Lending Successful

Refinancing Storefront Expansion

by New England Fishmongers
Refinancing Storefront Expansion

New England Fishmongers opened a seafood market in Kittery, Maine to increase sales and take their sustainable fishing business to the next level.

Project Summary
  • Location: Dover, NH
  • Products: Fishery
  • Loan Term: 60 months
  • Interest Rate: 7.25% APR
  • Repayments Begin: 1 month after disbursement
  • Individual Lender Cap: $1,000
$88,800
100% of $88,800

Funded on 05/10/2022

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Overview

New England Fishmongers operates out of Dover, New Hampshire, bringing a range of sustainably caught seafood from dock-to-door to customers throughout the region. Owners Tim Rider and Kayla Cox believe in creating a closer connection between consumers and fishermen, in an effort to celebrate the natural seafoods available to New Englanders. 


Over the past year, the New England Fishmongers team has been hard at work ramping up their sales. In fall of 2021, they opened a retail storefront on Kittery, Maine’s “Gourmet Alley”, where they have been able to serve customers at more consistent hours. They are also offering a range of fresh seafood fare in a small restaurant-like setting, taking the dock-to-plate to the next level.


Use of Funds


This loan will be used to refinance a previous short-term bridge loan that Steward provided New England Fishmongers when they were setting up their new retail space along Gourmet Alley. Since the space opened, Tim and Kayla have seen more consistent sales now that they operate throughout the week rather than only at weekend markets. 


Loan funds were also used to install refrigeration and seafood displays in their new storefront, allowing them to not only offer their own catch but to also source and sell fresh products from a community of like-minded sustainable fishermen all under one roof.


Regenerative & Sustainable Practices

New England Fishmongers has built sustainable harvesting practices into their business in a number of ways:

  • Utilize a hook-and-line jig boat, outfitted with eight automatic jig machines, allowing them to catch a healthy number of fish in a manner beneficial to wild fisheries.

  • Support independent wild fishers who also use sustainable methods, and pay those fishers sustainable market prices for the higher-quality product they catch.

  • Educate their customers about proper management and conservation of wild fisheries.

  • Prepared foods sold in the new restaurant space will minimize waste by making use of off-cuts that are ideal for prepared foods but not for packaged products.

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 its customers.

This loan is for refinancing a short-term loan for New England Fishmongers' storefront expansion.

The total loan amount is $88,800.00, which will assist New England Fishmongers in growing and expanding its business.

This loan is set at a 7.25% interest rate, with a 60-month term, and fully amortized monthly payments beginning 1 month after funds are disbursed.

Borrower Loan Agreement Download
Lender Participation Agreement Download

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