The Pemaquid Fishermen's Co-op is now offering a trap purchase program for new or used traps.
The basics of the program are as follows. To qualify for this program you must hold a valid state of Maine commercial Lobster license, provide proof of Lobster landings and meet board approval. In addition, you must agree to sell at least 50% of your catch through the Pemaquid Fishermen's Co-op. (Click here for an application for 2013 which will be accepted until July 1, 2013.)
The program offers the opportunity to purchase new or used traps based on a credit of 35 cent per pound of lobster sold through the Co-op. This credit will be deducted from the end of season bonus that would normally be earned under the Co-op's tiered bonus plan. (Please see note below). Participants can borrow up to 80% of estimated lobster pounds to be sold. (Example: 10,000 Lbs of lobsters @ 35 cents = $3500.00. Eighty percent of $3500.00 = $2800.00 in funds available for the purchase of new or used traps.)
Prepayments on the loan may also be made at any time via cash or lobsters. Any outstanding balance as of December 1st must be paid off at that time. Payments received after December 1st will be subject to a 10% finance charge and all other fees associated with the collection of debt. Once the Board has approved an application a legal contract will be signed by applicant and the Pemaquid Fishermen's Co-Op Board of Directors. Funds will then be dispersed directly to the seller of the traps on applicant's behalf. So stop by and see us, give us a call, or check out our website and grab an application and let us help you expand your future.
Co-op members and new members are entitled to participate in the following bonus scheme, based on poundage sold through the Pemaquid Fishermen's Co-Op:
E-Mail Ann at: firstname.lastname@example.org
Cell: 207-350-0781 (Wayne)