Just outside of the Phoenix metropolitan area sits the town of Gila Bend, Arizona, where 18 attentive workers oversee the production of more than 300,000 pounds of shrimp each year. Their employer is Royal Caridea, a high-tech shrimp farming company that operates 40 shrimp ponds.
The shrimp produced by the company satisfy two calls: growing dietary demand for high-protein, low-fat foods, and a need for secure employment in rural America.
Classified as an aquaculture farm, Royal Caridea approached North Avenue Capital in 2020, searching for a competitive equipment loan to fund the acquisition of new equipment and expand facilities. Working in tandem with the USDA, NAC’s team of rural lending experts secured a $2.2 million loan through the USDA’s Business & Industry Loan Program.
Thanks to the USDA’s rural commitment, Royal Caridea provides hardworking residents of Gila Bend with higher pay than state and federal minimums. Because of the breadth of Royal Caridea’s supply chain, the loan will also serve businesses and consumers through increasing employment opportunities in the rural communities surrounding the Phoenix metropolitan area.
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