MARBIDCO’s Maryland Watermen’s Microloan Program assists commercial watermen in purchasing needed equipment or a workboat via low-interest, unsecured loans.

Overview

Eligibility: Beginning July 1, 2025, in addition to Generational Watermen, “Beginner Watermen” and seafood processors may be eligible.

A “Generational Waterman” is a licensed commercial waterman who:

• Is a resident of the State

• Holds a TFL issued by the Department of Natural Resources, OR has a commercial license to catch finfish, crabs, clams, and oysters issued by the Potomac River Fisheries Commission, and

• Can demonstrate that 50% or more of the waterman’s annual income was derived from commercial seafood harvesting through the submission of the two most recent federal income tax returns.

A “Beginner Waterman” is a licensed commercial waterman who:

• Is a resident of the State and is at least 18 years of age

• Holds a TFL issued by the Department of Natural Resources, OR has a commercial license to catch finfish, crabs, clams, and oysters issued by the Potomac River Fisheries Commission, and

• Can demonstrate at least two years (but not more than 10 years) of commercial seafood harvesting experience through the submission of a written narrative describing your work as a waterman and a reference letter attesting to your experience as a commercial waterman

• Provides the two most recently available tax returns (if available).

A “Seafood Processing Business” is a seafood processor that meets each of the following three eligibility requirements:

• Holds either a TFL issued by the Department of Natural Resources or holds a commercial license to catch finfish, crabs, clams, and oysters issued by the Potomac River Fisheries Commission.

• Has held a Seafood Dealer license issued by the Department of Natural Resources for at least the last two years, and

• Can demonstrate commercial seafood processing income through the submission of the two most recently available federal income tax returns.

1. Applicants must have a minimum credit score of 620 to be considered for the program.  

2. An applicant may not have more than one active Microloan at a time.

Eligible expenses: Commercial watermen may purchase tangible equipment that includes boats, motors, and harvesting gear. Seafood processors may purchase seafood processing equipment only. The equipment purchased must have a useful lifespan of at least 7 years.

Loan Terms and Conditions

• Loan Amount: Loans between $7,000 and $20,000 for equipment. The maximum loan amount for equipment purchases is $20,000 (not including a boat).

• Loans up to $30,000 may be made for the purchase of a workboat.

• Loans up to $40,000 may be made for the purchase of a workboat and equipment (with equipment purchases limited to $20,000).

• The lifetime aggregate limit of all microloans is $40,000.

Interest Rate: 3.00% (fixed).

Repayments will include at least a 6-month interest-only period followed by:

• 4 years (16 quarters) of amortizing (principal and interest) payments for loans $20,000 or less

• 4 or 5 years (16 or 20 quarters) of amortizing (principal and interest) payments for loans $20,001 to $35,000

• 5 or 6 years (20 or 24 quarters) of amortizing (principal and interest) payments for loans $35,001 to $40,000)

• Payments shall be made quarterly. No collateral security is required to be pledged.

 Loan Forgiveness

If all payments are made as agreed by the borrower, the following will be forgiven by MARBIDCO if the borrower makes all payments in a timely fashion.  If a borrower fails to make all the payments in a timely fashion, then the entire remaining unpaid balance would be due, and the borrower would have to repay the entire loan amount (with any debt forgiveness forfeited), and the borrower is barred from receiving future MARBIDCO financing.

• 4 years (16 quarters) of amortizing principal and interest payments: last 4 quarters of payment forgiven (for loan amounts up to $20,000).

• 5 years (20 quarters) of amortizing principal and interest payments: last 5 quarters of payment forgiven (for larger loan amounts).

• 6 years (24 quarters) of amortizing principal and interest payments: last 6 quarters of payment forgiven (for the largest loan amounts).

Application Submission Process: All applications must be originated by the applicant, and all requested information must be provided. Applications are processed in the order that they are received.

Send application electronically to brawlings@marbidco.org  or mail to: MARBIDCO c/o Brittany Rawlings, 1410 Forest Drive, Suite 21Annapolis, MD 21403