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
National Oceanic and Atmospheric Administration, Department of Commerce
Type(s) of Assistance Offered
E - Direct Loans
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.
What is the process for applying and being award this assistance?
Preapplication coordination is required. This program is eligible for coverage under E.O. 12372, "Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review. Refer to program guidelines
2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. 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?
Agency has the right to inspect all relevant financial documents and records.
Other Assistance Considerations
Formula and Matching Requirements
Statutory formula is not applicable to this assistance listing.
Matching requirements are not applicable to this assistance listing.
MOE requirements are not applicable to this assistance listing.
Length and Time Phasing of Assistance
Maximum term is 25 years. Financing based on the economic useful life of the asset financed. 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
Financial Services Division, National Marine Fisheries Service, Department of Commerce, 1315 East-West Highway
Silver Spring, MD 20910 US
(Direct Loans) FY 18 est $0.00; FY 17 est $100,000,000.00; FY 16$0.00; - Though no funds were obligated in FY16 this is an active program. 100 million in lending authority was granted in FY16.
Range and Average of Financial Assistance
Regulations, Guidelines and Literature
50 CFR 253.
Examples of Funded Projects