With increased demand for sustainable fish & seafood, New England Fishmongers needs the infrastructure necessary to continue growing.
Funded on 04/26/2021
New England Fishmongers is a commercial fishery operating out of Dover, New Hampshire, bringing a range of sustainably caught fish from dock-to-door to customers throughout the region. Owners Tim Rider and Kayla Cox believe in creating a closer connection between the consumer and the harvester of the seafood, in an effort to celebrate the natural marine resources available in New England.
At the heart of their business are the goals to support and broaden sustainable and adaptive fishing practices, to serve independent fishers who utilize those practices, and to sell their customers responsibly sourced fish. Fishers themselves, Tim and Kayla bring to market their own New England catch, as well as wild Alaskan salmon and wild Gulf shrimp they source from independent fishers around the country.
The success of New England Fishmongers has driven up demand for the high quality fish they catch and source. In 2020, they regularly sold out at markets, sometimes within hours, and their limited cold storage and processing capabilities made it difficult to keep up. In 2020, they grossed over $1 million in sales alone, and they expect to reach $1.5 million in sales in 2021. Their goal is to sell $2 million of seafood in 2022.
To sustain their growth without sacrificing the quality of their product, they’ll be using this Steward loan to purchase cold storage infrastructure and a new tabletop fillet skinning machine, and to make some other processing improvements. These upgrades will allow them to maximize their efficiency in their own fishing and sourcing, and to sell blast-frozen and properly-stored fish year-round.
Sustainability in fishing is tied both to the methods used to catch fish and to the relationships cultivated between customers and fishers. Conventional trawlers that scrape the seafloor and destroy fish habitats while decimating fish populations in order to get fish en-masse to market are the exact opposite of sustainable fishing. Tim and Kayla have built sustainable practices into New England Fishmongers in a number of ways:
Participating lenders can expect to receive products from New England Fishmongers when lending at the following tiers:
Given the logistical challenges of transport, participating lenders outside of the region will have the option to donate their product incentive to a local family in need, happily facilitated by New England Fishmongers.
New England Fishmongers is able to ship frozen product to participating lenders in New Hampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island, and New York.
Cold Storage : $41,250
Blast Freezer Technology : $50,000
Processing Plant Ventilation & Air Flow System : $2,450
Fillet Skinning Machine : $5,300
Electrical work to install infrastructure upgrades : $1,000
Total Budget : $100,000
This loan will be made to New England Fishmongers LLC, a New Hampshire limited liability company. New England Fishmongers is a New England fishery that provides sustainably caught seafood to their customers.
This loan is for cold storage, a blast freezer, and processing infrastructure upgrades.
The total loan amount is $100,000, which will assist New England Fishmongers in growing and expanding their business.
This loan is set at an 8% interest rate, with a 60-month term, and fully amortized monthly payments beginning 6 months after funds are disbursed.
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