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Fisheries Finance Program

Number: 11.415
Agency: Department of Commerce
Office: National Oceanic and Atmospheric Administration (NOAA)

Program Information 

Program Number/Title (010):
11.415 Fisheries Finance Program
Federal Agency (030):
National Oceanic and Atmospheric Administration (NOAA), Department of Commerce
Authorization (040):
Merchant Marine Act, 46 U.S.C 1271 et seq.
Objectives (050):
Provides direct loans for certain fisheries costs. Vessel financing available for the purchase of used vessels or the reconstruction of vessels (limited to reconstructions that do not add to fishing capacity). Refinancing available for existing debt obligations. FFP loans are not issued for purposes which could contribute to over capitalization of the fishing industry. Finance or refinance fisheries shore side facilities or Aqua cultural facilities. Provides Individual Fishing Quota (IFQ) financing (at the request of a Fishery Management Council). IFQ financing available at this time to first time purchasers and small vessel operators in the Halibut Sablefish fisheries. Provides long term fishery buy back financing (at the request of a Fishery Management Council or Governor) to purchase and retire fishing permits and/or fishing vessels in overcapitalized fisheries.
Types of Assistance (060):
DIRECT LOANS
Uses and Use Restrictions (070):
Direct loans for up to 80 percent of actual cost, for reconstruction or reconditioning of fishing vessels, renovation, repair or construction of fisheries shore side facilities, (including aquaculture facilities) and financing and refinancing the cost of certain IFQs. Maximum maturity up to 25 years. Funds from this program are not used for purposes which contribute to over capitalization of the fishing industry.
Eligibility Requirements (080)
Applicant Eligibility (081):
Applicant must possess the ability, experience, financial resources, and other qualifications necessary to operate successfully and repay the debt.
Beneficiary Eligibility (082):
Commercial fishermen, processors or distributors of fishery products.
Credentials/Documentation (083):
Financial statements, records, business history, and tax returns. This program is excluded from coverage under OMB Circular No. A-87.
Application and Award Process (090)
Preapplication Coordination (091):
Preapplication coordination is required. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
Application Procedures (092):
This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Not applicable.
Award Procedure (093):
Not applicable.
Deadlines (094):
Not Applicable.
Range of Approval/Disapproval Time (095):
Not Applicable.
Appeals (096):
Not Applicable.
Renewals (097):
Not Applicable.
Assistance Consideration (100)
Formula and Matching Requirements (101):
This program has no statutory formula.
Matching requirements are not applicable to this program.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance (102):
Maximum term is 25 years. Financing based on the economic useful life of the asset financed. See the following for information on how assistance is awarded/released: Funds are released or reimbursed as agreed upon in the Standard Terms and Conditions required for each grant.
Post Assistance Requirements (110)
Reports (111):
Program reports are not applicable. Cash reports are not applicable. Progress reports are not applicable. Annual Financial Statements and associated financial information as needed. Performance monitoring is not applicable.
Audits (112):
In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133.
Records (113):
Agency has the right to inspect all relevant financial documents and records.
Financial Information (120)
Obligations (122):
(Direct Loans) FY 11 $67,549,448; FY 12 est $115,000,000; and FY 13 est $83,000,000
Range and Average of Financial Assistance (123):
No Data Available.
Program Accomplishments (130):
Not Applicable.
Regulations, Guidelines, and Literature (140):
50 CFR 253.
Information Contacts (150)
Regional or Local Office (151) :
See Regional Agency Offices.
Headquarters Office (152):
Leo Erwin Financial Services Division, National Marine Fisheries Service, Department of Commerce, 1315 East-West Highway, Silver Spring, Maryland 20910 Email: leo.erwin@noaa.gov Phone: 3017132390 Fax: 3017131306
Website Address (153):
http://www.nmfs.noaa.gov/mb/financial_services/ffp.htm .
Examples of Funded Projects (170):
Not Applicable.
Criteria for Selecting Proposals (180):
Not Applicable.