NOAA Reviews Paperwork for Fishermen's Loan Applications
Published Date: 4/20/2026
Notice
Summary
NOAA is asking for public feedback on its Fisheries Finance Program, which helps U.S. fishermen and aquaculture operators get loans to build or fix boats and fishery facilities. They want to keep collecting info to make sure the program runs smoothly and fairly. Comments are open until June 22, 2026, so if you’re involved, now’s the time to speak up!
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Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
NOAA long‑term loans for fishermen
If you are a U.S. fisherman or aquaculture operator, NOAA's Fisheries Finance Program provides long‑term loans to pay for construction or reconstruction of fishing vessels, shoreside fishery facilities, aquaculture facilities, and individual fishing quotas in the Northwest Halibut/Sablefish and Alaskan Crab Fisheries. The program is a direct government loan program administered under 50 CFR part 253.
Collateral and guaranty requirements
To get a loan, you must be a U.S. citizen who is an aquaculture operator or fisherman and have good credit, earnings, net worth, and liquidity behind the project. The project must be fully secured with your assets and include personal guarantees (non‑recourse credit is not available), and you must have at least a three‑year history owning or operating the project or a comparable project.
Application and reporting burden
Applicants must submit NOAA FORM 88-1 and supporting financial documents and recipients must file an annual financial statement to monitor the loan. NOAA estimates 316 respondents, with application time of 10 hours, annual financial statement 2 hours, guarantor consent 5 minutes, and a total annual burden of 848 hours; estimated total annual cost to the public is $0.
Form clarifications to streamline applications
NOAA is implementing formatting improvements and clarifying required documentation and is streamlining the signature and guarantor consent forms by removing outdated attestation language and specific credit report references to make the application process more efficient. These changes keep core questions the same but aim to shorten and simplify paperwork.
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