Fisheries Finance Program
- Listed: December 1, 2018 5:27 pm
- Expires: 997859 days, 1 hour
Description
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Program Description
The Fisheries Finance Program (FFP) is a direct government loan program that provides long term financing for the cost of construction or reconstruction of fishing vessels, fisheries facilities, aquacultural facilities and individual fishing quota in the Northwest Halibut/Sablefish and Alaskan Crab Fisheries.
Program Requirements
In order to be eligible for this program:
- You must be a U.S. citizen,
- You must have a good credit and earnings record, net worth, and liquidity behind the project,
- Your project must be fully secured with your assets, including personal guarantees (non-recourse credit is not available), and
- You should have at least a three year history of owning or operating the fisheries project which will be the subject of your proposed application, or a three year history owning or operating a comparable project.
Loan Terms
Long term, fixed rate loans with interest rates of two percent over the U.S. Department of the Treasury’s cost of funds. Loan maturities up to 25 years, but not exceeding the economic useful life of your project.
Application Process
Contact your regional Financial Services Branch and discuss your project:
Southeast Financial Services Branch
St. Petersburg, FL 727-824-5377
Northeast Financial Services Branch
Gloucester, MA 978-281-9203
Northwest Financial Services Branch
Seattle, WA 206-526-6122
If after discussing your proposal it appears to meet the program’s requirements, you will be sent an application form to complete and submit along with a one-time filing/commitment fee equal to half of one percent of your proposed loan amount.
Contact Information
For more information, visit the Fisheries Finance Program page.
You may also write to:
Financial Services Division
National Marine Fisheries Service
1315 East West Highway
Silver Spring, MD 20910
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