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Fisheries Finance Program

Program Descriptions

Program Number

11.415

Title

Fisheries Finance Program

 

Federal Agency

NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, DEPARTMENT OF COMMERCE

 

Authorization

46 U.S.C. 1271 et seq., 50 CFR 253.

 

Status

Active

 

Objectives

Provides direct loans for certain fisheries costs. 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 issued for purposes which could contribute to over capitalization of the fishing industry. 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 financing for Community Development Quota groups fisheries investments in the Bering Sea Aleutian Islands Pollock fishery. Provides long term fishery buy back financing (at the request of a Fishery Management Council or Governor) to purchase and retire fishing permis and/or fishing vessels in overcapitalized fisheries.

 

Types of Assistance

Direct Loans.

 

Uses and Use Restrictions

Direct loans for up to 80 percent of actual cost, for reconstruction or reconditioning of fishing vessels and renovation, repair or construction of fisheries shore side facilities (including aquaculture facilities). 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.

 

Application and Award Process

Preapplication Coordination

This program is excluded from coverage under E.O. 12372.

Application Procedure

Not applicable.

Award Procedure

Not applicable.

Deadlines

None.

Range of Approval/Disapproval Time

Not applicable.

Appeals

Not applicable.

Renewals

 

Assistance Considerations

Formula and Matching Requirements

Not applicable.

Length and Time Phasing of Assistance

Maximum term is 25 years. Financing based on the economic useful life of the asset financed.

 

Post Assistance Requirements

Reports

Annual Financial Statements and associated financial information as needed.

Audits

In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), recipients that are States, Local Governments, Nonprofit Organizations (to include Hospitals), and Institutions of Higher Learning shall be subject to the audit requirements contained in the Single Audit Act Amendments of 1996 (31 U.S.C. 7501-7507). Commercial organizations shall be subject to the audit requirements as stipulated in the award document.

Records

Agency has the right to inspect all relevant financial documents and records.

 

Financial Information

Account Identification

13-4417-0-3-376.

Obligations

FY 07 $59,000,000 (traditional), $5 million (QS); FY 08 est not available; and FY 09 est not reported.

Range and Average of Financial Assistance

$10,000 to $100,000,000. Average: $1,000,000.

 

Program Accomplishments

Direct traditional loans: 31 loans for $59 million. QS loans: 27 loans for $5 million.

 

Regulations, Guidelines and Literature

50 CFR 253.

 

Information Contacts

Regional or Local Office

See Appendix IV of the Catalog.

Headquarters Office

Charles Cooper, Acting Chief, Financial Services Division, National Marine Fisheries Service, Department of Commerce, 1315 East-West Highway, Silver Spring, MD 20910. Telephone: (301) 713- 2390. Fax: (301) 713-1306. E-mail: earl.bennett@noaa.gov.

Web Site Address

http://www.nmfs.noaa.gov/mb/financial_services/ffp.htm

 

Related Programs

None.

 

Examples of Funded Projects

Vessel loans, aquaculture, Quota share, buyback.

 

Criteria for Selecting Proposals

Not applicable.



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