Triple Trouble

Access to Capital in a Time of Need

The Griffen Family with Triple Trouble, August 2015

The Griffin Family with Triple Trouble, August 2015

When the Eastport breakwater collapsed on December 4, 2014, it severely damaged several boats in Eastport, Maine. One of those boats was Double Trouble II, owned by Brent and Sara Griffin. Brent Griffin, with his father and uncles, are also owners of Quoddy Bay Lobster, which employs 14 people and relies on the lobsters Brent catches to stay in business.

Faced with an urgent need for a new boat and a tight window before the 2015 lobster season began, Brent and Sara immediately began working with Ruth Cash-Smith, a Certified Business Advisor for CEI.

“Ruth was incredibly helpful right out of the gate in helping us identify possibly sources of funding for our new boat. In a very short time frame, Ruth turned up several opportunities for us that made it possible to get Triple Trouble built before the start of the 2015 season.”

— Sara Griffin

Cash-Smith helped the Griffins leverage a $150,000 bank loan along with a $90,000 TIF (tax increment financing) loan and a $15,000 TIF grant – all within a 28-day window. The new boat launched five months later in May, and the captain and crew agree the vessel is bigger, more stable, and safer. Also the Triple Trouble was especially designed to Brent’s specifications so he can work his boat far more efficiently. “So far, so good,” he reports, although, like most Maine fishermen, he wishes the catch had been heavier this year.

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