Fisheries Finance Program
Fisheries finance program is one of the prestigious loan programs in the U.S. created with the sole objective of promoting aquaculture ventures in U.S and for the conservation of marine fish species and resources. This finance scheme is administered by NOAA’s National Marine Fisheries Service (NMFS). Fisheries finance program is a direct federal government loan program that provides financial assistance in the form of long term loans to aquaculture, mariculture and commercial fisheries industries.
The finances from fisheries finance program can be utilized for purchasing or refinancing an existing fishing vessel or for the reconstruction of the existing fishing vessel only to a certain extent that doesn’t increase the harvesting capacity. Apart from this, the loans are also provided under this scheme for the purpose of financing and refinancing an existing debt on all eligible projects concerned with aquaculture. The loan amount can also be utilized for the purpose of improving facilities in the existing projects. But, federal government does not provide loans under this scheme for the purpose of constructing a new fishing vessel but can provide finances for the purpose of refinancing an existing debt on a newly constructed vessel.
All the applicants applying for a loan under the fisheries finance program must either be U.S citizens or permanent residents of U.S. It is mandatory that all the borrowers must have a satisfactory credit record. Apart from this, the applicants must have a minimum experience of 3 years in handling aquaculture projects at an interest rate of 2 percent for a maximum period of 25 years. Through this program, borrower can lend up to 80 percent of the actual cost of the project. Remaining 20 percent of the amount must be financed by the applicant himself.
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