Bank partners with nonprofit to help seafood company expand sustainable infrastructure on the West Coast
SAN FRANCISCO — The Environmental Resource Fund’s California Fisheries Fund and New Resource Bank today announced a partnership to provide $3 million in loans to Wild Planet Foods, a sustainable seafood company in McKinleyville, California.
The partnership between the California Fisheries Fund, New Resource Bank and Wild Planet represents a growing trend towards a values-driven business model where for-profits and non-profits work together synergistically.
“These loans make both economic and ecological sense because Wild Planet is an industry leader in providing high-quality, sustainable seafood,” said David Festa, EDF vice president and president of the California Fisheries Fund. “The California Fisheries Fund provides capital to revitalize West Coast fishing and grow the sustainable seafood supply chain.”
“We are pleased to work with the experts of the California Fisheries Fund on strategic investments that support sustainable fishing on the West Coast,” said Peter Pliska, Jr., senior vice president at New Resource Bank (OTCBB:NWBN).
“We share common values in forwarding sustainable businesses. Just as we’ve partnered with other lending institutions to invest in solar power, by working with the California Fisheries Fund we have the opportunity to invest in sustainable seafood operations like Wild Planet,” continued Pliska.
The California Fisheries Fund and New Resource Bank each loaned $250,000 to Wild Planet to invest in their unloading, storage and distribution infrastructure in South San Francisco, Crescent City, and Eureka, California and Newport, Oregon. New Resource Bank also extended a $2.5 million loan to Wild Planet Foods for working capital.
“The loans from the California Fisheries Fund and New Resource Bank will provide needed capital to grow our infrastructure and deliver top-quality, healthy and eco-friendly seafood to market,” said Terry Hunt, CEO of Wild Planet. “These loans will help us provide an alternative to seafood that poses health and environmental threats.”
“Most importantly, Wild Planet only sources seafood that was caught in a low impact way that reduces bycatch and damage to habitat,” continued Hunt. “That’s bound to be good for the fishermen whom we source from and for the consumer who wants a healthy source of seafood that they can trust.”
Media contact: Jennifer Witherspoon, 415.293.6067, email@example.com
About California Fisheries Fund
The California Fisheries Fund (CFF) is a revolving loan fund that supports fishing communities working to improve the sustainability of their fisheries. CFF invests in innovative projects that will lead to more stable and profitable fisheries, including management changes such as catch shares and more localized management. West Coast-based fishermen and fishery related businesses that share in the fund’s goals to promote conservation and community benefits may apply for a loan at the California Fisheries Fund website.
About Environmental Defense Fund
A leading national nonprofit organization, EDF creates transformational solutions to the most serious environmental problems. EDF links science, economics, law and innovative private-sector partnerships. For more information, visit the Environmenal Defense Fund website. To download a Seafood Selector card please go to the What Fish Are Safe to Eat page.
About Wild Planet
With strict quality control from fishhook to store shelf, Wild Planet Foods’ mission is to produce safe, nutritious, great-tasting, and sustainably fished seafood. 100% US owned and based in McKinleyville, CA, the company operates its own docks where selection and delivery of fish are taken directly from the fishermen, many of whom are also shareholders with the company. All species canned by Wild Planet--Albacore, Skipjack, Shrimp, Salmon and Sardines--are individually caught in their natural environment and are noted as Best Choices for sustainability by Monterey Bay Aquarium’s Seafood Watch® program. For additional information, visit the Wild Planet Foods website.
About New Resource Bank
San Francisco–based New Resource Bank is the bank for people who are leading the way to a more sustainable world. We match an entrepreneurial spirit with a dedication to achieving environmental and social as well as financial returns. Our mission is to advance sustainability with everything we do—the loans we make, the way we operate and our commitment to putting deposits to work for good.