Feds And State To Bail Out Fishing Industry

After declaring New York a “fishery resource disaster,” the U.S. Department of Commerce is set to provide loans via the U.S. Small Business Administration to fishing businesses across New York.

“Hurricane Sandy caused widespread destruction to the fishing industry along New York’s heavily-impacted coastline,” wrote Governor Andrew Cuomo’s in a press release. “This federal declaration will enable us to rebuild this vital industry which serves as the economic lifeblood to so many of our coastal communities.”

While the total extent of the damage to the fishing industry has not been fully determined, widespread destruction of docks, vessels, dealerships, processing plants and supporting businesses have been extensively reported. Thus, relief to revitalize and sustain the industry is sorely needed in the aftermath of Sandy’s fury.

To read the full text of the Governor’s statement click here. If you work in the fishing industry and want more information on the loans and who qualifies, click here.