ILGP Borrower Success Story: The F/V Pacific Rooster

Date of Commitment: 2012
Type of Service: Loan Guarantee
Lender: Craft3 Bank
Borrower: Lawrence Goodell, Jr.
Project: Purchase of the Pacific Rooster
Financing Amount: $130,000
Location: Quinault Indian Nation

Larry Goodell, Jr. is known as "Junior" in the Quinault tribal community, but on the sea, he is known as Captain Goodell, responsible for his fishing vessel the Pacific Rooster, and the soul that mans his crew. The Pacific Rooster has been actively fishing since 2009 when it entered the Quinault Indian Nation’s fleet of ocean-going vessels. The crew of the Pacific Rooster proudly exercises the treaty rights of the Quinault Indian Nation and promotes their unique way of life. They continue to successfully deliver their catch to Quinault Pride Seafood.

“Commercial fishing is an expensive industry and is an extremely high risk occupation. Fishermen worry about earning a paycheck and have a heightened concern for simply returning home each time they depart for sea,” Captain Goodell said.

The Pacific Rooster has had several good seasons and has endured the challenges of the fishing industry: bad weather, poor fishing days, and other elements that are outside of its control.

“It is great to be able to provide an opportunity for Quinault tribal members to engage in our way-of-life. The work provides an income to pay bills, but there is also something special about our profession. We get to nourish our mind, body and soul with the satisfaction of harvesting and eating the fruits of our catch while living the Quinault way,” said Captain Goodell said.

When asked how difficult it was to use the Indian Loan Guarantee and Insurance Program (ILGP), Captain Goodell said, “The loan process was relatively easy. The Craft3 loan officers introduced me to the program and assisted me through the process.”