• Held limited entry permit, commercial fishing or crew member license and 2 other years out of the past 5 years;

and

• Fished in Alaskan waters during qualifying years.

If you receive a loan under Section A, you will not be eligible for future loans under Section B unless the loan requested under Section A was for engine fuel efficiency or the purchase of a limited entry permit.

• The total outstanding balances on all loans made under Section A of the Commercial Fishing Loan Program may not exceed $300,000.
• Total Balance outstanding on all Section A and Section B loans may not exceed $400,000.

• At least 25% of applicant's total gross income for past 2 years was from commercial fishing;

or

• Applicant lacks training or economic opportunities in area of residence other than commercial fishing;

and

• Applicant does not have other sources of financing available.

Section B applicants may not have received a prior loan under Section A unless the loan requested under Section A was for engine fuel efficiency or the purchase of a limited entry permit.

• The total outstanding balances on all permit loans made under Section B of the Commercial Fishing Loan Program may not exceed $200,000. All other loans made under Section B of the Commercial Fishing Loan Program may not exceed $100,000.

• Generally, the maximum loan amount for a loan secured by a documented vessel is 75% of the survey value (65% for AK vessels).
• The maximum loan amount may be increased by offering additional collateral.

• A $100 application fee must accompany all applications.
• An origination fee of 1% of the loan amount will be deducted from your loan proceeds at closing.

There are different pages 1 and 2 for each different type of loan (limited entry permit, vessel purchase, etc.). If you are applying for more than one type of loan, complete pages 1 and 2 for each type of loan, then complete one set of pages 3 through 13. A separate application fee is required for each type of loan.