To provide long-term, low interest loans to promote the development of predominantly resident fisheries, and continued maintenance of commercial fishing vessels and gear for the purpose of improving the quality of Alaska seafood products.

• Alaska resident for the past 2 years.
• Child support payments must not be past due.
• Provide a copy of each applicant's valid government issued identification at or before loan closing.

• Living in Alaska with the intent to remain indefinitely.
• Primary and permanent home in Alaska.
• Present in Alaska except for brief intervals (generally less than 90 days) except for military service, education or good cause.

• Purchases - Loans are available for limited entry permits, quota shares, vessels, or gear purchased less than 12 months prior to the date your application is received.
• Refinancing - Vessels or gear loans made by other lenders more than one year prior to receipt of your application are eligible for financing.
• Collateral - The item being financed (limited entry permit, vessel, etc.) will be the collateral for the loan and, and generally, a priority lien must be obtained.

• Interest rate is 2% above the Prime Rate, not to exceed 10.5%, not less than 3%.
• Interest rate for Product Quality Improvement and engine fuel efficiency upgrade loans is 2% below the Prime Rate, not to exceed 10.5%, not less than 3%.
• Interest rate will be fixed at the time of loan approval.
• Maximum loan term is 15 years.
• Borrower is responsible to pay all direct costs incurred in processing an application including surveys, inspections, appraisals, title insurance, etc.