Announcing the Technology Adoption Fund for Sustainable Fisheries and the Inaugural Round of Loan FundingMarch 24, 2022
Announcing the Technology Adoption Fund for Sustainable Fisheries and the Inaugural Round of Loan Funding Multiplier, in collaboration with The Walton Family Foundation and Builders Initiative, is pleased to announce the Technology Adoption Fund for Sustainable Fisheries. This is a…
Announcing the Technology Adoption Fund for Sustainable Fisheries and the Inaugural Round of Loan Funding
Multiplier, in collaboration with The Walton Family Foundation and Builders Initiative, is pleased to announce the Technology Adoption Fund for Sustainable Fisheries. This is a new pooled loan fund designed to make partially forgivable loans to tech companies to scale up the adoption of existing technological solutions to improve fisheries management, reduce environmental impacts of fishing, deliver benefits to fishing communities, and increase transparency across the seafood supply chain.
The Technology Adoption Fund for Sustainable Fisheries aims to reduce barriers to implement technological innovations in fisheries. Through the fund piloting phase, the eligible tech companies will demonstrate that an increased uptake of technology can result in better fisheries data to help fishers, fishery managers and seafood businesses in achieving sustainability goals.
About the Inaugural Round of Loan Funding
- USD $1 million in funds is available to be distributed into several partially forgivable loans to tech companies.
- 4-6 year repayment terms, with up to 50% forgivable, based on mutually agreed upon forgiveness metrics tied to fisheries sustainability milestones.
- USA and Mexico focused projects only.
- Focused on wild-caught seafood only.
- Have fishery related technology products or offerings that are market-ready or already available in the marketplace.
- Can use the funding to drive broader change in the sector beyond their own business and profit margins (e.g., an innovative pilot that could set the stage for policy change, or an approach that could remove barriers to adoption that would open the door for other players in the sector to also advance sustainability).
- Have capacity to measure positive social and/or environmental impacts as a result of technology adoption.
Additional Criteria Considered
- Leadership and Team: Does the Company have the appropriate level of technical and commercial experience required to support the success of the work for which loan funds are proposed?
- Multiplier Effect: Can the proposed use of funds provide a model that could be adapted to other contexts, such as expanding to new populations or geographies or to reach a greater number of people, communities, species, or markets over time?
- Financial Feasibility: Does the Company demonstrate a realistic assessment of the financial resources needed to drive success?
- Learning and Evaluation: Is the Applicant willing to participate in Learning and Evaluation activities via regular check-ins with advisors or evaluators?
To Be Considered for a Loan
- Submit a short letter of interest to firstname.lastname@example.org by 4/15/22 that describes:
- Your organization, specific technology solution and key leadership contacts
- How that technology might be used to address conservation, sustainability and/or social related issues in fisheries.
- How a loan from this fund might help with broader adoption or enhanced usage of this technology.
- An approximate loan amount that your company/organization would like to request.
- Further information from likely loan candidates will be required after initial reviews of the letters of interest
- In the letter of interest, applicants should also note if they would be open to their proposal being shared with other like-minded investors/funders.
Note: Because this Fund is a pilot project, loan criteria may further evolve over time.
Multiplier and the Technology Adoption Fund for Sustainable Fisheries celebrate diversity and are committed to building partnerships that represent a variety of backgrounds, perspectives, and skills. Multiplier prohibits discrimination in its governance, programs and activities on the basis of race, color, national origin, age, disability, religion, gender, sexual orientation, gender identity, genetic information, political beliefs, reprisal, marital status, amnesty, status as a covered veteran, because all or part of an individual’s income is derived from public assistance, or for any other non-merit based factor.
With generous support from: