Fisheries Finance Program
Program Objective
Provides direct loans for certain fisheries costs. 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 issued for purposes which could contribute to over capitalization of the fishing industry. 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 long term fishery buy back financing (at the request of a Fishery Management Council or Governor) to purchase and retire fishing permits and/or fishing vessels in overcapitalized fisheries.
Eligibility
Eligible Applicants
- Unrestricted by Entity Type
- Tribal
- Territorial
- State
- Local
Applicant must possess the ability, experience, financial resources, and other qualifications necessary to operate successfully and repay the debt.
Beneficiaries
- Unrestricted by Entity Type
- Local
- State
- Territorial
- Tribal
Commercial fishermen, processors or distributors of fishery products.
How to Apply
Award Procedure
Applications reviewed by the National Marine Fisheries Service Regional Program Office and processed by the NOAA Grants Management Division (OA32).
A date range will change depending on the review process. Usually within 180 calendar days from the receipt of a complete and acceptable application but may exceed that timeline
Program details & compliance
Description
Provides direct loans for certain fisheries costs. 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 issued for purposes which could contribute to over capitalization of the fishing industry. 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 long term fishery buy back financing (at the request of a Fishery Management Council or Governor) to purchase and retire fishing permits and/or fishing vessels in overcapitalized fisheries.
Mission Categories
Primary: Fish and Wildlife Preservation
Use of Funds
Allowed Uses
Direct loans for up to 80 percent of actual cost, for reconstruction or reconditioning of fishing vessels, renovation, repair or construction of fisheries shore side facilities, (including aquaculture facilities) and financing and refinancing the cost of certain IFQs. Maximum maturity up to 25 years. Funds from this program are not used for purposes which contribute to over capitalization of the fishing industry.
Required Documentation
Financial statements, records, business history, and tax returns.
Reporting & Compliance
Applicable 2 CFR 200 Subparts
- Subpart B — General Provisions
- Subpart C — Pre-Federal Award Requirements
- Subpart D — Post-Federal Award Requirements
- Subpart E — Cost Principles
- Subpart F — Audit Requirements