Maryland Watermen's Microloan Program
MARBIDCO’s Maryland Watermen’s Microloan Program assists commercial watermen in purchasing needed equipment or a workboat via low-interest, unsecured loans.
Beginning July 1, 2025, “beginner watermen” (as defined in the statute*) are eligible to apply.
Overview
With the support of the Governor and Maryland General Assembly during the FY 2025 session, MARBIDCO’s Maryland Watermen’s Microloan Program was revised from assisting just generational watermen to the inclusion of the Potomac River Fisheries Commission (PRFC) members and the raising of the maximum financial amount of the loans.
Last year, the maximum amount of loan funds was raised from $30,000 to $40,000 to help watermen purchase boats and equipment: $30,000 for a boat and an additional $10,000 for equipment. Also, through legislation passed during the FY 2025 General Assembly, MARBIDCO’s Board of Directors can approve loans up to $20,000 in loan proceeds to purchase equipment. Applicants can apply for a microloan of up to $20,000 when purchasing equipment only. This fiscal year, beginner watermen can apply for the microloan.
*What is a Beginner Waterman? In Maryland, a "beginner waterman" is defined as an individual who is a State resident and holds either a tidal fish license (TFL) from DNR or a commercial license to catch finfish, crabs, clams, and oysters from PRFC. They also need to have at least 2 years and no more than 10 years of experience in commercial seafood harvesting.
What is a Generational Waterman? A generational waterman is a licensed (TFL) commercial waterman who can demonstrate that 50% or more of the waterman’s annual income was derived from commercial seafood harvesting. The law further provides that two years of the most recent federal income tax returns must be submitted with an application.
Minimum/Maximum loan amount: $7,000 to $40,000.
An advantage of this loan program is that if all the payments are made as agreed by the borrower, the final four quarters of the loan term will be forgiven by MARBIDCO. If a borrower fails to make all payments on time, the entire remaining unpaid balance would be due, and the borrower would have to repay the whole loan amount (with any debt forgiveness forfeited) and would be barred from receiving future MARBIDCO financing.
Eligible Expenses
Eligible tangible equipment that may be purchased includes boats, motors, and harvesting gear, for example.
The equipment purchased must have a useful lifespan of at least 7 years.
Basic Requirements and Loan Terms
Must be a qualifying commercial waterman who either holds a TFL issued by DNR or holds a commercial license to catch finfish, crabs, clams and oysters issued by the PRFC and can demonstrate that 50% or more of the waterman’s annual income was derived from commercial seafood harvesting (generational watermen) or can demonstrate at least two years but no more than 10 years of commercial seafood harvesting experience (beginner watermen).
Loans will be made on a first-come, first-served basis. Funds will be disbursed on a reimbursement basis.
An applicant must have a credit score of at least 620 to be considered.
Loans may be applied for between $7,000 and $20,000 for equipment. The maximum loan amount for equipment only (not including a workboat) is $20,000. Loans are available up to $30,000 for the purchase of a workboat.
Loans are also available up to $40,000 for the purchase of a workboat and equipment, with equipment limited to not more than $20,000. (For example, $30,000 could be used to purchase a workboat and $10,000 used to purchase equipment.) The lifetime aggregate limit of the loan is $40,000.
MARBIDCO Interest Rate: 3.00%
Loan Origination Fee: None
Application Submission Process
All applications, including any required attachments, should be submitted as soon as completed, as loans are processed in the order they are received. Additional information about the Watermen's Microloan program is provided in the application. A project financing submission checklist is included at the end of the application form, which should be reviewed carefully.
Send completed applications to MARBIDCO Watermen’s Microloan Program, Attention: Brittany Rawlings, 1410 Forest Drive, Suite 21, Annapolis, MD 21403, or to brawlings@marbidco.org.