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Fisheries Finance Program
Vessel financing available for the purchase of used vessels or the reconstruction of vessels (limited to reconstructions that do not add to fishing capacity).
Refinancing available for existing debt obligations.
FFP loans are not
Finance or refinance fisheries shore side facilities or Aqua cultural facilities.
Provides Individual Fishing Quota (IFQ) financing (at the request of a Fishery Management Council).
IFQ financing available at this time to first time purchasers and small vessel operators in the Halibut Sablefish fisheries.
Provides long term fishery buy back financing (at the request of a Fishery Management Council or Governor) to purchase and retire fishing permits and/or fishing vessels in overcapitalized fisheries.
The Department of Commerce fosters and promotes the nation's economic development and technological advancement through vigilance in international trade policy, domestic business policy and growth, and promoting economic progress at all levels.
Program Accomplishments
Not Applicable.
Uses and Use Restrictions
Direct loans for up to 80 percent of actual cost, for reconstruction or reconditioning of fishing vessels, renovation, repair or construction of fisheries shore side facilities, (including aquaculture facilities) and financing and refinancing the cost of certain IFQs.
Maximum maturity up to 25 years.
Funds from this program are not used for purposes which contribute to over capitalization of the fishing industry.
Eligibility Requirements
Applicant Eligibility
Applicant must possess the ability, experience, financial resources, and other qualifications necessary to operate successfully and repay the debt.
Beneficiary Eligibility
Commercial fishermen, processors or distributors of fishery products.
Credentials/Documentation
Financial statements, records, business history, and tax returns. 2 CFR 200, Subpart E - Cost Principles applies to this program.
Aplication and Award Process
Preapplication Coordination
Preapplication coordination is required.
Environmental impact information is not required for this program.
This program is eligible for coverage under E.O.
12372, 'Intergovernmental Review of Federal Programs.' An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review.
Application Procedures
2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Not applicable.
Award Procedures
Not applicable.
Deadlines
Not Applicable.
Authorization
Merchant Marine Act, 46 U.S.C 1271 et seq.
Range of Approval/Disapproval Time
Not Applicable.
Appeals
Not Applicable.
Renewals
Not Applicable.
Assistance Considerations
Formula and Matching Requirements
This program has no statutory formula. Matching requirements are not applicable to this program. MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Maximum term is 25 years. Financing based on the economic useful life of the asset financed. See the following for information on how assistance is awarded/released: Funds are released or reimbursed as agreed upon in the Standard Terms and Conditions required for each grant.
Post Assistance Requirements
Reports
Program reports are not applicable.
Cash reports are not applicable.
Progress reports are not applicable.
Annual Financial Statements and associated financial information as needed.
Performance monitoring is not applicable.
Audits
In accordance with the provisions of 2 CFR 200, Subpart F - Audit Requirements, non-Federal entities that expend financial assistance of $750,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Non-Federal entities that expend less than $750,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in 2 CFR 200.503.
Records
Agency has the right to inspect all relevant financial documents and records.
Financial Information
Account Identification
13-1456-0-1-376.
Obigations
(Direct Loans) FY 16 $0; FY 17 est $100,000,000; and FY 18 est $0 - Though no funds were obligated in FY16 this is an active program. 100 million in lending authority was granted in FY16.
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines, and Literature
50 CFR 253.
Information Contacts
Regional or Local Office
See Regional Agency Offices.
Headquarters Office
Leo Erwin Financial Services Division, National Marine Fisheries Service, Department of Commerce, 1315 East-West Highway, Silver Spring, Maryland 20910 Email: leo.erwin@noaa.gov Phone: 3017132390 Fax: 3017131306
Criteria for Selecting Proposals
Not Applicable.
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