Island Institute has landed a $1.4 million grant from the Small Business Administration to support Maine’s lobster industry and enhance the economic resilience of the coastal communities dependent on this vital fishery.
This congressionally directed spending request championed by Sens. Susan Collins and Angus King will launch the Future of Fishing, a collaborative effort designed to expand economic opportunities for Maine’s coastal communities, building on Island Institute’s longstanding partnerships to advance a diversified, climate-forward marine economy in Maine.
“This funding is not just an investment in the lobster industry, it is an investment in the communities that have built their lives around these waters,” explained Kim Hamilton, president of Island Institute. “We are immensely grateful to Sens. Collins and King for their unwavering support and recognition of the importance of Maine’s island and coastal communities. With this support, we can begin implementing transformative changes that promise a sustainable future for the coast.”
Maine’s fishing communities face historic challenges, such as rapidly warming waters, more frequent and severe storms, costly regulatory changes, and rising business costs. These communities, and the men and women that work on the water, are the backbone of Maine’s seafood sector, a sector responsible for more than $3 billion in total economic output and more than 33,000 jobs statewide.
“Island Institute provides critical support to those who make up Maine’s iconic lobster industry, helping to ensure our coastal communities continue to thrive amid climate and economic challenges,” said Collins. “From Damariscotta to Eastport, this federal funding will support Island Institute’s efforts to promote business development and resiliency in communities along Maine’s coast,” she said
“The lobster industry is a cornerstone of Maine’s culture and identity, fueling livelihoods and the economy,” said King.
“The hardworking men and women who power the fishery are seeing firsthand the impacts of changes in weather and the water, so we have a responsibility to empower them through boosting collaborative efforts and information-sharing across the industry. This federal investment will help build a more sustainable industry and ensure Maine’s lobstermen have the resources and partners they need to strengthen their businesses. When we invest in the lobster fishery, we make an investment in the future of Maine for generations to come.”
The three-year project will create a network of statewide organizations to develop and deploy assistance programs to businesses, communities, and individuals. This initiative will offer business and career training programs for rural fishing communities and families, including business management assistance and training, opportunities to explore diversified on-the-water income streams such as aquaculture endeavors, and assistance finding financial resources and educational opportunities for current and future generations.
