Jonathan Henderson
Moorhead, MS (USA)
Role(s):
Founder/Owner/Principal
Southland Catfish Farms, Inc.
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Startup
Location:
Moorhead
Industry:
Other
Year Founded:
2013
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
"S" Corporation
Description:
Southland Catfish Farms is a catfish fingerling farm, designed to hatch, raise, and sell 4-6 inch stocker sized fingerlings. The customer base is catfish producers looking to buy stockers to raise to food fish size. We have already gone out and secured customers and sales. We have also located 455 acres of ponds for lease and a hatchery nearby for sale, which we would acquire once we have the needed startup capital. We would raise 20 million head of fish per year once fully operational, and sales would amount to anywhere from 1.2 to 1.7 million dollars per year, depending on market price and survival rates. Based on thorough financial projections, we have determined the necessary startup needed would be 1.5 million. Projected profits would be 0 in fiscal year 1, 100-200 thousand fiscal year 2, and 300 thousand or more in fiscal year 3. We plan on applying for an FSA first time farmers loan of 1.3 million, and need 200-300 thousand in capital investment in addition. I have 10 years experience in the catfish industry, and I see an opportunity to take advantage of a strong demand for channel catfish fingerlings due to a shortage in the market from increased demand for catfish due to recent tariffs imposed on imported fish. The hybrid catfish has also contributed to this demand for channel catfish fingerlings, as some former channel catfish fingerling producers switched to producing hybrids. This left a hole in the market for channel catfish, and those farmers who prefer to buy channels over hybrids. Prices are very good and profitable currently, and look to remain that way in the foreseeable future.