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Division of Investments

Commercial Fishing Loan Program Update

In response to the challenging economic conditions the Alaska’s seafood industry is facing, the Alaska Legislature passed House Bill 273 on May 15, 2024. The bill made amendments to the Commercial Fishing Revolving Loan Fund (CFRLF) that include the following:

  1. The interest rate for all new loans will be 5.25%. Interest rates are fixed for the life of the approved loan.
  2. The maximum loan amount to refinance a loan made for the original purpose of purchasing a commercial fishing vessel or gear will be increased from $200,000 to $400,000.
  3. The maximum loan amount for all loans under Section B will be increased from $200,000 to $400,000.
    Section B loan types include:
    • Limited Entry Permit Purchase
    • Vessel Purchase
    • Vessel Upgrade
    • Product Quality Improvement
    • Engine Fuel Efficiency Upgrade
    • Gear Purchase or Upgrade
  4. The interest rate to refinance a Commercial Fishing Loan with the Division will be 5.25%. The interest rate will be fixed for the remaining term of the existing loan.

These temporary amendments will remain in effect through June 30, 2027.

Acting Director Andersen

Jim A. Andersen
Division Director

The Division of Investments administers and services loan programs under the Department of Commerce, Community, and Economic Development. These programs were primarily designed to promote economic development through direct state lending in industries and areas of the state that are not adequately serviced by the private sector.

The loan programs include Commercial Fishing, Fisheries Enhancement, Small Business Economic Development, Rural Development Initiative Fund, Microloan, Mariculture, Commercial Charter Fisheries, Community Quota Entity and Alternative Energy. Assumptions of existing loans are also available to a number of loan programs.

Please refer to each loan fund for details on eligibility and other terms.

Mission Statement

To promote economic development through direct state lending within those industries, and within those areas of the state that are not adequately serviced by the private sector.

Anchorage
Physical Address

550 W. 7th Avenue, Suite 1850
Anchorage, AK

Toll-Free: (800) 478-5626 within Alaska except Juneau
Phone: (907) 269-8150
Fax: (907) 269-8147

Juneau
Mailing Address

P.O. Box 110802
Juneau, AK 99811-0802

Physical Address

(No US mail delivery)
333 Willoughby AVE, 9th FL
State Office Building
Juneau, AK 99801

Phone: (907) 465-2510
Toll-Free: (800) 478-5626 within Alaska
Fax: (907) 465-2103
TTD: (907) 465-5437