Loan Programs

Commercial Fishing

Loan Program Goal and Objectives

  • To provide long-term, low interest loans to promote the development of predominantly resident fisheries, and continued maintenance of commercial fishing vessels and gear for the purpose of improving the quality of Alaska seafood products.

General Requirements

  • Alaska resident for the past 2 years.
  • Child support payments must not be past due.
  • Provide a copy of each applicant's valid government issued identification at or before loan closing.

Definition of Resident

  • Living in Alaska with the intent to remain indefinitely.
  • Primary and permanent home in Alaska.
  • Present in Alaska except for brief intervals (generally less than 90 days) except for military service, education or good cause.

Program Requirements

  • Purchases - Loans are available for limited entry permits, quota shares, vessels, or gear purchased less than 12 months prior to the date your application is received.
  • Refinancing - Vessels or gear loans made by other lenders more than one year prior to receipt of your application are eligible for financing.
  • Collateral - The item being financed (limited entry permit, vessel, etc.) will be the collateral for the loan and, and generally, a priority lien must be obtained.

Terms and Conditions

  • Interest rate will be fixed at the time of loan approval. Current Interest Rates 
  • Maximum loan term is 15 years.
  • Borrower is responsible to pay all direct costs incurred in processing an application including surveys, inspections, appraisals, title insurance, etc.

Information and Applications

 

The Division of Economic Development, Department of Commerce, Community, and Economic Development complies with Title II of the Americans with Disabilities Act of 1990. This publication is available in alternative communication formats upon request. Please contact the Division of Economic Development at (907)465-2510 or TDD (907)465-5437 to make any necessary arrangements.