Technical Acceptance

To be eligible for guarantees, the vessel financed under the project must meet the following criteria:

The vessel must be constructed in the United States and must meet the applicable requirements of the U.S. Coast Guard (if an export vessel then it must meet IMO requirements, the laws of the country of documentation and the port it serves, as well as comply with any applicable treaties, conventions, or international conventions)
Actual costs for the construction, reconstruction or reconditioning of the vessel must be determined acceptable
The vessel must be constructed, maintained, and operated to meet the requirements of either the American Bureau of Shipping (ABS) or another approved classification society
Comply with any applicable U.S. laws relating to the operation of the vessel (except in the case of export vessels)
For reconstruction or reconditioning – demonstrate that the work on vessel is not necessary because of inadequate maintenance and repair

To be eligible for guarantees, the operator of the vessel financed under the project must meet the following criteria:

Provide detailed information about the applicant and bareboat charter to demonstrate that it has the necessary experience, ability, and other qualifications to operate and maintain the vessel or shipyard
Identify the ownership of the applicant, including tax identification number, principal business address, articles of incorporation, and officers
Principal business of the applicant over the previous five years, information on controlled business entities and the nature of their business
Information on the management personnel of the applicant
Detailed statement of the applicant’s ability to successfully operate the financed vessel or the shipyard