Ready to Grow Your Business?

The Shellfish Growers Loan Program shall provide a source of low-interest working capital and equipment loans to emerging and existing small shellfish growers in North Carolina.

 

Array Community Development Corporation offer loans up to $50,000 for new and existing shellfish growers in North Carolina. This is not a grant program. This loan program is a partnership with the North Carolina Rural Economic Development Center and the North Carolina Coastal Federation, designed to support the growth of the NC shellfish industry.

Current Rate

Legislators have set the current interest rate for the North Carolina Shellfish Loan Fund in accordance with the IRS's applicable rate. The rate for July 2024 is 6.65% and August is 6.5%

6.65%
July Interest Rate

Program Eligibility

The business must have:

1. USDA FSA Noninsured Crop Disaster Assistance Program (NAP)coverage.
2. A shellfish lease from the NC Department of Environmental Quality.
3. The shellfish operation must be physically located in North Carolina.

Other Requirements

1. Any individual with greater than 20 percent ownership in the applying business must co-sign the loan.

Apply Online

Please use our secure online application to instantly apply for your shellfish loan.

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Apply in-person

If you have multiple owners or prefer to fill out a paper application, please download the application and return to our office in Beaufort NC.

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Newsletter

Stay updated with current Shellfish News with our Quarterly Newsletter.
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Federal Crop Insurance

The Noninsured Crop Disaster Assistance Program (NAP) administered by the U.S.
Department of Agriculture (USDA) Farm Service Agency (FSA), provides financial
assistance to producers of non-insurable crops to protect against natural disasters
that result in lower yields or crop losses or prevent crop planting.

USDA NAP coverage is a requirement of the Shellfish Growers Loan Program. Your
Thread Capital loan officer can connect you to local service providers that can assist
you in applying for and maintaining coverage. Coverage costs are an acceptable use
of funds for this loan program

Click here to for more information about the USDA Noninsured Crop Disaster Assistance Program (NAP)

NAP Insurance

Download the Shellfish Growers Loan informational flyer

Flyer

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