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Effects of Economic Opportunity Loans on Lobster Fishermen in Maine, 1965-67

Author

Listed:
  • Bowring, James R.
  • Steward, Donald D.
  • Bird, Ronald

Abstract

Excerpts from the report Highlights: Economic Opportunity loans to lobster fishermen o£ Hancock and Washington Counties, Maine, averaged $1,918 in 1965. The funds were used primarily for the purchase or repair of boats and other equipment. Only a small part was used for construction or repairs to buildings. Under the Economic Opportunity Act of 1964, the Farmers Home Administration makes loans to low-income rural families to finance small farm and nonfarm businesses, trades, or services. All lobster fishermen who obtained an EO loan were experienced fishermen. Most were independent fishermen prior to applying for a loan, although some were working for other lobstermen. In the first year after receiving their loans, the borrowers reported a net cash family income averaging $2,927, an increase of $565 above that reported in the year prior to receiving the loan. In addition, they expected further increases averaging $879 in the second year.

Suggested Citation

  • Bowring, James R. & Steward, Donald D. & Bird, Ronald, 1968. "Effects of Economic Opportunity Loans on Lobster Fishermen in Maine, 1965-67," Agricultural Economic Reports 307361, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uerser:307361
    DOI: 10.22004/ag.econ.307361
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