Loan Programs

Commercial Fishing Loan Fund

Refinance of Vessel or Gear

 

Eligibilty

  • Held limited entry permit, commercial fishing or crew license for 2 of the past 5 years, and fished in Alaskan waters during qualifying years;
  • or

  • 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 area of residence other than commercial fishing.

The promissory note to be refinanced under this section must be dated more than one year prior to receipt of your application.


Lending Limit

  • The total balances outstanding on all vessel or gear refinance loans made under the Commercial Fishing Loan program may not exceed $200,000.
  • The total balances outstanding 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.

Refinance of Vessel or Gear Loan Application Package

There are different pages 1 and 2 for each different type of loan (limited entry permit, vessel purchase, etc.). If you are applying for more than one type of loan, complete pages 1 and 2 for each type of loan, then complete one set of pages 3 through 13. A separate application fee is required for each type of loan.

The following Commercial Fishing Refinance of Vessel or Gear Application pages are in PDF format. You will need the 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.