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How to Get the Fisheries Finance Program

What it is

The fisheries finance program is a program that provides long term financing for fishing related infrastructure to aquaculturalists and fishery operators who are unable to fund upgrades to their operations for a variety of reasons. Fisheries finance program funding can be put toward the construction or reconstruction of fishing vessels, shoreline facilities, and aquacultural facilities, including oyster farming and other endeavors. Anyone operating marine and closed system aquaculture and land based aquaculture in open systems is eligible for financing. Vessel financing or refinancing that could contribute to overcapitalization by increasing harvesting capacity is prohibited by regulation however.

Who it's for

Aquaculturalists and mariners and aren't always able to be economically stable. Their success is dependent on a variety of uncontrollable factors, including the weather, water conditions, and natural disaster. That's why sometimes extra funding can be very important to farmers whose livelihood depends on the ability to perform aquaculture and fishing operations. Those who qualify for the fisheries finance program are provided funding because they cannot qualify for conventional loans due to insufficient financial resources. This program also helps established aquaculturists and fishers who have suffered financial setbacks from natural disasters, or whose resources are too limited to maintain profitable operations.

What you need to do to apply

In order to be approved for the fisheries finance program, a farmer or fisher must provide information about economic and financial need, demonstrate that difficulty obtaining commercial lending elsewhere, show willingness to repay, and produce collateral. If after discussing a proposal with the NOAA Office of Management and Budget, the proposal appears to meet the program's requirements, you will be sent an application form to complete and submit along with a one-time filing or commitment fee equal to one percent of your proposed loan amount.

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