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Mortgage Loans Debt
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Fisheries Finance Program - 2007/05/08 17:48
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.
General Program Requirements
General requirements for this program include:
Must be a U.S. citizen,
Have a good credit and earnings record, net worth, and liquidity behind the project,
The project must be fully secured with the borrower's assets, including personal guarantees. Non-recourse credit is not available.
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.
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.
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Loans
