The PDA Division of Ports and Harbors had secured federal grant monies to assist the local commercial fishing industry in 1994. The RLF Program has approximately $1 million available for loans to qualified commercial fishermen and businesses that are directly or indirectly involved in the commercial fishing industry and whose economic base is in Rockingham or Strafford counties.
Since the inception of the RLF Program, approximately $2.5 million has been loaned to more than 60 participants, creating or saving 183 jobs. According to the information the terms of the grant require a banking partner to provide a portion of the funding for each qualified loan in conjunction with loans issued using RLF grant monies. Steve Scott, vice president of commercial lending for The Provident Bank’s Portsmouth office, admits that it is good to be associated with this programme.
He added that living and working in Portsmouth, he understand the importance and rich history of the fishing industry here. The loan program was previously handled by Citizens Bank, which indicated it was no longer interested in continuing the fund. David Mullen, executive director of the PDA, told that this will be very helpful going forward, as the funds are used to purchase equipment such as boats to support our local fishermen. The Provident Bank will also serve as the administrator in serving the RLF loan portfolio.
