Vessel loans, aquaculture, Quota share, buyback.
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.
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.
Applicant must possess the ability, experience, financial resources, and other qualifications necessary to operate successfully and repay the debt.
Commercial fishermen, processors or distributors of fishery products.
Financial statements, records, business history, and tax returns.
Aplication and Award Process
This program is excluded from coverage under E.O.
46 U.S.C. 1271 et seq., 50 CFR 253.
Range of Approval/Disapproval Time
Formula and Matching Requirements
Length and Time Phasing of Assistance
Maximum term is 25 years. Financing based on the economic useful life of the asset financed.
Post Assistance Requirements
Annual Financial Statements and associated financial information as needed.
In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), recipients that are States, Local Governments, Nonprofit Organizations (to include Hospitals), and Institutions of Higher Learning shall be subject to the audit requirements contained in the Single Audit Act Amendments of 1996 (31 U.S.C. 7501-7507). Commercial organizations shall be subject to the audit requirements as stipulated in the award document.
Agency has the right to inspect all relevant financial documents and records.
FY 07 $59,000,000 (traditional), $5 million (QS); FY 08 est not available; and FY 09 est not reported.
Range and Average of Financial Assistance
$10,000 to $100,000,000. Average: $1,000,000.
Regulations, Guidelines, and Literature
50 CFR 253.
Regional or Local Office
See Appendix IV of the Catalog.
Charles Cooper, Acting Chief, Financial Services Division, National Marine Fisheries Service, Department of Commerce, 1315 East-West Highway, Silver Spring, MD 20910. Telephone: (301) 713- 2390. Fax: (301) 713-1306. E-mail: email@example.com.
Criteria for Selecting Proposals
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