Toolkit for Enhancing Economic Resilience for Fishing Families and Communities

Maine’s lobstering communities depend on small business owners to keep their local economies strong, even as they face increasing economic, regulatory and climate pressures. This toolkit helps fishermen build resilient businesses, explore new economic opportunities, and expand their business skills.

Here, you’ll find:

  • Webinars and Events: Educational sessions covering topics from financial management to industry diversification strategies.

  • Business and Financial Resources: Guidance on accessing grants, loans, and other financial support tools to sustain and grow your businesses.

  • Workforce Resources: Opportunities to gain new skills and explore career pathways.

  • And more!

This toolkit is part of Island Institute’s Future of Fishing initiative that aims to enhance the economic stability of Maine’s island and coastal communities that are dependent on the lobster industry and the families whose have built their lives and livelihoods on these waters. Learn more about the Future of Fishing initiative here.

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Webinars and Events  |  Business and Financial Resources  |  Workforce Resources  |  Reports, Articles, and Written Resources  |  Get Involved  |  Contact Us

 

Webinars and Events

Explore upcoming webinars and watch recorded convenings to aid in your in-depth knowledge. Island Institute and the Small Business Development Centers of Maine have partnered to host the Tools for Industry Diversification and Entrepreneurship (TIDE) webinar series. From budgeting and bookkeeping to tax preparation, credit building, and financing, each webinar offers practical strategies tailored for lobster fishing families and businesses. Participants will find the information, resources, and take-home materials needed to improve financial management. Whether you’re just getting started, a seasoned fisherman, or looking to create new forms of income, this webinar series will help you take control of your financial future. View all of the webinars in this series on our Upcoming Events page. 

 

Tools for Industry Diversification and Entrepreneurship (TIDE) webinar series

March 6, 2025 at 10 AM | Foundations for Financial Success – Organizing Your Business Finances

Strong financial organization is key to running a successful commercial fishing business. This webinar will cover essential financial management practices, including separating personal and business finances, bookkeeping basics, and financial tracking. Participants will also explore different accounting tools and systems to find the best fit for their operations. Whether you’re looking to improve organization, prepare for tax season, or position yourself for future funding opportunities, this session will provide practical strategies to help you build a solid financial foundation. This webinar features Jenn Dobransky, Business Advisor, Small Business Development Center and is moderated by Jeff Frank, Senior Community Development, Island Institute. 

   REGISTER HERE    

 

March 7, 2025 at 10 AM | Online Financial Tool Training for Lobster Fishermen with Profit Decoder

Learn about Profit Decoder’s new customized financial management tool designed specifically for Maine’s lobster industry, developed in partnership with Island Institute. This tool helps lobstermen gain greater control over their business finances, make informed decisions, and navigate the challenges of an evolving industry. Jay Friedlander, co-founder of Profit Decoder, will guide webinar participants through efficiently tracking expenses, analyzes profits, and planning for a sustainable financial future. This webinar will be moderated by Jeff Frank, Senior Community Development, Island Institute. 

   REGISTER HERE    

 

March 20, 2025 at 10 AM | Foundations for Financial Success – Planning and Budgeting

This webinar will explore the critical link between personal financial well-being and effective small business management. Participants will learn how to assess, track, and evaluate their personal finances, understand their attitudes toward money, set achievable financial goals, and implement strategies for long-term financial success. By strengthening personal budgeting skills, attendees can enhance their ability to manage business finances, plan for seasonal fluctuations, and build a more secure financial future. This webinar features Jenn Dobransky, Business Advisor, Small Business Development Center and is moderated by Jeff Frank, Senior Community Development, Island Institute. 

   REGISTER HERE    

 

April 3, 2025 at 10 AM | Tax Prep for Commercial Fishing – Organize, File & Stay Compliant

Tax season doesn’t have to be overwhelming for self-employed commercial fishermen and lobstermen. The right preparation is the key. This webinar will guide you through organizing financial records, understanding your tax responsibilities, and becoming familiar with essential tax forms. Learn how to streamline your tax filing process, take advantage of deductions, and ensure compliance with confidence. Whether you’re filing on your own or working with a tax professional, this session will provide the tools and knowledge you need to navigate tax season smoothly. This webinar features Jenn Dobransky, Business Advisor, Small Business Development Center and is moderated by Jeff Frank, Senior Community Development, Island Institute. 

   REGISTER HERE    

 

April 24, 2025 at 10 AM | Funding Opportunities for Commercial Fishing

Accessing the right funding can help commercial fishermen and lobstermen sustain and grow their businesses. This webinar will provide an overview of available federal, state, and non-profit grant and loan programs tailored to the fishing industry. Participants will learn how to determine eligibility, navigate the application process, and prepare essential financial documents. We’ll also share templates and examples to simplify the paperwork, making it easier to secure the funding you need. Whether you’re looking for capital to upgrade equipment, expand operations, or stabilize finances, this session will equip you with the knowledge and tools to take action. This webinar features Jenn Dobransky, Business Advisor, Small Business Development Center and is moderated by Jeff Frank, Senior Community Development, Island Institute.  

   REGISTER HERE    

 

May 1, 2025 at 10 AM | Building Better Credit – Strengthening Your Financial Future

A strong credit score can open doors to better financing options for both personal and business needs in the commercial lobster fishing industry. This webinar is focused on helping self-employed or small business owners in the lobster fishing industry understand the key factors that impact credit scores and provide actionable strategies to improve them. Participants will learn how credit scores are calculated, common pitfalls to avoid, and steps to establish or rebuild credit. Whether you’re looking to secure a loan for new equipment, expand your business, or stabilize personal finances, this session will equip you with the knowledge and tools to build a healthier credit profile and achieve your financial goals. This webinar features Jenn Dobransky, Business Advisor, Small Business Development Center and is moderated by Jeff Frank, Senior Community Development, Island Institute.  

   REGISTER HERE    

Business and Financial Resources

Profit Decoder

How profitable is your business? Profit Decoder is an online platform designed to help entrepreneurs understand and improve their business profitability. By entering key financial data, users receive clear insights into their breakeven sales, profit goals, and the impact of potential business decisions. The platform offers a guided experience, allowing users to model various scenarios without the need for complex spreadsheets or advanced math skills. This enables entrepreneurs to make informed choices to enhance their financial outcomes.  This innovative tool assists in decoding your financial data to enhance profitability and streamline operations. Visit the Profit Decoder website to learn more and sign up now. 

Fishing plus

Are you looking to start a new marine-based business? Through needs assessments, hands-on guidance, and an ongoing peer support network, Fishing Plus empowers fishing communities to build economic resilience through the development of new business. The Fishing Plus program is a collaboration between the Maine Center for Entrepreneurs and Island Institute, designed to support Maine’s lobster fishing families in diversifying their income amid economic uncertainty. The initiative provides tailored business development resources, including training workshops, mentorship, and access to funding strategies, helping fishermen establish supplemental or alternative businesses.

GLENN FUND LOANS

Island Institute offers a limited number of loans to coastal and island businesses. For more information, please contact Alex Kravitz: akravitz@islandinstitute.org

MAINE FUNDING NETWORK

If you’re looking for funding to start or grow your business, you’re in the right place. Welcome to the Maine Funding Network—your gateway to finding alternative funding opportunities from agencies throughout Maine. For businesses at every stage and every size, we make the process seamless. Learn more and find your funding match here.

Coastal Access & Working Waterfronts

  • MDOT/Small Harbor Improvement Program: Maine Dept. of Transportation program provides funds to protect/enhance harbor infrastructure
  • Shore and Harbor Planning Grants Program: This program provides funding to promote sound waterfront planning, harbor management, and balanced development of shore and harbor areas to improve marine infrastructure and assure access to the shore. Grants of up to $50,000 are available for municipal and regional projects in coastal towns.

GRANTS.GOV

Grants.gov is a gateway for discovering and applying for federal funding opportunities.  It’s a vital resource for individuals, organizations, and businesses seeking to secure funding for innovative ideas, projects, and programs that can make a meaningful impact.  The website provides a comprehensive database of federal grant programs across a wide range of sectors, including economic development, research, small business support, and community-based initiatives. To search for grants and apply, click here.

THE FAME DIRECT LOAN

The FAME Direct Loan (formerly known as the Economic Recovery Loan Program) provides subordinate or gap financing to businesses affected by their current economic situation. For larger loans, up to $1 million may be available if substantial public benefit is demonstrated and sufficient funds are available. Most often, however, FAME Direct Loans are less than $500,000. We now offer a fixed rate: Wall Street Journal Prime plus 2% at time of loan commitment, currently capped at 8%. Learn more and apply.

COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM (CDBG)

CDBG Micro-Enterprise Assistance Grant Program: Grants of up to $10,000 to existing businesses to be used for working capital, purchase of inventory, supplies and equipment. Existing businesses that have five or fewer employees, one of whom owns the enterprise, and whose household income is Low/Moderate as defined by HUD will meet the project benefit. Request advising appointment with SBDC to review your eligibility for this program: www.mainesbdc.org/

SUNRISE COUNTY ECONOMIC COUNCIL (SCEC): WASHINGTON COUNTY

SCEC oversees various gap-financing microloan programs for qualifying businesses. For more information on loan programs, visit: sunrisecounty.org/business/loan-programs/

Down East Commercial Fisheries Fund: Created to invest in Washington County-based commercial fisheries and marine-related industries.

  • The first option is for higher-risk clients looking for loans of up to $2,500. These clients usually would not qualify to borrow from banks. For these loans, DECFF acts as the primary lender and provides up to 80% of the loan request. The client would provide the remaining 20% from other sources.
  • The second option covers loans ranging from $2,500 to $10,000. It is set up to assist existing businesses that need financial assistance to grow, expand, hire and sustain their operations. DECFF provides up to 50% of the loan request with the client providing the remaining 50% from other sources.

COASTAL ENTERPRISES INC. (CEI)

CEI and its subsidiaries offer business and project financing and technical support for a wide range of small business, community facilities, renewable energy, affordable housing and mixed used real estate projects and ventures. CEI offers short- and long-term financing from less than $10,000 to greater than $500,000.

U.S. SMALL BUSINESS ADMINISTRATION

SBA Lenders: U.S. SBA backs loans from multiple lenders. At sba.gov/lendermatch, you can find lenders who may be interested in working with you.

U.S. SMALL BUSINESS ADMINISTRATION MICROLOANS

The SBA offers microloans of up to $50,000 for small businesses. These loans come with technical assistance for the life of the loan, helping business owners navigate how to use and repay loan funds once they receive them. Funds can be used for working capital, inventory, supplies, furniture, fixtures, machinery, and equipment but cannot be used to pay existing debts or to purchase real estate. For more information visit this link here.

 

Workforce Resources

Compass Workforce Grants

Are you a young adult from one of Maine’s 15 unbridged islands or Deer Isle-Stonington? Island Institute’s Compass Workforce Grant can help you explore workforce pathways through direct support for workforce expenses such as training/tuition fees, travel costs, the purchase of equipment and supplies and paid internships. Young people living and working in island communities that are highly dependent on lobstering and under-resourced to address climate change are prioritized. Apply here!  

Electric Boat Course

Would you like to gain new skills to meet an emerging need in the marine economy? Take the Electric Boat Course! Island Institute has collaborated with Kennebec Valley Community College, Mid-Coast School of Technology, Maine Electric Boat Company, and Bayside Marine to offer the nation’s first multi-level workforce training program on electric marine engine maintenance. This is one of many short-term workforce training programs being developed by Maine’s Community College’s, which also offers a variety of online programs that Maine residents can access no matter where you live.  

SEA Maine Careers

Are you a job seeker or educator interested in supporting Maine’s marine economy?Check out the SEA Maine Careers resource page. Island Institute was a collaborator in SEA Maine, the Seafood Economic Accelerator for Maine, which brought together leaders in Maine’s commercial fishing, aquaculture, and seafood economy to create a Road Map for growing the value of Maine’s marine living resource economy.   

 

Reports, Articles, and and Written Resources

Articles

Island Institute Launches New Initiative to Support Maine’s Lobster Industry 

Blue Economy Expert Makes Bold Predictions

Lobster rules pause is an opportunity for Maine’s coastal communities 

Socioeconomic indicators of resilience in Maine’s American Lobster Fishery

Written Resources

Island Institute Solutions Library: Sustainable Livelihoods

Island Institute Solutions Library: Community Relations

Island Institute Solutions Library: Out-of-state Marketing

 

Get Involved

Your involvement can make a significant difference! Whether you’re a fisherman, community member, or stakeholder, there are many ways to engage with and benefit from the Future of Fishing initiative. Sign up for updates!

 

Contact Us

Have questions or want to speak with a project coordinator? Reach out for more information about how you can participate in the Future of Fishing initiative. Contact Jeff Frank at jfrank@islandinstitute.org or 207-530-6053.