The fishing industry is the backbone of nearly all coastal communities in the United States, but the challenges they’re dealing with are both novel and formidable. Everything from permitting issues to the woes of old gear to budget gaps on account of market prices is keeping many from moving forward. You can find a bank to help at this year’s Pacific Marine Expo (PME). First Fed at booth 233 can lend a hand to fishermen looking to finance a new vessel or permits.
This Pacific Northwest-based bank is helping fishermen understand the different kinds of loans they are qualified for and can represent a path forward. First Fed can lend a hand to individuals who have been in the commercial fishing industry or are just starting out. That capability stems from their expertise as much as experience that has been specifically tailored to commercial fishermen.
Scott Montgomery, the Maritime Manager can be found at the First Fed booth and is willing to connect with individuals looking for finance answers. Their maritime focus on developing relationships with individuals that make up this community is second to none. Few other lending institutions feature a team that understands the need to expand and support fishing operations. That understanding has allowed First Fed to explore avenues best suited to various lifestyles and investments within this industry. First Feds’ focus on small business owners and owner-operators has allowed them to connect with fishermen who need a level of service and industry expertise from a banker who truly understands the ins and outs of this industry.
“Being at the expo has given us the opportunity to help individuals understand the timelines and closing windows of their next large purchase. Our team of maritime lenders can help you smooth through the entire process.” Says Montgomery.
“We have built up our expertise among many fisheries up and down the coast. We have created custom programs, and for example, if a fisherman lives in Washington but participates in various state fisheries throughout the year, we can set the different quotas or boat loans to work with fishing schedules.”
With the graying of the fleet becoming increasingly pronounced in the commercial fishing community, banks must focus on helping the younger generation that may have never previously taken a loan. Creating the possibility for these younger men and women who qualify for entry-level permits to get the loans they need can help ensure the future of the US commercial fishing industry.
Numerous fisheries are stretched from Alaska to California, where money only comes in during certain seasons. First Fed can offer the flexibility of a loan to accommodate what works best for you and your fisheries. With one annual payment due anytime throughout the year and the ability to stack a new loan onto an existing one. Catch First Fed for one final day at PME and see what these maritime experts can do for you and your business.