MB5: Financial Services Division
The Financial Services Division administers programs to improve access to capital, reduce fishing overcapacity, mitigate effects of conflicting uses and fisheries resource disasters, and provide fisheries research and development grants. Major Division programs include the following:
(1) The Fisheries Finance Program (FFP) provides long-term financing or refinancing of the cost of construction or reconstruction of fishing vessels, shoreside facilities, aquaculture facilities, and fishery capacity reduction programs (buy backs). Vessel loans must be capacity neutral. The FFP also provides loans for the purchase of quota share.
(2) The Fishing Vessel Capital Construction Fund (CCF) Program allows commercial fishermen to defer paying federal taxes on fishing vessel income. Income on which taxes are deferred must be deposited in approved depositories and reserved for fishing vessel construction, reconstruction, or acquisition costs. All deferred taxes are eventually recovered by reducing the depreciation basis of the vessels involved.
(3) The Fishermen’s Contingency Fund (FCF) Program compensates commercial fishermen for vessel and/or gear casualties and resulting economic loss caused by oil and gas activities on the Outer Continental Shelf.
(4) The Saltonstall-Kennedy (SK) Grant Program provides grants for research and development projects addressed to targeted aspects of U.S. fisheries, including but not limited to harvesting, processing, marketing, and associated infrastructures.
(5) The Fisheries Disaster Program provides assistance under the Magnuson-Stevens Fishery Conservation and Management Act and the Interjurisdictional Fisheries Act to mitigate the effects of fishery resource disasters and commercial fisheries failures. Assistance can involve assessment of the disaster, measures to restore the fishery, prevent future effects, and assist those suffering harm. Assistance is generally provided through the affected states.
In addition to the Division Headquarters in Silver Spring, Maryland, Financial Services Division Branch Offices are located in Gloucester, Massachusetts, St. Petersburg, Florida, and Seattle, Washington.
