NOAA Renews Fishing Loan Paperwork for 486 Applicants
Published Date: 7/20/2026
Notice
Summary
NOAA is renewing its paperwork for the Fisheries Finance Program, which helps fishing businesses get loans for boats, facilities, and more. About 486 folks and companies will keep filling out forms, but the loan application form got a fresh, easier-to-use update. You’ve got 30 more days to share your thoughts before the changes take effect—no extra costs, just smoother sailing!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Paperwork required to get fisheries loans
If you apply for a Fisheries Finance Program loan for a vessel, facility, aquaculture operation, or quota, you must submit NOAA Form 88-1 and supporting financial documents at application and annually thereafter. The collection affects about 486 respondents, with the loan application averaging 10 hours, annual financial statements 2 hours, guarantor consent forms 5 minutes, and a total annual burden of 1,248 hours; submitting the forms is required to obtain or retain loan benefits under 50 CFR part 253.
Loan form updated for easier electronic use
NOAA made small stylistic changes to NOAA Form 88-1 to make the loan application easier to understand and to fill in electronically. These updates are intended to make completing the loan application form simpler for applicants.
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