April 1, 2025 — The following was released by Congresswoman Chellie Pingree:
U.S. Senator Angus King (I-ME) and Congresswoman Chellie Pingree (D-ME) today introduced bipartisan, bicameral legislation to expand financial support for fishing communities in Maine and across the country. The Fishing Industry Credit Enhancement Act wouldallow businesses that provide direct assistance to fishing operations—like gear producers or cold storage—to access loans from the Farm Credit System (FCS) that are already offered to service providers for farmers, ranchers and loggers. The FCS is a network of lending institutions that provides credit to the agriculture industry
Joining King and Pingree in leading the introduction are Senator Lisa Murkowski (R-AK) and Congressman Clay Higgins (R-LA).
“Maine’s fishing industry is more than just the hardworking folks who catch and harvest our delicious seafood, it is also hundreds of small family businesses that make gear, build and maintain fish freezers, and distribute the state’s iconic produce,” said Senator King. “The Fishing Industry Credit Enhancement Act would allow fishing-support businesses to access the loans of the Farm Credit System like similar small businesses working with livestock and crop farmers. These reliable loans unlock rural economies, and help businesses invest in new expansions. Opening this program to the men and women who put fish on grocery shelves and kitchen plates is a smart way to help them hire more workers, and modernize operations to meet the demands of the 21st century economy.”
“Fisheries are not only the backbone of Maine’s coastal communities and economy, they are a living, breathing ecosystem of interconnected businesses and generational knowledge—one that too often falls through the cracks of traditional credit systems,” said Congresswoman Pingree, a member of the House Agriculture Committee. “Our coastal communities need strategic, pragmatic policy solutions that acknowledge their economic realities. This bill does precisely that: creating a fair lending environment that mirrors the support we’ve long provided to agricultural sectors. It’s about economic resilience and honoring the profound maritime heritage that defines regions like coastal Maine.”
“Our fishermen share the same mission as the American agriculture industry: to strengthen national food security with locally sourced, high-quality foods while building our economies,“ said Senator Murkowski. “Whether it’s the Fishing Industry Credit Enhancement Act or amending the Farm Bill, I am actively working to ensure that Alaska’s fishermen and the businesses they rely on can access the same resources available to American farmers and ranchers.”
“Louisiana is home to a strong generational seafood industry, and our fishermen deserve a level playing field,” said Congressman Higgins. “Our legislation provides greater parity for America’s seafood producers and the supporting industries. We are working to provide the same financial opportunities and loan access that other agricultural commodities are entitled to.”
“The Maine Lobstermen’s Association (MLA) supports legislation that would allow Farm Credit institutions to lend to fishing-related businesses in the same way they lend to farm-related businesses. This change will increase the options for and availability of credit to businesses supporting the fishing industry in Maine and other coastal states,” said Patrice McCarron, Executive Director of the Maine Lobstermen’s Association. “The economies of Maine’s coastal communities center around commercial fishing and the businesses that support the fishing industry in the same way that many rural communities revolve around farming and businesses supporting farming. Fishing-related businesses deserve the same access to competitive financing.”
“Representatives Pingree and Higgins are strong advocates for U.S. fishermen, and we appreciate their leadership in introducing the Fishing Industry Credit Enhancement Act. Supporting rural communities is a vital piece of Farm Credit’s mission, and this bill will provide more financing options for our rural coastal communities,” said Farm Credit Council President and CEO Christy Seyfert. “Businesses providing services directly to the commercial fishing operators are impacted by same the pressures as the U.S. fishing industry. These businesses need access to competitive financing to maintain service to the U.S. fishing industry. We look forward to working with Reps. Higgins and Pingree include this commonsense legislation in the upcoming Farm Bill.”
The FCS was founded in Congress in 1916 to help farmers who historically struggled to access reliable credit and has since provided almost a million loans totaling more than $373 billion to farmers, ranchers, fishermen, aquatic producers, and more. Borrowers must meet eligibility and creditworthiness requirements. It currently provides more than one-third of the credit used by those who live and work in rural America.