• Held limited entry permit, commercial fishing or crew member license for the year preceding the date of application and any other 2 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 balances outstanding on all loans made under Section A of the Commercial Fishing Loan Program may not exceed $300,000.
• The total blances outstanding on all loans made under the Program 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 employment opportunities in area of residence other than commercial fishing;

and

• Applicant is not eligible for financing from a recognized commercial lender.

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 balances outstanding 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
• The total balances outstanding on all loans made under the Program may not exceed $400,000.

• Generally, the maximum loan amount for a loan secured by a limited entry permit is 80% of either the market value (as valued by the Commercial Fisheries Entery Commission) or the purchase price, whichever is less.
• The maximum loan amount may be increased by offering additional collateral.

• Intererst rate will be fixed at the time of loan approval. Current interest rates can be found at http://commerce.alaska.gov/ded/fin/interest_rates.cfml
• Maximum loan term is 15 years.
• Borrower is responsible for all direct costs incurred in processing an application.

• A $100 application fee must accompany all applications.
• Prequalification Fee - $200.00. If you have not located a limited entry permit to purchase, you may want to obtain conditional approval by submitting a prequalification application.
  
  The following are some advantages to prequalification:
  • You know your loan limit
  • Seller is assured of a qualified buyer
  • Faster loan processing after finding the permit
  • Loan funds are committed
  • Approval is valid for 60 days
  
  
• 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.