Circle Seafoods – Southeast Alaska
Clearinghouse CDFI (CCDFI) participated in a transformative seafood processing project, providing $5,000,000 in NMTC Source loan to Circle Seafoods. This contribution is part of an overall $13,000,000 NMTC Source loan, supporting a $26 million NMTC transaction for the innovative development of a mobile salmon processing facility, revolutionizing the Alaskan wild salmon industry.
Circle Seafoods promises to increase the value of wild fish with a process that is more efficient, profitable, and fair, ensuring a positive long-term impact on Alaska’s wild salmon industry. Their innovative approach involves a mobile processing facility on water, maximizing ecological benefits such as supporting local fishing communities, reducing waste by using 100% of the salmon carcass, and avoiding harmful chemicals in processing. This project, transforming a maritime barge into a cold-storage and salmon freezing facility, was supported by a bridge Source loan from CCDFI, along with three other CDFIs including from Native American Bank, and National Community Investment Fund, and fellow B Corp, Go Steward Lending.
With a focus on sustainability and efficiency, Circle Seafoods is committed to revolutionizing the wild salmon industry. By improving the supply chain, the company is set to make a substantial impact on the quality, distribution, and availability of wild salmon, benefiting both the industry and consumers alike.
Read the full story here: Just Funded – Circle Seafoods
23WA-7563 & 23WA-7564
Creates 96 full-time jobs for the construction of the barge and barge operators along with time off, health, and retirement benefits. Higher production and less waste product also support local fisherman and generational, family-owned boats
Bridge loan that help acquire an existing maritime barge while providing construction financing to convert the barge into a mobile salmon “freezing” and processing facility
