The Local Fish Fund, an ongoing project of the Alaska Sustainable Fisheries Trust, helps overcome barriers to entry by providing the cash and administering the loans that young fisherman need to acquire initial ownership of access rights.
The Problem
With few alternative income sources, Alaska's coastal residents depend on access to healthy fisheries. Privatization of fishery access rights has improved fisheries sustainability and increased returns to shareholders. Simultaneously, limited access programs have also dramatically increased the cost of entry to Alaska fisheries, creating economic barriers for rural Alaskans and reducing the benefits to the communities where the fishing rights were issued. Emerging fishermen have increasingly relied on rented harvest privileges with no guarantee of future access or equity. Fishing is integral to the identity of coastal people; losing access means losing a way of life, and, ultimately, losing communities.
The Solution
The Local Fish Fund is designed to improve local retention of economic benefits from Alaska fisheries by facilitating transactions between established fishermen, emerging fishermen, and socially responsible investors. The Fund provides emerging fishermen with a down-payment for an initial quota purchase. Fund investors share with the fisherman in the annual value of the catch. Through this equity partnership, investors reduce the risk faced by new entrants to the fishery, while sharing in the upside as either fish stocks or prices improve. By helping a new generation of fishermen achieve equity in their local fisheries, the Fund seeks to spur the growth of infrastructure and services necessary to sustain rural society in the Gulf of Alaska.
Our Work to Date
The Local Fish Fund has expended nearly 1.5 million dollars in loans to Alaskan fishermen. Launched in 2019, Local Fish Fund uses an innovative revenue sharing model to reduce barriers to entry into commercial fisheries and support the next generation of Alaska’s commercial fishermen in purchasing fishing privileges, known as quota. Local Fish Fund incentivizes ocean conservation and aims to increase fishery policy leadership and stewardship in Alaska. Local Fish Fund is a collaborative effort spearheaded by the Alaska Sustainable Fisheries Trust, a Sitka-based nonprofit organization that protects and promotes fishing and fisheries.
To Apply
Giving opportunity to our next generation of fishermen. Visit the Local Fish Fund website for full details and to apply.
Our Partners
Local Fish Fund would not be possible without our partners and funders. Please see more information about our partners and funders below. Read our press release here.
The mission of The Nature Conservancy is to conserve the lands and waters on which all life depends. We achieve this mission through the dedicated efforts of our diverse staff, including more than 600 scientists, all of whom impact conservation in 72 countries, and with the help of our many partners, from individuals and governments to local nonprofits and corporations.
Founded in 1994, Craft3 is a Pacific Northwest-based nonprofit community development financial institution that makes loans in Oregon and Washington to strengthen the resilience of businesses, families and nonprofits, including those without access to traditional financing. Craft3 has a long history of working with fishing communities to access capital and assistance that supports the resilience of the fisheries and seafood sector, fishing-related businesses/ entrepreneurs and their families. Craft3 conducts the Local Fish Fund’s loan underwriting and servicing activities under a fund management service agreement.
ALFA is an alliance of small boat, commercial fishermen committed to sustainable fisheries and thriving coastal communities. In 2009, ALFA launched a Fishery Conservation Network (FCN) that engages fishermen in conservation initiatives to improve best fishing practices and the viability of small-scale fisheries. Local Fish Fund borrowers will participate in identified FCN projects.
Catch Together invests capital to support fishermen, fishing communities, and ocean conservation. Our team has partnered with fishing communities in New England, the Gulf of Mexico, California, Washington, Alaska and British Columbia to enlist fishermen as stewards of ocean resources through the acquisition and ownership of fishing quota. In 2018, Catch Together launched the Catch Together Fishermen’s Loan Fund, and has financed a total of over $10 million of fishing quota to date.
Rasmuson Foundation was created in May 1955 by Jenny Rasmuson to honor her late husband “E.A.” Rasmuson. Through grantmaking and initiatives, the Foundation aims to promote a better life for all Alaskans.