Fisheries Finance Program: Who Qualifies and What You Get
Learn how the Fisheries Finance Program provides long-term loans for commercial fishing vessel construction and improvements.
The Fisheries Finance Program offers long-term, fixed-rate loans to help commercial fishing operations manage the costs of their vessels.
Who it's for
This program is available to U.S. citizens who own or operate commercial fishing vessels.
What you get
You can access long-term financing with a fixed interest rate. This funding is intended to help you pay for the construction of a new vessel, or for the reconstruction or reconditioning of an existing one.
What it costs you
While the program provides financing, you will need to go through a standard loan application process. This includes undergoing a credit check and providing a professional appraisal of your vessel.
The catch to know
This funding is strictly for capital improvements to your vessel. You cannot use these funds as operating capital to cover day-to-day business expenses like fuel or general maintenance.
How to apply
- Review the eligibility requirements on the official website.
- Gather your financial documents and vessel details.
- Complete the formal loan application process.
- Visit the official portal for more details: https://www.fisheries.noaa.gov/national/funding-and-financial-services/fisheries-finance-program