KDM: Cheaper fisheries loans await Dunleavy signature

Loan maximum will be doubled; interest cut in half - if the new bill is ok'd by the Governor.

by | June 12, 2024

Filed Under AK Legislature

Makes big changes to the Commercial Fishing Revolving Loan Fund

By STEVE WILLIAMS/Kodiak Daily Mirror Jun 11, 2024 

A bill passed by the Alaska Legislature last month — which still needs a signature from Gov. Mike Dunleavy to become law — would cut in half the interest rate and double the amount available through the Alaska Division of Investment’s Commercial Fishing Revolving Loan Fund.

Under the measure, the fund’s current 10.5% interest rate would be cut to 5.25%, fixed, and the maximum loan amount would double, from $200,000 to $400,000. 

Current loans up to $400,000 taken out for vessels or gear would be eligible for refinancing under the new terms.

The state’s Commercial Fishing Revolving Loan Fund is available to purchase vessels, limited entry permits, gear and upgrades to vessels and gear including product quality and fuel efficiency improvements. 

General requirements to qualify for the loans are few.

Applicants need to have been an Alaska resident for two years, be current on child support payments and have out an aggregate total of no more than $400,000 in CFRLF loans. 

The measure the legislature passed in May and awaiting the governor’s signature would be in effect through June 2027. 

To learn more, call the Alaska Department of Commerce, Community and Economic Development Division of Investments at 907-465-2510 or email: investments@alaska.gov.

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About Laine

Laine Welch has covered the Alaska fish beat for print and radio since 1988. She also has worked “behind the counter” at retail and wholesale seafood companies in Kodiak and on Cape Cod.

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