SCITUATE, Mass., — November 6, 2013 — Fishermen struggling to keep their businesses afloat amid reductions in catch limits and groundfish stocks will now be eligible for financial assistance after the Small Business Association (SBA) approved Governor Deval Patrick’s request for an economic injury disaster declaration.
“This is a recognition that federal policies are putting people out of business when it comes to our storied fishing industry,” said Representative Jim Cantwell, D-Marshfield. “It’s similar to when there is a severe drought or a flood or a frost in the South and family farmers are put at risk. The federal government comes in to assist them and try to keep them in business.”
The U.S. Department of Commerce declared commercial fishery failure for the Northeast groundfish fishing industry in September 2012.
“The fishing industry is crucial to the character and economic vitality of Massachusetts,” said Patrick in a released statement. “While we will continue to push for additional disaster assistance from Congress, these loans will aid in the preservation of our fishermen, their families and the economies of our coastal communities and fishing ports.”
Senator Edward Markey also issued a statement where he said the loans would help Massachusetts’ fishermen “as they work to adjust to a perfect storm of events that threatens this vital industry and fishing communities across the Bay State.”
“There is much work to be done to help fishermen in the long term, but these loans are an important short-term step to help those who are struggling,” he said.
However, according to Scituate fishermen Frank Mirarchi, while well intended, the loans probably won’t help the majority of those struggling in the fishing industry.
Read the full story from the Marshfield Mariner