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LOAN REPORT
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  Fisheries Finance Program
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Program Description
The Fisheries Finance Program (FFP) is a direct government loan program that receives an annual loan authority from Congress to provide long-term loans to the aquaculture, mariculture, and commercial fisheries industries. The Program will finance up to 80 percent of the cost of an eligible project. Eligible projects consists of Aquaculture and Mariculture facilities and Fisheries Shoreside Facilities. The FFP can provide both financing and refinancing of existing debt for these projects. The FFP can also provide financing to purchase or refinance an existing fishing vessel and also to reconstruct an existing fishing vessel as long as the reconstruction does not increase harvesting capacity. The FFP cannot provide funds to construct new fishing vessels.

General Program Requirements
General requirements for this program include:

  1. Must be a U.S. citizen,
  2. Have a good credit and earnings record, net worth, and liquidity behind the project,
  3. The project must be fully secured with the borrower's assets, including personal guarantees.  Non-recourse credit is not available.
  4. The potential applicant should have at least a 3 years history of owning or operating the fisheries project which will be the subject of your proposed application or a 3 year history owning or operating a comparable project.

Loan Terms
Long term, fixed rate loans with interest rates of 2 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.

Your Next Steps
The following information will lead you to the next steps to apply for this benefit.

Application Process
The application process varies depending on the eligible project. Among the items needed for review and analysis are a business plan for your eligible project, current condition and valuation survey (for fishing vessels) and/or a current appraisal for aquaculture, mariculture and shoreside facilities. Any and all Federal and State fishing and licensing permits owned or utilized by the eligible project. A listing of your major customers, and credit terms, as well as a listing of your major suppliers and credit terms and credit limits. If the applicant is corporation, partnership, or limited liability corporation, a listing of your owners, partners, shareholders, or members, the percent of ownership in the applicant, and their compensation from the applicant. In addition Partnership Agreements, Articles of Incorporation or Organization, Bylaws, Operating Agreement, Declaration of Corporate Officers, Corporate Resolution authorizing transaction, Certificate of Incumbency, and a Good Standing Certificate from the Secretary of State where applicable.

Program Contact Information
How Do I Get More Information?

First, contact your regional Financial Services Branch and discuss your project:

Southeast Financial Services Branch
St. Petersburg, FL 1-727-824-5377

Northeast Financial Services Branch
Gloucester, MA 1-978-281-9203

Northwest Financial Services Branch
Seattle, WA 1-206-526-6122

If after discussing your proposal and 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 1/2 of 1 percent of your proposed loan amount.

Contact:

Financial Services Division (F/MB5)
National Marine Fisheries Service
1315 East West Highway
Silver Spring, MD 20910
1-301-713-2390
http://www.nmfs.noaa.gov/mb/financial_services/ffp.htm

Managing Agency
U.S. Department of Commerce
http://www.doc.gov/

 
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