• Held limited entry permit, commercial fishing or crew license for 2 of the past 5 years, and fished in Alaskan waters during qualifying years;

or

• 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.

The promissory note to be refinanced under this section must be dated more than one year prior to receipt of your application.

• The total balances outstanding on all vessel or gear refinance loans made under the Commercial Fishing Loan program may not exceed $200,000.
• 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 documented vessel is 75% of the survey value (65% for AK vessels).
• The maximum loan amount may be increased by offering additional collateral.

• Interest 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.
• 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.