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Latest News for the Fisheries Finance Program

Fisheries Finance Program: Restrictions Lifted for Vessels in Certain Fisheries


The Fisheries Finance Program (FFP) is now allowed to make direct loans for fishing vessels above 165 feet in length. The restriction on the FFP was partially lifted by the Coast Guard Authorization Act of 2015 (PL 114-120), with the following addition: “in fisheries that are under the jurisdiction of the North Pacific Fishery Management Council and managed under a fishery management plan issued under the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1801 et seq.), or in the Pacific whiting fishery that is under the jurisdiction of the Pacific Fishery Management Council and managed under a fishery management plan issued under that Act.'' In other words, the FFP can now make loans to finance or refinance the purchase or refurbishment of a vessel in the Pacific whiting fishery, or in a fishery managed by the North Pacific Fishery Management Council, even if it exceeds 165 feet in length. The FFP has $100 million available in lending authority for FY 2017. Interested parties should contact the Seattle branch at (206) 526-6126.