The California Fisheries Fund, which helps West Coast fisheries become more sustainable, is the most recent recipient of the Governor's Environmental and Economic Leadership Award, California’s top environmental award. New Resource has partnered with the CFF on loans to Wild Planet Foods, a provider of sustainably caught wild seafood.
The $4 million CFF, which is administered by the Environmental Defense Fund, began in 2008 with support from the state and foundations to provide loans to fishermen, processors, and distributors to finance upgrades that result in more sustainable practices. As New Resource chief credit officer Bill Peterson told Greenwire,"Lending to fishermen is a difficult business. The problem is, we never know year to year what the catch is going to look like, what conditions are going to be out there." A partner like the California Fisheries Fund helps reduce the risk and allows lenders to support the industry, he said.