Alaska’s maritime economy works because we invest in people, not just projects

Reid Williams, a Cordova fisherman, aboard a vessel. (Photo provided by the Alaska Department of Commerce, Community and Economic Development)

By Julie Sande

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.

Adapting to thrive in rural Alaska

In Pelican, Seth Stewart set out to build a life in his hometown.

Born and raised in the small Southeast Alaska community, Stewart grew up trolling before leaving to study business. His plan was simple: come home and build something of his own. But when he returned, the local seafood processing facility had been shuttered.

With support from state financing programs, Stewart purchased his first boat and permit. He paid that loan off, then reinvested in a second vessel and later purchased and rebuilt Pelican’s seafood processing facility.

As demand grew, so did the business.

Today, Stewart’s business, Yakobi Fisheries, employs up to 25 people in the summer and operates year-round, providing seafood processing, cold storage and services. In a remote community like Pelican, the business has also expanded into freight and logistics, supporting both local businesses and residents.

Running a business in Pelican remains challenging. Materials cost more, transportation is complex, markets shift. But the goal was never to build the largest operation. It was about building something sustainable in the place he calls home.

Strengthening maritime infrastructure

In Sitka, Jeremy Serka is building a critical piece of Alaska’s maritime infrastructure.

Serka’s path into marine trades was not linear. Like many in Alaska’s maritime economy, he started on the water, commercial fishing in the summers, while working in welding and fabrication during the off-season. Over time, his work expanded, driven by a consistent reality across coastal Alaska: the demand for marine trades and vessel support far exceeded the available capacity.

Serka ultimately took on the redevelopment of a 100,000-square-foot industrial facility in Sitka that had sat vacant for nearly a decade, with support from the Division of Investment’s Small Business Economic Development program.

Today, Pacific Jewel Marine supports vessel repair and maintenance, while also providing space for multiple trades to operate. The facility continues to expand.

A growing and diversifying industry

Across the state, we are seeing growth in mariculture, seafood processing and marine services. Businesses like Serka’s reflect something bigger: a new generation of Alaskans building on tradition while embracing innovation.

Our state has long invested in what’s known as “patient capital,” supporting Alaskans over the long term, even in industries that are seasonal, volatile or geographically challenging.

It’s about keeping our fishing fleet in Alaskan hands, supporting long-term careers for residents while building resilient, self-sustaining communities.

Today, Alaska’s maritime economy is gaining attention far beyond our shores.

This year marks the 50th anniversary of the Magnuson-Stevens Fishery Conservation and Management Act, a cornerstone of sustainable fisheries management in the United States.

Alaska has long been a leader in responsible resource management. Our fisheries lead the world in long-term sustainability while supporting our fishing communities.

Last month’s announcement of the United States Department of Agriculture Office of Seafood further strengthens Alaska’s position with federal partners, creating new opportunities to support the industry and connect producers with resources.

Global demand for sustainable seafood is growing. Domestic supply chains are becoming more important. Investment interest in marine infrastructure and ocean-based industries is increasing.

Alaska is uniquely positioned to lead.

Investing in Alaskans

Growing up in Southeast Alaska, I learned early that everything depended on the water and the weather. Groceries, mail and even Christmas gifts arrived by barge or floatplane, when conditions allowed. In our communities, opportunity has always been shaped by access, distance and the reliability of our connections.

Today, that perspective continues to guide our work.

Across the state, I have met Alaskans building businesses, creating jobs and strengthening the places they call home. Every region is different, but there is something familiar in all of them: the people, the resilience and the commitment to building a future here.

At its core, Alaska’s maritime economy succeeds for one reason: we invest in Alaskans.

We invest in the young fisherman buying his first boat.

In the small processor keeping jobs in a rural coastal community.

In the tradesman building the next generation of marine infrastructure.

These investments grow businesses, strengthen communities, preserve traditions and build a more resilient economy for the next generation.

That is something worth continuing, for the next 50 years and beyond.

• Julie Sande is the commissioner of Alaska’s Department of Commerce, Community and Economic Development and a lifelong Alaskan.