The Maine Aquaculture Roadmap (2022-2032) laid out a set of action items to be taken to develop Maine’s aquaculture sector. Among them was to increase financing opportunities, loans, and insurance specific to aquaculture. In addition, m any farmers in Maine have reached out asking for more information about financing – what is it? What kind is best for me? What is available? In response to both of these factors, the Maine Aquaculture Association took the first step in highlighting financing opportunities in Maine by creating the Maine Aquaculture Financing Resources Manual, with support from FocusMaine .
The manual includes an overview of financing options – loans, grants, economic development funds, tax incentives, investment/equity, and risk management. It highlights the advantages and disadvantages of each option, with an emphasis on speaking with your own counsel and finding what is right for you and your farm. It also includes extensive resources and links of options within each category. A financial advisory committee, made up of financiers across Maine, reviewed the manual. A meeting was held in the winter of 2022 of financing institutions across Maine, including state agencies, to discuss the manual, identify financing gaps within Maine, and assess whether or not the creation of additional financing options should be considered. Webinars, social media, email, and distribution through business planning meetings were utilized in the winter of 2022 to share the manual statewide, and beyond.