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.
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.
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.
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.
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
|Max Loan Length||up to 25 years|
|Max Loan Amount||Loan authority determined annually|
|Fees||Application Fee .5% of loan amt.|