CAMBRIDGE, Md. - A new loan agreement is available for oyster shucking houses and commercial watermen in Maryland.
The general assembly has provided MARBIDCO or the Maryland Agriculture and Resource Based Industry Development Cooperation, 1 million dollars. This money would help support facilities with loans. So, oyster shucking houses could be getting some specified help.
MARBIDCO says they've created this loan program to help current or possibly future operations.
"The idea is that our historic oyster shucking houses, many of which are located in the mid to lower eastern shore areas of Maryland also in southern Maryland, could receive assistances with this loan financing. And perhaps, there's a new operation that wants to start off," says Steve McHenry Executive Director of MARBIDCO
The loans would range anywhere between $25,000 to $250,000 for an applicant. That money can go towards renovating or constructing a new oyster processing facility, expanding an existing one, or purchasing oyster facility equipment.
But, not just anyone can apply.
McHenry says, "The borrower must be either a licensed seafood dealer for at least 5 years or a licensed commercial waterman for at least 5 years."
MARBICO says this will not only provide assistance but could generate new jobs and debt forgiveness if oysters shells are provided back to the Department of Natural Resources for oyster restoration projects.
Mchenry says this loan program was introduced about 6 weeks ago.
Applications for the loan are due by Dec. 1.
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