Effective October 01, 2010, the interest rates for loans made under the Commercial Fishing Loan Program are as follows:

• Commercial Fishing Loans - 5.5%
• Product Quality Improvement and Tender Vessel Product Quality Improvement Loans - 3.0%

Eligible borrowers may refinance existing loans at current interest rates.

If you are interested and eligible, please contact us at

• 907-465-2510 or within Alaska at 800-478-LOAN (5626)

or print, complete and return the online refinancing application to the

• Division of Economic Development
  PO Box 34159
  Juneau, Alaska 99803

A refinancing application must be completed and signed by all borrowers/coborrowers named on your existing loan.

• You must have been an Alaska resident for at least two years prior to the date of your refinancing application.
• Your loan must be in good standing. If you're concerned about whether or not your account is in good standing, please contact our office.

• $100.00 application fee.
• Once approved, your interest rate reduction will be reflected in your next regular payment and all future payments.
• The approval date of your refinancing application will determine the interest rate you will receive. Rates are based on the Prime Rate and are set at the end of each quarter. The rates indicated above will remain in effect until January 01, 2011, at which time they will be re-evaluated and may change.