State announces fishing loan program

New England Fishery Management Council has announced $1 million fishing loan program.

As the stocks of cod depleting fishermen are facing problem of catching less cod in the season. Te resolve this issue New England Fishery Management Council was meeting earlier this month and crafted a proposed interim action that would reduce the annual total Gulf of Maine cod catch from about 7,750 metric tons to a range between 6,700 and 7,500 metric tons.

Fishermen who are suffering to catch less cod are eligible to borrow funds from a $1 million low-interest loan program established by the state. Governor Deval Patrick said that Massachusetts has a proud tradition of commercial fishing, and these direct loans will help preserve the economic viability of our fishing ports and communities.

According to a fisherman the government, in an attempt to rebuild cod and other groundfish, has moved to a total annual allowable catch for species like cod. Most of the fishermen are buying quota and stay working. But there are fishermen who can’t afford to buy quota. This loan program would help them to stay working.

Reggie Zimmerman, a spokesman for the state’s Division of Marine Fisheries, said fishermen will be able to apply for the loans in the spring. Meanwhile, NOAA - which oversees federal fishing regulations - is reviewing a recommendation sent earlier this month from the New England Fishery Management Council to place new limits on cod fishing for next spring. Fishermen have been highly critical of the proposal, which reversed a 2008 federal assessment that concluded cod was on the rebound.

Source: bostonglobe.com"

WorldFishingToday d. 23-02-2012