Loan Programs

Commercial Charter Fisheries

Loan Purpose

  • To provide affordable loans to Alaskan commercial charter operators to promote Alaskan ownership of charter halibut permits.

General Requirements

  • Loans may be made to purchase charter halibut permits or refinance vessels or gear purchased more than 12 months before receipt of the application.
  • Alaska resident for the 24 consecutive months preceding the date of application.
  • Loans may not be made to pay costs that were incurred more than 12 months before receipt of loan application.
  • Applicant(s) may not have any child support arrearage.

Terms and Conditions

  • Maximum loan amount $200,000 for a permit loan and $100,000 per year for other loan types, with maximum aggregate outstanding loan balances of $200,000 made to a borrower.
  • A letter of denial from a financial institution, stating the reason(s) for denial, or confirmation that a loan from a financial institution in contingent on the applicant receiving a loan from the fund.
  • Maximum loan term is 15 years.
  • Interest rate will be fixed at the time of loan approval. Current Interest Rates 
  • All loans must be adequately secured, include a priority lien, and the items financed.

Fees

  • A $100 application fee (non-refundable) must accompany all applications.
  • A 1% origination fee is due at closing.
  • Borrower is responsible to pay all direct costs incurred in processing an application, including title reports and title insurance, recording fees, appraisal, travel or other direct costs.

Commercial Charter Fisheries Loan Application Package

The following Commercial Charter Fisheries Loan Application pages are in PDF format. You will need the Adobe Reader in order to view/print them. Acrobat Reader is distributed freely and available for download from Adobe®.

Loan Application

 

The Division of Economic Development, Department of Commerce, Community, and Economic Development complies with Title II of the Americans with Disabilities Act of 1990. This publication is available in alternative communication formats upon request. Please contact the Division of Economic Development at (907)465-2510 or TDD (907)465-5437 to make any necessary arrangements.