28 



no one can survive. A small breakdown, like the gentleman said, 

 Mr. Kendall, and we are out of business. We are losing boats every 

 day. The Orion was just lost, being taken out to be auctioned off, 

 three families and a house on the block to be lost. 



I have tried to get some loans from three different banks, dif- 

 ferent applications. All in all, I was told, "Due to the uncertainty 

 of the fishing industry, we cannot help you at this time." No matter 

 where you turn, if you have anything to do with the fishing indus- 

 try, all they do is shout, "There is nothing here." 



We all need to diversify. We are trying to diversify. Myself, I 

 went to the Gloucester revolving loan fund. I applied for some 

 funds that I want to diversify throughout the industry. I applied 

 for $100,000, and I was granted $54,000. But their requirements 

 were, they needed the assets of Gloucester Auto Body, my other 

 company, the assets of the fishing gear, and my personal house, not 

 even on the building I own. They were tying my hands and feet. 



I have family, kids, college, that I want to help. If I lose all of 

 that, I have no more borrowing power. I don't want to destroy my 

 family livelihood. So, I could not accept that. 



That is what we are faced with, no matter where we turn or 

 what we do. 



Only one other thing. A lot of money was promised when this 

 problem came about to the fishing industry and the fishermen, but 

 little has reached the fishermen. In Gloucester, that I am aware of, 

 only $300,000 arrived, and they were given in the form of loans, 

 no free money, but low-interest loans to help defray the cost of all 

 the new netting they needed to buy 2 years ago in 1994. They are 

 still paying for it. Like I said earlier, any breakdown, and you are 

 out of business. 



I personally, and everyone, was ever so thankful to the late Sec- 

 retary Brown when he came to Boston with a promise of $30 mil- 

 lion. Everyone is wondering what happened to that. We were all 

 happy that some help was coming, but nothing has reached the 

 fishermen. Somehow the money got lost along the way. 



Like I said, if this keeps up, in a year there will be no fishing 

 industry. 



Thank you very much. 



[Mr. Buccheri's statement may be found in the appendix.] 



Chairman Torkildsen. Thank you very much, Mr. Buccheri, for 

 your very poignant testimony. It really hits to the heart of it. 



I will make a couple of comments. First of all, I think all of your 

 testimony today points out that all people in the fishing industry 

 are asking for is a chance to make an honest living. No one has 

 said they want a farm subsidy program or anything of the type. 

 They are just saying, give us a chance to make a living. You, the 

 witnesses here, and everyone in the fishing industry should be 

 commended for that. 



Also the points that Mr. Buccheri made. A lot of these costs are 

 costs of complying with earlier regulation, people still paying off 

 the loans they took, changing the mesh size of their nets, only to 

 be told a year later they have to change their mesh size once again. 

 So, a lot of these costs would not have been incurred in the normal 

 course of business. It is just complying with regulation, to begin 

 with. These are loans they can't pay because they are told they 



