'A lot don’t have the capital': New finance venture aims to help smaller companies bid on USDA seafood contracts

The value of US seafood purchased by the US Department of Agriculture (USDA) has exploded over the past several years, making the government one of the largest purchasers of Alaska pollock and other seafood.

According to USDA data obtained by IntraFish, the value of US seafood used in USDA contracts tripled from 2014 to 2021, when it totaled nearly $152 million (€140 million).

That's why Blu Arctic, a longtime US-based seafood inventory finance company, is teaming up with Republic Capital Access, which specializes in finance for US government contractors, to launch SeaFund to help seafood companies bidding for contracts such as those with the USDA.