Fisheries Finance Program
Provides direct loans for certain fisheries costs.
Vessel financing available for the purchase of used vessels or the reconstruction of vessels (limited to reconstructions that do not add to fishing capacity).
Refinancing available for existing debt obligations.
FFP loans are not
issued for purposes which could contribute to over capitalization of the fishing industry.
Finance or refinance fisheries shore side facilities or Aqua cultural facilities.
Provides Individual Fishing Quota (IFQ) financing (at the request of a Fishery Management Council).
IFQ financing available at this time to first time purchasers and small vessel operators in the Halibut Sablefish fisheries.
Provides financing for Community Development Quota groups fisheries investments in the Bering Sea Aleutian Islands Pollock fishery.
Provides long term fishery buy back financing (at the request of a Fishery Management Council or Governor) to purchase and retire fishing permis and/or fishing vessels in overcapitalized fisheries.
Examples of Funded Projects
Vessel loans, aquaculture, Quota share, buyback.
Program Accomplishments Agency -
Department of Commerce
The Department of Commerce fosters and promotes the nation's economic development and technological advancement through vigilance in international trade policy, domestic business policy and growth, and promoting economic progress at all levels.
Office - See Appendix IV of the Catalog.
Direct traditional loans: 31 loans for $59 million. QS loans: 27 loans for $5 million.
Uses and Use Restrictions
Direct loans for up to 80 percent of actual cost, for reconstruction or reconditioning of fishing vessels and renovation, repair or construction of fisheries shore side facilities (including aquaculture facilities).
Maximum maturity up to 25 years.
Funds from this program are not used for purposes which contribute to over capitalization of the fishing industry.