Fisheries Finance Program
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.
General information about this opportunity
Last Known Status
Agency: Department of Commerce
Office: National Oceanic and Atmospheric Administration (NOAA)
Type(s) of Assistance Offered
Merchant Marine Act, 46 U.S.C 1271 et seq.
Who is eligible to apply/benefit from this assistance?
Applicant must possess the ability, experience, financial resources, and other qualifications necessary to operate successfully and repay the debt.
Commercial fishermen, processors or distributors of fishery products.
Financial statements, records, business history, and tax returns. This program is excluded from coverage under OMB Circular No. A-87.
What is the process for applying and being award this assistance?
Preapplication coordination is required. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
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.
Approval/Disapproval Decision Time
How are proposals selected?
How may assistance be used?
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.
What are the requirements after being awarded this opportunity?
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.
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.
Agency has the right to inspect all relevant financial documents and records.
Other 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.
Who do I contact about this opportunity?
Regional or Local Office
See Regional Agency Offices.
Leo Erwin Financial Services Division, National Marine Fisheries Service, Department of Commerce, 1315 East-West Highway, Silver Spring, Maryland 20910 Email: firstname.lastname@example.org
Phone: 3017132390 Fax: 3017131306
(Direct Loans) FY 11 $67,549,448; FY 12 est $115,000,000; and FY 13 est $83,000,000
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines and Literature
50 CFR 253.
Examples of Funded Projects