Fisheries Finance Program
Vessel financing available for the purchase of used vessels or the reconstruction of vessels (limited to reconstructions that do not add to fishing capacity).
Refinancing available for existing debt obligations.
FFP loans are not
Finance or refinance fisheries shore side facilities or Aqua cultural facilities.
Provides Individual Fishing Quota (IFQ) financing (at the request of a Fishery Management Council).
IFQ financing available at this time to first time purchasers and small vessel operators in the Halibut Sablefish fisheries.
Provides financing for Community Development Quota groups fisheries investments in the Bering Sea Aleutian Islands Pollock fishery.
Provides long term fishery buy back financing (at the request of a Fishery Management Council or Governor) to purchase and retire fishing permis and/or fishing vessels in overcapitalized fisheries.
Vessel loans, aquaculture, Quota share, buyback.
The Department of Commerce fosters and promotes the nation's economic development and technological advancement through vigilance in international trade policy, domestic business policy and growth, and promoting economic progress at all levels.
Program Accomplishments
Direct traditional loans: 31 loans for $59 million. QS loans: 27 loans for $5 million.
Uses and Use Restrictions
Direct loans for up to 80 percent of actual cost, for reconstruction or reconditioning of fishing vessels and renovation, repair or construction of fisheries shore side facilities (including aquaculture facilities).
Maximum maturity up to 25 years.
Funds from this program are not used for purposes which contribute to over capitalization of the fishing industry.
Eligibility Requirements
Applicant Eligibility
Applicant must possess the ability, experience, financial resources, and other qualifications necessary to operate successfully and repay the debt.
Beneficiary Eligibility
Commercial fishermen, processors or distributors of fishery products.
Credentials/Documentation
Financial statements, records, business history, and tax returns.
Aplication and Award Process
Preapplication Coordination
This program is excluded from coverage under E.O.
12372.
Application Procedures
Not applicable.
Award Procedures
Not applicable.
Deadlines
None.
Authorization
46 U.S.C. 1271 et seq., 50 CFR 253.
Range of Approval/Disapproval Time
Not applicable.
Appeals
Not applicable.
Renewals
Not applicable.
Assistance Considerations
Formula and Matching Requirements
Not applicable.
Length and Time Phasing of Assistance
Maximum term is 25 years. Financing based on the economic useful life of the asset financed.
Post Assistance Requirements
Reports
Annual Financial Statements and associated financial information as needed.
Audits
In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), recipients that are States, Local Governments, Nonprofit Organizations (to include Hospitals), and Institutions of Higher Learning shall be subject to the audit requirements contained in the Single Audit Act Amendments of 1996 (31 U.S.C. 7501-7507). Commercial organizations shall be subject to the audit requirements as stipulated in the award document.
Records
Agency has the right to inspect all relevant financial documents and records.
Financial Information
Account Identification
13-4417-0-3-376.
Obigations
FY 07 $59,000,000 (traditional), $5 million (QS); FY 08 est not available; and FY 09 est not reported.
Range and Average of Financial Assistance
$10,000 to $100,000,000. Average: $1,000,000.
Regulations, Guidelines, and Literature
50 CFR 253.
Information Contacts
Regional or Local Office
See Appendix IV of the Catalog.
Headquarters Office
Charles Cooper, Acting Chief, Financial Services Division, National Marine Fisheries Service, Department of Commerce, 1315 East-West Highway, Silver Spring, MD 20910. Telephone: (301) 713- 2390. Fax: (301) 713-1306. E-mail: earl.bennett@noaa.gov.
Criteria for Selecting Proposals
Not applicable.
Social Entrepreneurship
Spotlight
Prisons and Social Enterprise
Getting Out and Staying Out, co-founded by Tony Smith of the VSA Consulting Group, works to reduce recidivism rate among men at Rikers Island, New York City. The recidivism rate significantly dropped from 60-plus percent to under 20 percent, with more than a thousand men over a span of eight years.
