Fisheries Financing Program

Agency: National Marine Fisheries Service

Program: Fisheries Financing Program

Program Description: The mission of the program is to provide long-term fisheries credit without cost to the taxpayer. Loans are made to commercial fish harvesting and processing businesses and to Aquaculture operations. Loans are generally made for purposes of refinancing existing debt. The program promotes and encourages activities in support of the management of interjurisdictional fishery resources. The credit policy is designed to ensure the program does not contribute to further fisheries capitalization. This policy precludes most applications that request initial long-term financing. The program stretches debt service more consistently with the fisheries’ cyclical earnings potential and the generally long economically useful life of its major production equipment.

Costs not covered include: vessel construction, vessel refurbishing that materially increases an existing vessel’s harvesting capacity; purchasing a used vessel or used fishery facility.

Eligible Communities: There are no restrictions based on geographical boundaries. Applicants must qualify under credit risk standards.

Funding Information: Borrower’s cost of the loan is 2% higher than the U.S. Government’s cost of money for comparable borrowing maturities. If funds are used to refinance long-term debt already in place, and for refinancing a reasonable amount of the paid capital cost of the vessel or facility for working capital purposes, the refinancing amount cannot exceed 80% of the depreciated actual cost.

Timelines: Applications are generally accepted in January and February. Contact office to confirm.

Contact: National Marine Fisheries Service

Financial Services Branch

7600 Sandpoint Way, NE

BIN C15700 Bldg. 1

Seattle, WA 98115

Phn (296)526-6122

Int kingfish.ssp.nmfs.gov/