Financing Commercial Maritime Operations
Peoples Bank offers lending services for borrowers that operate in Pacific Coastal waters, including for the acquisition, construction, and refinance of commercial vessels, fishing rights, quota, and permits, and operating lines of credit. The Bank also offers financial services for shipyards and equipment providers.
Lending to maritime industries requires specialized knowledge. The Peoples Bank commercial maritime lending team is based in Ballard, Washington, home to Fishermen’s Terminal and the North Pacific fishing fleet. The team is an integral part of the maritime community on the docks day in and day out.
Due to the unpredictable and often cyclical nature of the industry, maritime loans are made to borrowers who meet the following criteria:
- Adequate capital base and financial reporting
- Proven management ability; experience planning for and managing adverse cycles
- Successful history in the type of production/business
- Repayment source derives from income and cash flow within normal production cycles
- Sufficient collateral value as a secondary source of repayment
Fishing Vessel Pacific Sounder
“The tail shaft snapped on the boat and we were dead in the water. It was the worst breakdown we ever had. I called Peoples Bank and said, ‘We’re in a bind here. We’re going to be down. It’s going to cost some money. I’m not sure how things are going to shake out with the insurance. Do you have my back?’ And they said, ‘One hundred percent.’”— Oystein Lone, Captain and Owner of the Fishing Vessel Pacific Sounder
Meeting the Unique Needs of the Maritime Industry
Peoples Bank is a nearly 100-year-old locally owned community bank. Our roots are in agriculture lending, which shares many similarities with the maritime industry. Over the years we have developed a deep, first-hand understanding of our customers’ businesses – many of which, like Peoples Bank, are family businesses. Having a strong local presence gives us the ability to provide personalized service to our customers.
- Boat Loans
- Quota Loans
- Permit Loans
- Maritime Financing
- Equipment Financing
- Shipyard Financing
- Operating Lines of Credit
We offer a full suite of services and loans that fit the needs of this specialized industry. Loan decisions are made locally, which means borrowers have direct access to the decision-makers on their loans.
Articles to Help Your Business Succeed
A maritime banker offers insight on borrowing and how to ensure a positive boatbuilding outcome -- https://www.peoplesbank-wa.com/pbwa/media/pdfs/Pacific-Fishing_Fishing-Finance_April-2018.pdf
Bank: Demand for vessel new-builds growing on US West Coast -- https://www.undercurrentnews.com/2017/11/21/bank-demand-for-vessel-new-builds-growing-on-us-west-coast/
Peoples Bank Expands Commercial Maritime Lending for New Vessel Construction -- https://www.peoplesbank-wa.com/about-us/news/peoples-bank-expands-commercial-maritime-lending-f