UN SDG #14 Life Below Water UN SDG #14
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New England Groundfish Fisheries Face Economic Instability

New England groundfish fisheries face various funding constraints with a lack of available financing and potentially fundable initiatives.

challenge

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New England Groundfish Fisheries Face Economic Instability

New England groundfish fisheries face various funding constraints with a lack of available financing and potentially fundable initiatives.
14.8M
people impacted
$378.8B
potential funding
the problem
Nature and Context

New England groundfish fisheries face various funding constraints with a lack of available financing and potentially fundable initiative.

Symptoms and Causes
The number of active business owners in the United States plummeted by 3.3 million or 22 percent over the crucial two-month window from February to April 2020. The drop in business owners was the largest on record, and losses were felt across nearly all industries and even for incorporated businesses. African-American businesses were hit especially hard experiencing a 41 percent drop. Latinx business owners fell by 32 percent, and Asian business owners dropped by 26 percent. Simulations indicate that industry compositions partly placed these groups at a higher risk of losses. Immigrant business owners experienced substantial losses of 36 percent. Female-owned businesses were also disproportionately hit by 25 percent. These findings of early-stage losses to small businesses have important policy implications and may portend longer-term ramifications for job losses and economic inequality.
the impact
Negative Effects
Economic Impact

Here are some critical challenges to their economic instability:

  1. Inability to land sufficient volumes of fish

  2. High cost of leasing quota

  3. Difficulty business planning due to uncertainty about quota availability, quota prices, and dock prices

  4. Limited market access

  5. Competition from imports

  6. Limited available financing

Success Metrics
who benefits from solving this problem
Organization Types
Stakeholders
financial insights
Current Funding
Potential Solution Funding
ideas
Ideas Description
Ideas Value Proposition
Ideas Sustainability
attributions
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Giving Tech Labs Team - Giving.Tech