Northline Seafoods Bringing New Innovations to Fishing Industry Thanks to USDA-Guaranteed Financing Completed by Greater Commercial Lending

Published: Nov. 30, 2022 at 12:00 PM EST

Northline Seafoods' State-of-the-Art Processing Barge Will Yield Better Quality Product with Less Environmental Impact than Traditional Processing

RENO, Nev., Nov. 30, 2022 /PRNewswire/ -- Greater Commercial Lending (GCL), which provides loans to businesses and organizations in under-served and rural communities, has completed $40 million in financing for an innovative salmon processing barge in Bristol Bay, Alaska, that will flash-freeze whole salmon right at the fishing grounds. The loan is guaranteed by the U.S. Department of Agriculture (USDA) through the Food Supply Chain Guaranteed Loan Program.

Rendering of Northline Seafoods' salmon processing barge, the
Rendering of Northline Seafoods' salmon processing barge, the (PRNewswire)

Northline Seafoods' proprietary system for just-caught whole salmon will eliminate multiple days of transport, fuel usage, excess waste and lost product quality, as compared to traditional processing. Bristol Bay is home to the largest sockeye salmon fishery in the world.

"Bristol Bay is a challenging place to operate, since the entire salmon run occurs over only a few short weeks each summer. The traditional salmon industry has developed around large, shore-based processing facilities that are operated in brief, expensive seasonal periods. Salmon often spend multiple days in transit before being delivered to the processing facilities. High shipping costs outweigh the market value of salmon byproducts, and facilities may dump up to 30% of salmon weight back into the ocean ecosystem as waste," said Ben Blakey, CEO of Northline Seafoods.

"Northline Seafoods and other pioneering projects are integral to solving real-world problems and addressing food security in the U.S. An added benefit is how they also promote sustainable and environmentally friendly food systems. GCL is proud to support these projects by providing access to low cost and long-term financing solutions through government-guaranteed loans," said Jeremy Gilpin, executive vice president at GCL, one of the largest providers of USDA loans. GCL is a subsidiary of Greater Nevada Credit Union, a certified Community Development Financial Institution (CDFI).

With the "Hannah," Northline Seafoods' processing barge, local fishing vessels will deliver their salmon harvest directly to the processing facility. The fish will then be frozen whole immediately aboard the barge with advanced ultra-low-temperature refrigeration technology. After the fishing season is complete, Northline Seafoods will thaw and reprocess the salmon in Washington State throughout the fall and winter, allowing them to utilize 100% of the salmon through access to byproducts markets.

"The Bristol Bay, Alaska, salmon fishery is a treasure but current processing methods yield poorer results at an inflated cost. We believe our model is better, and, with the help of the USDA-guaranteed loan packaged by GCL, an enduring resource will receive the care that it deserves," said Blakey. "We love this industry and our Alaskan community. With the participation of the USDA and GCL, we can make both better."

The "Hannah" will support about 46 full-time, year-round jobs in Alaska and Washington. Work in the salmon fishing industry is traditionally part-time or seasonal, so Northline Seafood's innovative model will provide regular employment and economic predictability for local communities.

About Greater Commercial Lending
Greater Commercial Lending (GCL) is a credit organization that brings together credit unions and community lenders from around the U.S. to provide government-guaranteed loans to businesses and initiatives in rural and under-served markets throughout the U.S. and its territories. It helps finance key infrastructure services, like power, renewable energy, transportation and fiber optic, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA), which guarantee loans, to arrange credit at favorable terms. GCL is a subsidiary of Greater Nevada Credit Union (GNCU). www.GreaterLending.com

 About Greater Nevada Credit Union
Greater Nevada Credit Union (GNCU) is headquartered in Carson City, Nevada and has been helping Nevadans with their financial needs since 1949. The credit union serves more than 82,200 consumers and small businesses and has over $1.73 billion in assets. GNCU's subsidiaries include Greater Nevada Mortgage, Greater Commercial Lending and Greater Nevada Insurance. GNCU is a certified Community Development Financial Institution (CDFI), and has been consistently recognized as a Best Financial Institution in many of its service areas and as a top employer by the Reno/Tahoe Best Places to Work Awards and is the USDA Lender of the Year. GNCU is also the title sponsor of Greater Nevada Field in Reno. For more information, call (800) 421-6674 or visit www.gncu.org.

About Northline Seafoods
Northline Seafoods is a seafood processing company Headquartered in Sitka, Alaska that freezes wild salmon at the source, starting in Bristol Bay. Northline's value-retention processing model creates a high-quality product, provides increased economic opportunities for fishermen, and responsibly utilizes a valuable natural resource.

Media contact
Michael-Jon Romano
Allison+Partners
michael-jon.romano@allisonpr.com

Greater Commercial Lending (PRNewsfoto/Greater Commercial Lending)
Greater Commercial Lending (PRNewsfoto/Greater Commercial Lending)(PRNewswire)

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