Tuesday, September 19, 2006

Fisheries Finance Program

General Program Requirements
General requirements for this program include:

1. Must be a U.S. citizen,
2. Have a good credit and earnings record, net worth, and liquidity behind the project,
3. The project must be fully secured with the borrower's assets, including personal guarantees. Non-recourse credit is not available.
4. The potential applicant should have at least a 3 years history of owning or operating the fisheries project which will be the subject of your proposed application or a 3 year history owning or operating a comparable project.

Program Description
The Fisheries Finance Program (FFP) is a direct government loan program that receives an annual loan authority from Congress to provide long-term loans to the aquaculture, mariculture, and commercial fisheries industries. The Program will finance up to 80% of the depreciated actual cost of an eligible project cost. The applicant must have a minimum of a 20% equity contribution to the eligible project. Eligible projects consists of Aquaculture and Mariculture facilities and Fisheries Shoreside Facilities. The FFP can provide both financing and refinancing of existing debt for these projects. The FFP can also provide financing to purchase or refinance an existing fishing vessel and also to reconstruct an existing fishing vessel as long as the reconstruction does not increase harvesting capacity. The FFP cannot provide funds to construct a new fishing vessel, but it can provide funds to refinance existing debt on a newly constructed vessel.

Loan Terms
Long term, fixed rate loans with interest rates of 2% over the U.S. Treasury's cost of funds. Loan maturities up to 25 years, but not to exceeding the economic useful life of your project.

Application Process
The application process varies depending on the eligible project. Among the items needed for review and analysis are a business plan for your eligible project, current condition and valuation survey (for fishing vessels) and/or a current appraisal for aquaculture, mariculture and shoreside facilities. Any and all Federal and State fishing and licensing permits owned or utilized by the eligible project. A listing of your major customers, and credit terms, as well as a listing of your major suppliers and credit terms and credit limits. If the applicant is corporation, partnership, or limited liability corporation, a listing of your owners, partners, shareholders, or members, the percent of ownership in the applicant, and their compensation from the applicant. In addition Partnership Agreements, Articles of Incorporation or Organization, Bylaws, Operating Agreement, Declaration of Corporate Officers, Corporate Resolution authorizing transaction, Certificate of Incumbency, and a Good Standing Certificate from the Secretary of State where applicable.

Program Contact Information
We have a headquarter and three regional offices.
Headquarters Office, Financial Services Division
1315 East-West Highway
Silver Spring, MD 20910
Telephone: 301-713-2390
Fax: 301-713-1306


Northeast Regional Financial Services Branch
11-15 Parker Street, Suite 204
Gloucester, MA 01930
Telephone: 978-281-9202
Fax: 978-281-9375


Southeast Regional Financial Services Branch
263 13th Avenue, South
St. Petersburg, FL 33701-5511
Telephone: 727-824-5377 Fax: 727-821-5380


Northwest Regional Financial Services Branch
7600 Sand Point Way, N.E.
(BIN(C15700), Bldg. #1
Seattle, WA 98115
Telephone: 206-526-6122 Fax: 206-526-6306
General Program Requirements
General requirements for this program include:

1. Must be a U.S. citizen,
2. Have a good credit and earnings record, net worth, and liquidity behind the project,
3. The project must be fully secured with the borrower's assets, including personal guarantees. Non-recourse credit is not available.
4. The potential applicant should have at least a 3 years history of owning or operating the fisheries project which will be the subject of your proposed application or a 3 year history owning or operating a comparable project.

Program Description
The Fisheries Finance Program (FFP) is a direct government loan program that receives an annual loan authority from Congress to provide long-term loans to the aquaculture, mariculture, and commercial fisheries industries. The Program will finance up to 80% of the depreciated actual cost of an eligible project cost. The applicant must have a minimum of a 20% equity contribution to the eligible project. Eligible projects consists of Aquaculture and Mariculture facilities and Fisheries Shoreside Facilities. The FFP can provide both financing and refinancing of existing debt for these projects. The FFP can also provide financing to purchase or refinance an existing fishing vessel and also to reconstruct an existing fishing vessel as long as the reconstruction does not increase harvesting capacity. The FFP cannot provide funds to construct a new fishing vessel, but it can provide funds to refinance existing debt on a newly constructed vessel.

Loan Terms
Long term, fixed rate loans with interest rates of 2% over the U.S. Treasury's cost of funds. Loan maturities up to 25 years, but not to exceeding the economic useful life of your project.

Application Process
The application process varies depending on the eligible project. Among the items needed for review and analysis are a business plan for your eligible project, current condition and valuation survey (for fishing vessels) and/or a current appraisal for aquaculture, mariculture and shoreside facilities. Any and all Federal and State fishing and licensing permits owned or utilized by the eligible project. A listing of your major customers, and credit terms, as well as a listing of your major suppliers and credit terms and credit limits. If the applicant is corporation, partnership, or limited liability corporation, a listing of your owners, partners, shareholders, or members, the percent of ownership in the applicant, and their compensation from the applicant. In addition Partnership Agreements, Articles of Incorporation or Organization, Bylaws, Operating Agreement, Declaration of Corporate Officers, Corporate Resolution authorizing transaction, Certificate of Incumbency, and a Good Standing Certificate from the Secretary of State where applicable.

Program Contact Information
We have a headquarter and three regional offices.
Headquarters Office, Financial Services Division
1315 East-West Highway
Silver Spring, MD 20910
Telephone: 301-713-2390
Fax: 301-713-1306


Northeast Regional Financial Services Branch
11-15 Parker Street, Suite 204
Gloucester, MA 01930
Telephone: 978-281-9202
Fax: 978-281-9375


Southeast Regional Financial Services Branch
263 13th Avenue, South
St. Petersburg, FL 33701-5511
Telephone: 727-824-5377 Fax: 727-821-5380


Northwest Regional Financial Services Branch
7600 Sand Point Way, N.E.
(BIN(C15700), Bldg. #1
Seattle, WA 98115
Telephone: 206-526-6122 Fax: 206-526-6306

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