Loan Programs Commercial Fishing Loan Fund Vessel Upgrade or Gear Purchase/Upgrade - Section B The following types of loans are available under this loan purpose category: All types of vessel upgrades (for product quality improvement, see PQI page) Gear purchases Engine rebuilds Engine replacements (for engine fuel efficiency, see engine fuel efficiency upgrade page) Eligibility At least 25% of applicant's total gross income for past 2 years was from commercial fishing; or Applicant lacks training or employment opportunities in areas of residence other than commercial fishing; and Applicant is not eligible for financing from a recognized commercial lender. Section B applicants may not have received a prior loan under Section A unless the loan requested under Section A was for engine fuel efficiency or the purchase of a limited entry permit. Lending Limit The total balances outstanding on all loans made under Section B of the Commercial Fishing Loan Program may not exceed $200,000. The total outstanding balances on all loans made under the program may not exceed $400,000. Collateral Requirements Generally, the maximum loan amount for a loan secured by a documented vessel is 75% of the survey value (65% for AK vessels). The maximum loan amount may be increased by offering additional collateral. 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 for all direct costs incurred in processing an application. Fees A $100 application fee must accompany all applications. An Origination Fee of 1% of the loan amount will be deducted from your loan proceeds at closing. Vessel Upgrade or Gear Purchase/Upgrade - Section B Loan Application Package A separate application and fee is required for each type of loan. The following Commercial Fishing Vessel or Gear Purchase/Upgrade Application pages are in PDF format. You will need Adobe Reader in order to view/print them. Acrobat Reader is distributed freely and available for download from Adobe®. Loan Application 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.