Location: Sitka, Sitka Borough, Alaska

Problem:  Rural communities need more jobs and economic opportunities

Solution: Rural Community Assistance Corporation’s (RCAC) Loan Fund provides a $4.84 million loan for an innovative salmon processing business

The city and borough of Sitka, Alaska is located on Baranof Island and the southern half of Chichag Island, with 8,881 residents. It has the sixth largest port, due to its seafood harvest, in the United States and the largest harbor system in the state.

Northline Seafoods, LLC, located five miles from Sitka, was established in 2015. The company uses a patent pending salmon preservation technique by which it flash freezes freshly harvested whole fish. It built a 15,000 pound per day, ultra-low temperature prototype freezer to test the concept. With the research and development complete, the company needed funding to expand the operation onto two barges that will be located in Bristol Bay. One barge will be used for processing and the second will be used to hold the frozen fish until it is delivered to market.

RCAC’s Loan Fund provided a $4.84 million loan, which will enable the business to equip the processing barge and purchase the holding barge. It will also provide initial working capital so the business can begin operations in time for the 2019 salmon season, which begins in June.

The newly expanded business is expected to retain four-full time jobs, and create 13 new full-time and 35 part-time jobs.