Riverbound Trout Farms
Jake Musick likes to compare running a successful business to fishing. The owner of Riverbound Trout Farms in Lebanon understands that both knowledge and experience are needed for success. “I’ve been in the fish-growing industry for quite a few years now,” Jake says.
Jake wanted to bring more local farmers into the aquaculture industry. His plan was to build and operate a fish processing facility in Russell County. He called on Margie Douglass, director of the Southwest Virginia SBDC, to help him apply for a $500,000 loan from the Virginia Coalfield Economic Development Authority (VCEDA). “I needed an in-depth business plan,” he explains. “The SBDC gave me pointers on how to write one, and Margie helped me put the finished product together.”
The SBDC also connected Jake with the research department at George Mason University (GMU). “They did a marketing survey that I was able to include in my business plan,” he adds. “That was very helpful.”
The SBDC’s knowledge and experience produced results. “With the SBDC’s help, I was approved for a line of credit for $500,000 for the processing plant and to expand the current farm,” Jake says happily. “We’ve purchased property but postponed construction for now due to the spiraling cost of building materials.” Additionally, during the pandemic, Jake received a $69,000 grant through the Farm Service Industry. “It didn’t cover losses, but it sure did help,” he recalls.
Despite COVID, Jake continues to be optimistic about the fish processing project, as well as the future of aquaculture. “Our goal is to offer inspiration for young people to take a look at aquaculture as a viable occupation,” he says. “The big push is to bring as many other growers into the process as we can.”
Jake actively promotes the SBDC to other farmers in the area, happy to share what he’s learned. “I’ve been talking to a lot of farmers about the SBDC,” he says. “I tell them to go and benefit from what’s there. Over the last several years, our business at Riverbound Trout Farms has grown considerably,” he concludes. “Our involvement with the SBDC helped facilitate that growth.”