PONTE VEDRA, Fla., Aug. 12, 2020 (GLOBE NEWSWIRE) – North Avenue Capital, a specialist commercial lender that finances USDA rural development loans, has signed a contract with high-tech shrimp farmer Royal Caridea, LLC for A $ 2.2 million loan completed the purchase of new equipment and working capital for the aquaculture farm in Gila Bend, Arizona.
Royal Caridea is a shrimp farming company focused on rebuilding the shrimp farming industry by growing a variety of fresh and frozen shrimp products for distribution to local grocers and restaurants. The loan, operated from two neighboring properties southwest of Phoenix, will help strategically upgrade the existing ponds, allowing the company to scale and establish itself in the U.S. shrimp market. In total, the Gila Bend sites house over 40 shrimp ponds of various sizes with a combined production capacity of around 300,000 pounds of shrimp per year.
In recent years, consumers have become more health conscious and have turned to the fish industry for low-calorie, low-fat sources of protein to help them lose weight and avoid health complications associated with high-fat foods.
Local farms cannot meet the demand for fresh, live and / or frozen shrimp. With seafood consumption expected to increase across the country, NAC’s loan will fuel sales growth in the region and reduce US reliance on international shrimp production and imports. Royal Caridea’s farm is poised to transform the local shrimp industry while meeting unmet market needs.
Royal Caridea will provide jobs to 18 men and women over the first three years that on average pay more than the state and federal minimum hourly wages. Due to the breadth of Royal Caridea’s supply chain, the loan will also help businesses and consumers by increasing job opportunities in the rural communities around the Phoenix MSA.
About North Avenue Capital
North Avenue Capital is a specialist commercial lender exclusively sourcing, underwriting and funding USDA rural development loans. As the fourth largest B&I lender in the country, NAC uses its expertise, capital, and relationships to build businesses, grow the economy, and create jobs in rural America. Find out more about NAC and its borrowers below www.northavenue.com.
About Royal Caridea, LLC
Royal Caridea is a high tech shrimp farming company focused on bringing its transformative shrimp farming technology to market. Their patent-pending production offers innovative and sustainable methods and, above all, supports the consumer-oriented rearing of shrimp without antibiotics and toxic chemicals. To learn more about Royal Caridea visit: www.royalcaridea.com/.