May 8, 2026 — Reid Williams, a second-generation fisherman from Cordova, grew up in a fishing family and began working as a teenager. After graduating in 2019, he leased a vessel and permit while working to build something of his own. With support from the state’s Commercial Fishing Loan Program, he was able to purchase his first boat and permit, a step toward long-term ownership that would have been impossible to achieve through traditional financing.
In the years since, Williams has continued to reinvest in his business. Now operating a larger vessel, he has expanded his capacity across multiple fisheries.
His story reflects both opportunity and reality. For young Alaskans who want to stay in their communities and build a life on the water, access to that first opportunity remains one of the most significant barriers.
The backbone of coastal Alaska
From Metlakatla to Unalaska, maritime industries are not just part of our economy, they are the economy. Commercial fishing, mariculture, charter fishing, vessel repair, seafood processing, research and marine transportation support thousands of jobs and sustain communities that depend on the working waterfront.
For more than 50 years, Alaska’s Department of Commerce, Community, and Economic Development has made a deliberate choice: when traditional financing falls short in seasonal, high-risk, or rural industries, the state does not replace the private sector, it partners with it through its Division of Investments’ nine revolving loan programs.
Since its creation in 1972, the Commercial Fishing Loan Program has issued more than 9,300 loans totaling over $641 million, supporting more than 20,000 jobs.