With BDC’s support, Coady’s Fishing Company in St. John’s Newfoundland, founded in 1996, has grown into an increasingly successful business. The crab and shrimp fishing enterprise has been a BDC client since 2001.
BDC has supported the company’s growth by providing financing for fishing licenses, its 65-foot MV L’Acadie vessel and for a refrigerated seawater system which provides superior product quality and increased efficiency. Owner Wayne Coady has also worked with BDC advisory services to assist in financial planning and in assessing investment opportunities.
More recently, the fishing enterprise was ready to purchase additional shrimp and crab quota. The increase would complement existing quota and help the business achieve economies of scale. Recognizing the business’ potential for further growth, BDC provided financing for the quota purchase, with flexible terms that take into the account the seasonality of the business.
Now, having purchased a 20% quota increase, Coady’s is able to make better use of its resources and vessel capacity, which contribute to the sustainability and profitability of the enterprise.
Wayne Coady appreciates how easy it is to do business with BDC. “Since the fishery collapse in 1992, BDC’s flexible financing solutions, long-term support and comprehensive consulting services have enabled Coady’s Fishing Company to adapt to its evolving industry and expand into the successful enterprise it is today,” he explains.