Loan Programs

Commercial Fishing Loan Fund

Tax Obligation - Section D

 

Eligibility

  • At least 25% of applicant's total gross income for past 2 years was from Alaska commercial fishing;
    or
    Applicant lacks training or economic opportunities in area of residence other than commercial fishing and applicant does not have other sources of financing available;
  • Applicant must have filed all past and current federal tax returns and have executed an agreement with the IRS for repayment of any past due tax obligations;

Lending Limit

  • The total balances outstanding on all loans under Section D of the Commercial Fishing Loan program may not exceed $35,000.
  • The total outstanding balances on all loans made under the program may not exceed $400,000.

Collateral Requirements

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

Terms and Conditions

  • Interest rate will be fixed at the time of loan approval. Current Interest Rates 
  • Maximum loan term is 15 years.
  • Borrower is responsible to pay all direct costs incurred in processing an application.

Fees

  • 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.

Tax Obligation Loan Application Package

A separate application and fee is required for each loan type.

The following Commercial Fishing Tax Obligation Application pages are in PDF format. You will need 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.