Government Loans for Fisheries: Online Loan Applications

Government loans for fisheries are given out through the Fisheries Finance Program. These long-term agricultural loans are given to companies within the mariculture and aquaculture industries. Commercial fishing companies can also receive government loans through this program. If you are eligible for the loan, you could receive up to 80 percent of the cost of your project. You can obtain a government loan in order to refinance your existing eligible debt as well. Another expense covered by this type of government loan is the reconstruction of a fishing vessel. However, you should note that the program will not cover a reconstruction that expands holding capacity. This kind of government loan will also not cover a new ship.

 

Eligibility Requirements of Government Loans for Fisheries

In order to obtain government loans for fisheries, you must meet certain criteria. You must be a United States citizen with good credit. Eligible recipients must also have a decent earnings record and liquidity for the project. Another eligibility requirement states that you must have personal guarantees for the funds. These government loans are not given out in non-recourse situations. Finally, you must either have owned/operated the loan-eligible project for at least three years or have owned/operated a similar project for the same amount of time.

What You Need to Proceed with An Online Loan Application

Before proceeding with an online loan application, you should contact a regional Financial Services Branch to discuss your loan proposal. In the Southeast, call 727-824-5377. Those who live in the Northeast should contact 978-281-9203. Applicants in the Northwest need to call 206-526-6122.

In order to successfully apply online, you need several items, including a business plan, valuation statements for fishing vessels and your state and federal fishing licenses. Other items of necessity include lists of your customers, their credit terms and limits with you. You also need a list of the project’s major suppliers and your credit terms and limits with them. You must list all owners, shareholders, and members on your application and it must include their percentage of ownership and compensation.

Miscellaneous documents you must have to complete your online loan application include the following: company bylaws, partnership agreements, declaration of corporate officers, a corporate resolution that authorizes the transaction, articles of incorporation, and a certificate of incumbency. Once you have secured all these items, you must also submit a one-time filing fee equal to half a percent of your requested loan amount.