Aquaculture production of oysters has been carried out in the state of Maryland since the 1890s, with limited success because of restrictive regulations and opposition from the commercial wild industry. After revision of the aquaculture leasing regulations in 2009, the Maryland oyster aquaculture industry expanded more than 10‐fold. In 2010, Maryland Agricultural & Resource Based Industry Development Corporation (MARBIDCO) started the Maryland Shellfish Aquaculture Loan fund, which features a below‐market interest rate, interest‐only repayment period, and partial principle forgiveness. This study evaluated differences in farm‐accounting metrics when comparing self‐financed operations, conventionally funded operations, and operations with MARBIDCO funding on water‐column and bottom‐culture oyster aquaculture operations in Maryland. Bottom‐culture and water‐column operations had significantly higher net present value and internal rates of return when they were MARBIDCO‐financed compared to other sources of capital. This research suggests that oyster aquaculture operations which make use of MARBIDCO financing or similar options should have the best chance of success and highest financial return. The research also suggests that if significant funds could be identified or obtained (i.e., federal, provincial, or private company disaster payments), establishing programs similar to the MARBIDCO Shellfish Aquaculture Loan Fund could help improve the financial profitability of aquaculture operations in other areas of the world.

中文翻译：

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影响融资和水产养殖：马里兰牡蛎水产养殖的盈利能力

自1890年代以来，在马里兰州一直进行牡蛎的水产养殖生产，但由于限制性法规和商业野生产业的反对，其成功率有限。在2009年修订了水产养殖租赁法规之后，马里兰州牡蛎水产养殖业增长了10倍以上。2010年，马里兰州农业与资源基础工业发展公司（MARBIDCO）成立了马里兰贝类水产养殖贷款基金，该基金具有低于市场的利率，仅还款期和部分原则上的宽恕。这项研究在比较自负盈亏的运营，常规资助的运营以及由MARBIDCO资助的运营在马里兰州的水柱和底层养殖牡蛎水产养殖运营中时，评估了农场会计指标的差异。与MARBIDCO资助相比，底层养殖和水塔运营的净现值和内部收益率要高得多。这项研究表明，利用MARBIDCO融资或类似方式进行的牡蛎养殖活动应具有最大的成功机会和最高的财务回报。该研究还表明，如果可以确定或获得大量资金（即联邦，省或私营公司的灾难救助金），则建立类似于MARBIDCO贝类水产养殖贷款基金的计划可以帮助提高其他地区水产养殖业务的财务盈利能力。世界。