Loan Details

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Fisheries Finance Program

Program Description

The Fisheries Finance Program (FFP) is a direct government loan program that receives an annual loan authority from Congress to provide long-term loans to the aquaculture, mariculture, and commercial fisheries industries. The program will finance up to 80 percent of the cost of an eligible project. Eligible projects consist of aquaculture and mariculture facilities and fisheries shoreside facilities. The FFP can provide both financing and refinancing of existing debt for these projects. The FFP can also provide financing to purchase or refinance an existing fishing vessel and also to reconstruct an existing fishing vessel as long as the reconstruction does not increase harvesting capacity. The FFP cannot provide funds to construct new fishing vessels.

General Program Requirements

In order to be eligible for this program:
  1. You must be a U.S. citizen,
  2. You must have a good credit and earnings record, net worth, and liquidity behind the project,
  3. Your project must be fully secured with your assets, including personal guarantees (non-recourse credit is not available), and
  4. You should have at least a three year history of owning or operating the fisheries project which will be the subject of your proposed application, or a three year history owning or operating a comparable project.

Loan Terms

Long term, fixed rate loans with interest rates of two percent over the U.S. Department of the Treasury's cost of funds. Loan maturities up to 25 years, but not exceeding the economic useful life of your project.
Your Next Steps
The following information will lead you to the next steps to apply for this benefit.

Application Process

The application process varies depending on the eligible project. Among the items needed for review and analysis are:
  • A business plan for your eligible project.
  • Statements providing the current condition and valuation survey (for fishing vessels) and/or a current appraisal for aquaculture, mariculture and shoreside facilities.
  • Any and all Federal and state fishing and licensing permits owned or utilized by the eligible project
  • A listing of your major customers and credit terms.
  • A listing of your major suppliers and credit terms and credit limits.
  • If the applicant is corporation, partnership, or limited liability corporation, we will also need a listing of your owners, partners, shareholders, or members; the percent of ownership in the applicant, and their compensation from the applicant; Partnership Agreements; Articles of Incorporation or Organization; Bylaws; an Operating Agreement; Declaration of Corporate Officers; Corporate Resolution authorizing transaction; Certificate of Incumbency; and a Good Standing Certificate from the Secretary of State where applicable.
The first step of the process is to contact your regional Financial Services Branch and discuss your project:

Southeast Financial Services Branch
St. Petersburg, FL 727-824-5377

Northeast Financial Services Branch
Gloucester, MA 978-281-9203

Northwest Financial Services Branch
Seattle, WA 206-526-6122

If after discussing your proposal it appears to meet the program's requirements, you will be sent an application form to complete and submit along with a one-time filing/commitment fee equal to half of one percent of your proposed loan amount.

Program Contact Information

For more information, visit:

Or call:

You may also write to us at:
Financial Services Division (F/MB5)
National Marine Fisheries Service
1315 East West Highway
Silver Spring, MD 20910

Managing Agency

U.S. Department of Commerce