The following types of loans are available under this loan purpose category:

• All types of vessel upgrades (for product quality improvement, see PQI page)
• Gear purchases
• Engine rebuilds
• Engine replacements, including engine fuel efficiency

For engine replacement and rebuilds that will improve fuel efficiency, interest rate is prime minus 2%.

• 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 areas of residence other than commercial fishing;

and

• Applicant is not eligible for financing from a recognized commercial lender.

Section B applicants may not have received a prior loan under Section A at any time.

• The total balances outstanding on all loans made under Section B of the Commercial Fishing Loan Program may not exceed $100,000.
• 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).

• Interest rate is 2% above the Prime Rate, not to exceed 10.5%, fixed at the time of loan approval.
• Interest rate is 2% below the Prime Rate for engine replacement and rebuilds that will improve fuel efficiency, fixed at the time of loan approval.
• Maximum loan term is 15 years.
• Borrower is responsible for all direct costs incurred in processing as application.

• A $100 application fee must accompany all applications.
• An Orgination 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 14. A separate application fee is required for each type of loan.