Our family has owned and operated the San Giovanni, a commercial fishing boat, since 1959. We catch 70+ species of fish in the Monterey Bay to sell to restaurants and wholesalers in the Monterey Bay and San Francisco Bay Area. When Elizabeth's father passed away four years ago, we had to cease operations. Now, we're raising funds to finish refurbishing the San Giovanni so she can be out on the water doing what she does best.
Our Journey So Far
In March 2018, we hauled the boat out of water at Monterey Bay Boatworks. We had to take everything out of the boat -- 35 tons of fuel tanks, net reel, main winches, stripped out the whole cabin to bare walls. The only thing left on the boat was the engine and one fuel tank.
We have fixed the bottom of the boat, re-armored the stern of the boat in stainless steel, painted the boat and put it back in the water in June 2018. Since then, we have rebuilt and installed the mast and main boom, put in the hydraulic tank and its system, re-planked sections of the main deck, built a new kitchen in the galley, and rebuilt a fish hold.
What's Left to Do
We still need to prepare and re-install the winches and net reel, rebuild and re-install some parts of the hydraulic system, rewire some of the electrical systems, upgrade fishing gear, purchase additional safety equipment, and reinstall the main fuel tanks.
Like a Phoenix From the Ashes
When we were fishing, we brought in $200-300K in revenue each year. The fishery was in a very deep recession and under lots of regulatory pressure. Boats and markets were leaving the industry in large numbers. Twenty years ago, there were 300 active vessels; now there are only 120.
Since we stopped four years ago, our fishery has been certified sustainable, which helps to drive prices of our fish up. New markets and marketing opportunities are emerging. We are looking forward joining in the fun again.
Demand for fresh fish in our local markets is rising. With the boat full-time fishing, we believe we can easily reach $500K/year in gross receipts. We could reach up to $750K a year if new markets and business relations come to fruition in Monterey fishing industry.
What your investment gets you
We're raising a $51,000 to $107,000 loan from you - our community!
We'll repay the loan over four years, with a 5% interest rate (or 5.5% interest rate if you invest in the first $20,000 of the raise).