Fisheries Finance Program
U.S. Department of Commerce
What is Fisheries Finance Program?
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.
Administration
Fisheries Finance Program is administered by U.S. Department of Commerce.
Program Requirements
To be eligible for this benefit program, you must be an aquaculture operator or fisherman and a U.S. citizen. You must also meet all of the following:
- Have good credit and earnings record, net worth, and liquidity behind the project, and
- Project must be fully secured with your assets, including personal guarantees (non-recourse credit is not available), and
- 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.
Application Details
What is the application process for Fisheries Finance Program?
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.