October 21, 2015

BC Fisheries

Brookings, Oregon

BC Fisheries

Craft3's $6.3 million loan allowed BC Fisheries to build an insulated processing building at the Port of Brookings-Harbor adjacent to off-loading docks, purchase equipment and have adequate working capital.
Family-owned BC Fisheries was founded in 2007 as a small fish buyer. In 2013, they realized growth was needed for their business and the local economy.

Despite offloading about 1.5 million pounds of shrimp per month, the company was unable to process them locally. This meant that the financial reward of most of the local fisheries was leaving town and not providing jobs or other opportunities where the community needed them. Long-distance shipping to far-off processors was also leading to high transportation costs.

Craft3’s $6.3 million loan allowed BC Fisheries to build an insulated processing building at the Port of Brookings-Harbor adjacent to off-loading docks, purchase equipment and have adequate working capital. The new facility will be able to process up to 2.4 million pounds of shrimp per month.

The Craft3 loan was partially guaranteed by USDA Rural Development, and also had financial support from The Oregon Community Foundation, Ford Family Foundation and U.S. Bank.

Critical additional capital for the project was provided through a state New Markets Tax Credit (NMTC) allocation by Business Oregon to Petros-Pacesetter, which then attracted outside investment capital from Capital One. Learn more at www.BC-Fisheries.com.