Fisheries Finance Program (11.415)

Program

11.415 Fisheries Finance Program

Federal Agency

Agency: Department of Commerce
Office: National Oceanic and Atmospheric Administration (NOAA)

Authorization

Merchant Marine Act, 46 U.S.C 1271 et seq.

Program Number

11.415

Last Known Status

Active

Objectives

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.

Types of Assistance

DIRECT LOANS

Uses and Use Restrictions

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.

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. This program is excluded from coverage under OMB Circular No. A-87.

Application and Award Process

Preapplication Coordination

Preapplication coordination is required. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.

Application Procedure

This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Not applicable.

Award Procedure

Not applicable.

Deadlines

Not Applicable.

Range of Approval/Disapproval Time

Not Applicable.

Appeals

Not Applicable.

Renewals

Not Applicable.

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula.

Matching requirements are not applicable to this program.

MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

Maximum term is 25 years. Financing based on the economic useful life of the asset financed. See the following for information on how assistance is awarded/released: Funds are released or reimbursed as agreed upon in the Standard Terms and Conditions required for each grant.

Post Assistance Requirements

Reports

Program reports are not applicable. Cash reports are not applicable. Progress reports are not applicable. Annual Financial Statements and associated financial information as needed. Performance monitoring is not applicable.

Audits

In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133. 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.

Program Accomplishments

Fiscal Year 2008: Direct traditional loans: 31 loans for $59 million. QS loans: 27 loans for $5 million. Fiscal Year 2009: No Current Data Available Fiscal Year 2010: No Current Data Available

Financial Information

Account Identification

13-4417-0-3-376.

Obligations

(Direct Loans) FY 08 $37,857,682; FY 09 est $67,000,000; FY 10 est not reported. - Funding estimate for FY10 is not currently available.

Range and Average of Financial Assistance

No Data Available.

Regulations, Guidelines and Literature

50 CFR 253.

Related Programs

Not Applicable.

Information Contacts

Regional or Local Office

See Regional Agency Offices.

Headquarters Office

Leo Erwin Financial Services Division, National Marine Fisheries Service, Department of Commerce, 1315 East-West Highway, Silver Spring, Maryland 20910 Email: leo.erwin@noaa.gov Phone: 3017132390 Fax: 3017131306

Web Site Address

http://www.nmfs.noaa.gov/mb/financial_services/ffp.htm .

Examples of Funded Projects

Fiscal Year 2008: Vessel loans, aquaculture, Quota share, buyback. Fiscal Year 2009: No Current Data Available Fiscal Year 2010: No Current Data Available

Criteria for Selecting Proposals

Not Applicable.