• Must be an Alaska resident for a continuous period of two years immediately preceding the date of application.
• Two or more eligible individuals may jointly obtain a loan, operating as a corporation, partnership, joint venture or otherwise.

• The total balances outstanding on all loans made under Section F of the Commercial Fishing Loan Program may not exceed $300,000.
• 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 is 2% below the Prime Rate, not to exceed 10.5%, not less than 3%, fixed at the time of loan approval.
• 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.