Ocean Beauty's Relationship with BBEDC
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Ocean Beauty Seafoods is proud to be half owned by the Bristol Bay Economic Development Corporation (BBEDC,) meaning that half of our profits go to support communities in Bristol Bay, Alaska.
"It is the purpose of the Bristol Bay Economic Development Corporation to promote economic growth and opportunities for residents of its member communities through sustainable use of the Bering Sea resources."
BBEDC was founded in 1992 in response to the Western Alaska Community Development Quota (WACDA) program, also known as the CDQ Program. Because of prohibitively high capital investments needed to participate in commercial fishing, the purpose of the CDQ Program is to provide western Alaska villages with the opportunity to participate and invest in the Bering Sea and Aleutian Island fisheries, driving socio-economic growth and achieving sustainable and diversified local economies for those affected villages.
Buying a portion of Ocean Beauty Seafoods was a strategic move by BBEDC, made in the interest of the communities relying on the natural resources of the area. With this ownership BBEDC is given a seat at the table to determine the future of the richest salmon fishing area in the world. The revenue generated in such is redistributed to budget for the many economic and educational programs for eligible community members.
As a fiscally conservative organization and a prudent investor, BBEDC has been able to fund an increasing number of fishery-related programs for the approximately 6,000 people who reside year-round in the BBEDC region. These programs range from student loan forgiveness to educational scholarships, vessel acquisition and improvement grants, fishing permit assistance, and seasonal employment and training opportunities.
Some examples of programs offered by BBEDC:
- Community Block Grants - Funds projects that promote sustainable community and regional economic development. A portion of those funds may be used for home heating and community facilities maintenance and operations assistance to eligible residents.
- Arctic Tern Program – Grants available to the Tribal or City government. The funds are intended to address the challenge of limited opportunities for employment and educational activities for youth under the age of 17. The grants provide exposure to the world of work and/or educational opportunities that will allow youth to gain self-confidence, career awareness, financial literacy, and interpersonal competencies needed to succeed in life.
- Vessel Acquisition Program – The program offers residents of BBEDC CDQ and Bristol Bay watershed communities the opportunity to obtain a competitive and efficient vessel. The program also allows an opportunity for an incentive for the purchase of vessels equipped with Refrigerated Sea Water (RSW) systems.
- Permit Loan Program – A menu of financial and/or technical services is provided to eligible residents of the 25 Bristol Bay watershed communities interested in purchasing a Bristol Bay limited entry drift or set permit.
To learn more about BBEDC, please visit their website at www.BBEDC.com.