Fishing Vessel Financing Improvement Act of 2026

Fishing vessel loan guarantee changes

This bill would change who can get federal loan guarantees for fishing vessels and related facilities. It would let used fishing vessels and seafood-related trade loans be eligible, and allow refinancing as well as new construction. The Administrator's guarantee for a fishing vessel would be capped at 87.5% of the vessel's actual cost or depreciated cost. For two years after enactment, vessels over 79 feet built and documented after January 1, 2021 would be eligible even if not reconstructed. Guarantees for construction or refinancing of fishing or seafood vessels would be allowed only if paid for with appropriations made on or after the date of enactment of the National Defense Authorization Act for Fiscal Year 2026. The Administrator would be barred from guaranteeing a loan if the Secretary finds the guarantee would conflict with the Magnuson‑Stevens Act's conservation and management goals; the bill would also preserve Commerce Department authority under the American Fisheries Act.