Loan Programs Mariculture Loan Purpose Loans may be made for the planning, construction, and operation of a mariculture business, a hatchery that artificially propagates marine aquatic plants or shellfish, or a shellfish enhancement project. General Requirements Loan must be for the planning, construction, and operation of the following: A mariculture business; or A hatchery that artificially propagates marine aquatic plants or shellfish; or A shellfish enhancement project. Must have a permitted mariculture farm location in Alaska or the required permit(s) to operate a hatchery in Alaska. Must have experience or training in the mariculture industry. Alaska resident for 24 consecutive months preceding the date of application. A business entity organized under the laws of the state of Alaska. (Hatchery and shellfish enhancement projects only) Loans may not be made to pay costs that were incurred more than 12 months before receipt of loan application. Applicant(s) may not have any child support arrearage. Terms and Conditions Maximum loan amount for a mariculture farm is $100,000 per year with a maximum aggregate balance of $300,000 per borrower. Maximum loan amount for a hatchery or shellfish enhancement project is $1,000,000 per year with a maximum aggregate balance of $1,000,000 per borrower. A letter of denial from a financial institution, stating the reason(s) for denial, or confirmation that a financial institution is only willing to finance a portion of the project. Maximum loan term for a mariculture farm is 20 years. Maximum loan term for a hatchery or shellfish enhancement project is 30 years. Payments for a mariculture farm loan may be deferred for up to the first six years of the loan. For a hatchery or shellfish enhancement project loan, no repayment of the principal is required for an initial period of six to eleven years and no interest on the principal shall accrue during that period. Interest rate will be fixed at the time of loan approval. Current Interest Rates All loans must be adequately secured and include a priority lien. Fees A $100 non-refundable application fee must be submitted with the completed application. A 1% origination fee is due at closing. Borrower is responsible to pay all direct costs incurred in processing an application including title reports and title insurance, recording fees, appraisals, travel or other direct costs. Definitions Mariculture: Farming of shellfish and aquatic plants. Shellfish: A species of crustacean, mollusk, or other invertebrate, in any stage of its life cycle, that is indigenous to state water or that is authorized to be imported into the state under a permit issued by the Alaska Department of Fish and Game. Aquatic plant: A plant indigenous to state water or that is authorized to be imported into the state under a permit issued by the Alaska Department of Fish and Game. Maricuture Loan Application Package The following Mariculture Loan 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 - Farm 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.