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
