General Requirements CQE is cerfitied by National Marine Fisheries Service (NMFS) and is eligible to hold Quota Shares. CQE is in good standing with the State and Federal Government. CQE is not eligible for financing from other recognized commercial lending institutions.

Program Requirements Purchases - Loans are available to CQEs for the purchase of Quota Shares and reimbursement of Quota Share purchases less than 12 months from the date the application is received. Collateral - The item being financed will be held as the collateral for the loan, and generally, a priority lien must be obtained. The maximum loan amount for a loan secured by Quota Shares is 65% of the purchase price. Other types of collateral may also be offered to reduce the down payment requirement.

Terms and Conditions Interest rate is 2% above the prime rate, not to exceed 10.5%. Interest rate will be fixed at the time of loan approval Maximum loan term is 15 years. Maximum loan is $2 million for each eligible community. The total balances outstanding on all loans made to a community under Section E of the Commercial Fishing Loan Program is $2 million. Borrower is responsible for all direct costs incurred in processing an application including surveys, inspections, appraisals, title insurance, etc.

Fees $100.00 Loan Application Fee. If you have located the shares you wish to purchase. $200.00 Pre-qualification Application Fee. If you have not located Quota Shares to purchase, but wish to obtain conditional approval by submitting a Pre-qualification Application. The following are some advantages of pre-qualification: You know your loan limit Seller is assured of a qualified buyer Faster loan processing after finding the quota shares Pre-qualification approval is valid for 60 days 1% Origination Fee. If your application is approved an origination fee of 1% of the loan amount will be deducted from your loan proceeds at closing.

Community Quota Entity Loan Application Package

The following Community Quota Entity 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®.

The Alaska Division of Investments, 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 Investments at (907)465-2510 or TDD (907)465-5437 to make any necessary arrangements.