According to media report the main reason of introducing fisheries loan legislation is to enable more residents to purchased limited entry commercial fishing permits passed the House in a unanimous vote on March 27 and moved on to the Senate. Rep. Bryce Edgmon, D- Dillingham, one of the author of the bill, said the legislation modifies the Section B program in the Commercial Fishing Revolving Loan Fund to address the economic realty of today’s permit costs.
He informed that this bill would double the maximum loan amount available to borrowers in Section B from $100,000 to $200,000. He added that the Section B program is aimed at borrowers who are unable to qualify for financing at commercial banks or the Alaska Commercial Fisheries and Agriculture Bank.
Edgmon hope that HB 261 will help a larger number of ambitious young Alaskans secure the level of financing they need to start fishing businesses of their own. United Fishermen of Alaska states that HB 261 will boost the prices in the market than last year.
