Business Strategies Officer, Brett Melone, served as an advisor to one of our earlier programs, we’ve co-hosted webinars for fishermen, participated on panels together, co-advised graduate research projects, and recently collaborated on the California Small Fisheries Business Technical Assistance Toolkit. We’ve even shared an employee, Noah Strouse, who has been working with the Trust one day a week to provide technical assistance to fishermen during COVID-19 and research succession planning for retiring fishermen. This collaboration has been synergistic with MBFT learning from the experiences of FarmLink and the agricultural industry and FarmLink learning more about commercial fishing.
So, we were thrilled when FarmLink announced that they were planning to expand their services to commercial fishermen by taking over the California Fisheries Fund in 2021.
California FarmLink takes over the California Fisheries Fund
First launched by the Environmental Defense Fund in 2008, the California Fisheries Fund (CFF) is a revolving loan fund that supports sustainable commercial fisheries in California. The Environmental Defense Fund managed the Fund for its first ten years, then Community Vision took it over until last September, and now FarmLink oversees the Fund.
Due to the unpredictable and risky nature of the industry, fishing businesses often struggle to secure loans from traditional banks or credit unions. Yet fishing is an expensive business, particularly under sustainable fisheries management. The California Fisheries Fund was developed to address this gap by making capital available for fishermen to purchase vessels and permits, make vessel and gear improvements, and support dockside infrastructure, to name a few. Before transferring the Fund to FarmLink, CFF loaned $4.8 million to support California fishing communities.
Acquiring the California Fisheries Fund has allowed FarmLink to expand its reach to fishing communities along the California coastline. Specifically, this Fund will serve small-scale and incoming fishers of color to hopefully address some of the challenges they face surrounding finances and equity when entering the industry. Noah Strouse, FarmLink’s Loan Officer and Strategic Initiatives Manager commented, “FarmLink has a strong commitment to equity, supporting communities of color, and young and new business owners. Expanding its lending to include fisheries brings this equity lens to the sector and expands access to capital for underserved fishers.”
Included in California FarmLink’s goals for this loan program is offering support to ensure environmental concerns potentially affecting the industry, such as climate change, are prioritized and, as a result, will increase job security for fishermen. Strouse states, “FarmLink has a strong commitment to sustainability and conservation of natural resources, which it is now expanding to fisheries and ocean resources.”
Strouse also mentions FarmLink’s aspirations “to expand its group education, technical assistance, and lending work to other parts of the food system and grow an ecosystem of support for fisheries business technical assistance.” Part of their programs for farmers is a series of educational resources, such as their business skills course, The Resilerator. This ten-week course offers farmers and fishermen tools to ensure sustainability in running a successful business.
To date, FarmLink has been able to provide two fishermen with loans to support their fishing endeavors. A local Seaside-based fisherman, Troy Stokes recounts his experience working with FarmLink. “This was my first time seeking financing to start up a business. FarmLink staff was very patient, and helpful. The loan application was very thorough and pointed out key aspects of the business that could make or break the business. This made FarmLink a great learning experience, and I could not thank them enough! They have played a critical role in the startup of my commercial fishing business by helping me purchase the permits necessary for long-term success.“
With a suite of educational and financial support, FarmLink’s Fisheries Loan program will help ensure California fishing communities continue to thrive for years to come—and it’s another excellent example of the great things that happen when we collaborate and partner with other industries and organizations.
For more information on this program and California FarmLink, visit their Fisheries Loan Inquiry page https://www.californiafarmlink.org/loans/make-a-fisheries-loan-inquiry/.