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% of the
depreciated actual cost of an eligible project cost. The
applicant must have a minimum of a 20% equity contribution to the 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 a new
fishing vessel, but it can provide funds to refinance existing debt on a
newly constructed vessel.
General Program Requirements
General requirements for this program include: - Must be a U.S.
citizen,
- Have a good credit and
earnings record, net worth, and liquidity behind the
project,
- The project must be fully
secured with the borrower's assets, including personal
guarantees. Non-recourse credit is not
available.
- 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% over the U.S. Department of the Treasury's cost of funds. Loan maturities up to 25 years, but not to exceeding the economic useful life of your project.
Application Process
For more information, see the Program Contact Information below.
Program Contact Information
We have a headquarter and three regional offices.
Headquarters Office, Financial Services Division
1315
East-West Highway
Silver Spring, MD
20910
Telephone: 301-713-2390
Fax:
301-713-1306
Northeast Regional Financial Services Branch
11-15 Parker Street, Suite 204
Gloucester, MA
01930
Telephone: 978-281-9202
Fax:
978-281-9375
Southeast Regional Financial Services Branch
263
13th Avenue, South
St. Petersburg, FL
33701-5511
Telephone: 727-824-5377 Fax: 727-821-5380
Northwest Regional Financial Services Branch
7600
Sand Point Way, N.E.
(BIN(C15700), Bldg.
#1
Seattle, WA 98115
Telephone:
206-526-6122 Fax: 206-526-6306
Website:
www.nmfs.noaa.gov
Managing Agency
U.S. Department of Commerce
http://www.doc.gov/
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